The PEPE price has seen an increase since January 8, when it bounced off the previous long-term descending resistance trend line. However, the price has failed to sustain the bounce and is now nearing the long-term resistance trend line.
PEPE Returns to Support After Breakout
Since May 2023, the PEPE price had been under a descending resistance trend line. It reached a low point in September before beginning an upward movement that is still ongoing. After several failed breakout attempts in November, PEPE successfully broke out the following month. On December 9, it reached its peak and then started to fall. However, on January 8, it returned to the descending resistance trend line and validated it as support by bouncing off of it.
PEPE Price Prediction: Has the Price Bottomed?
The six-hour time frame also shows signs of a potential bottom for PEPE. The Elliott Wave theory suggests that PEPE has completed a five-wave upward movement and is now in a corrective phase contained within a descending parallel channel. While this is not confirmed, there are indications that the correction may have ended on January 8 when the price bounced at the channel’s support trend line and the 0.618 Fib retracement support level. A breakout from the channel would confirm a bullish outlook with a potential 80% price increase to the next resistance level.
However, if PEPE closes below the channel’s support trend line, it could trigger a 33% drop to the closest support level.
Hot Take: PEPE Price Analysis Conclusion
While there are indications of a potential bottom and bullish outlook for PEPE, it is important to note that market conditions can change quickly. This analysis should be used for informational purposes only and should not be considered financial or investment advice. Always conduct your own research and consult with a professional before making any financial decisions.
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