How long will the price of PEPE continue to rise?
PEPE price has risen since February, separated from horizontal and diagonal resistance levels.
Has PEPE started a new bullish trend that will take it to new heights or is this just a relief rally? Let's find out!
PEPE answers the objection
Daily time frame technical analysis shows that PEPE price has fallen in line with the downtrend resistance from December 2023. The downward movement is down to $0.000000086 on February 5, 2024.
PEPE has since rallied, reclaiming the $0.00000100 horizontal area. The price also broke from the bearish resistance trend line and reached today's high of $0.00000131.
The daily Relative Strength Index (RSI) gives high signals. Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and decide whether to stock or sell the asset.
A reading above 50 and an upward trend indicates that bulls still have an advantage, while readings below 50 indicate the opposite. The indicator is above 50 and increasing, which indicates a breakdown trend.
Read more: Pepe: A comprehensive guide to what it is and how it works
What are the analysts saying?
Cryptocurrency traders and analysts at X view the future trend of PEPE positively.
Reed Cars has posted a silver chart suggesting that PEPE prices will rise soon.
James Wynn is bullish on future trends.
“We all make ungodly money in this bull run. Not IF, but when $PEPE does Shiba Inu's ATH numbers ($42 billion). Take profit and enjoy the fruits of your labor,” Winn said.
Read more: 5 best PEPE wallets for beginners and experienced users
PEPE Price Forecast: How long will the rise continue?
A closer look at the Elliott Wave count suggests that the uptrend will continue. Technical analysts use the Elliott Wave theory to identify recurring long-term price patterns and investor psychology to help them determine the direction of the trend.
The most predictable wave count shows that the PEPE price has completed a five-wave upward movement following the ABC correction.
If the count is correct, PEPE has started a new uptrend. Adding the same length to both leads to a maximum of $0.00000200, which is 60% higher than the current price.
Although this is a high PEPE price prediction, a close below $0.00000100 will invalidate the bullish volume. From there, PEPE could fall 50% to the nearest support at $0.00000060.
Read more: How to buy Pepe (PEPE) and everything you need to know
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Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
