PEPE has broken above horizontal and diagonal resistance levels and is preparing for a new surge. Let’s figure out whether meme coin has enough strength to update its maximum in the coming weeks.
PEPE consolidated above an important resistance level
Technical analysis of the daily timeframe shows that the memecoin has been below the diagonal resistance line since December 2023. The downward movement led to a low of $0.00000086 on February 5, 2024.
Since then, the price of the coin has risen and returned to the horizontal area of $0.00000100. Memecoin also broke above the descending line, reaching a high of $0.00000131. The daily relative strength index (RSI) is giving bullish signals. The indicator has risen above 50 and continues to grow.
What do analysts say?
Well-known traders and analysts on Twitter have a positive assessment of the future PEPE trend. Reed Carson suggests that the price of memecoin will continue to rally.
James Wynne supports his bullish sentiment: “We will all make incredible amounts of money during this period. Not IF, but when PEPE reaches Shiba Inu’s $42 billion figure, many people will make life-changing fortunes. Make a profit and enjoy the fruits of your hard work,” he wrote.
$PEPE chart is looking clean af. Super bullish vibes! 🚀🐸 #BULLS pic.twitter.com/prAsCiHYKK
— Reed Carson (@reed_cars) February 13, 2024
PEPE Price Prediction: How Long Will The Growth Continue?
Elliott wave analysis suggests that the upward movement will continue. The most likely calculation shows that the PEPE price has completed a five-wave upward movement and subsequent ABC correction.
If thats correct, the memecoin has begun a new upward movement, during which it could reach $0.00000200.
However, a close below $0.00000100 will invalidate the bullish forecast. In this case, PEPE could fall by 50% to the nearest support level of $0.00000060.
About PEPE
The PEPE cryptocurrency at the beginning of May 2023 is in third place in terms of capitalization among all meme coins, according to coinmarketcap (second only to Dogecoin and Shiba Inu). In addition, the token entered the top 50 most capitalized coins in a matter of days. Since mid-April, the token has brought investors more than 5000% profit, in figures this is $160 million.
There was a hidden launch of the token without pre-sales. There are concerns about the centralization of token issuance. Thus, at the moment, six wallets store tokens worth more than $250 million. True, most of these wallets are exchange wallets ( Binance, KuCoin, MEXC, etc.).
It is also believed that the stories of investors becoming overnight millionaires that have become common in connection with PEPE are part of a marketing campaign to lure new investors. As with any investment, it is critical to do your research and understand the potential risks.
