The Pepe (PEPE) coin price breaks resistance and reaches new high
The Pepe (PEPE) coin price has broken out from a long-term diagonal resistance line and reached a new monthly high on June 23. The price is currently trading in a continuation pattern, indicating that it may head to another monthly high.
- The price of PEPE coin has been under a descending resistance line since May 13.
- The price reached a low of $0.00000081 on June 10 and then bounced back, confirming the $0.00000088 area as support.
- On June 21, the price broke out from the resistance line and reached a high of $0.0000017 before falling.
The Relative Strength Index (RSI) supports the increase in price and indicates a bullish trend. When the RSI is above 50 and increasing, it suggests that the market is bullish.
Wave count predicts bullish PEPE price
The technical analysis from the short-term four-hour chart shows a bullish PEPE coin price prediction based on Elliott Wave theory.
- The wave count indicates that PEPE price has been moving upward in five waves since June 15.
- The current wave, wave four, is corrective and has formed a symmetrical triangle.
- If the wave count is correct, the PEPE price will break out from the triangle and reach a new high.
The most likely target area for the top is between $0.0000019 and $0.0000021. However, if wave five extends, the price could reach the next resistance at $0.0000024.
If the price decreases below the wave one high at $0.0000010, the bullish forecast will be invalidated, and the PEPE trend will be considered bearish.
Hot Take: PEPE coin price breaks resistance and shows potential for new monthly highs
The Pepe (PEPE) coin price has broken out from a long-term resistance line and reached a new monthly high. The price is currently trading in a continuation pattern, indicating the potential for further price increases. The Relative Strength Index (RSI) supports the bullish trend, and the wave count predicts a new high for the price. However, if the price falls below a certain level, the bullish forecast will be invalidated. Overall, the PEPE coin price shows promise for future growth.
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