PEPE, one of the largest meme coins by market value, is reminiscent of its glorious days in the middle of last year. In local exchanges in Turkey, it rose to third place in volume, just behind USDT and BTC. The growing investor interest has made it the most popular altcoin (excluding BTC and USDT in Turkey) according to data from 21milyon.com.
PEPE Coin Analysis
Weekly chart readings since May 2023 show that PEPE Coin bulls have been trying to break the price above the long-term resistance line. The decreasing resistance trend line was the biggest obstacle to the rally. In fact, in September, the price fell to $0.00000059. However, with the forgetting of disagreements within the team, the price began to rise again.
PEPE has so far made three attempts, all of which ended in failure. And now we are on the day when the breakout has occurred. The weekly RSI indicates that the price increase is continuing, and the price has climbed to $0.0000171 as the article is being prepared.
PEPE Coin Price Prediction
Bluntz Capital, a popular crypto commentator known by his pseudonym, wrote that a new upward movement has started and we will see higher peaks. JJcycles believes that PEPE Coin will be one of the flag bearers in the upcoming meme coin craze. Michael is excited about the possibility of targeting a historic peak with the break of the decreasing resistance line.
Meme coins typically bring speculative gains during similar rising periods that we are currently experiencing. We have often witnessed meaningless rises and gains exceeding 40%, igniting a snowball effect with a small spark from the bulls.
On the other hand, daily chart readings promise more increases due to the Elliot wave count. Similar to the weekly chart, the long-term turnaround is striking. Moreover, this seems much more convincing while BTC has risen to the $55,000 limit.
The wave count, indicating a clear upward trend direction, says that the correction following the upward movement is now over. If the expected scenario materializes, the PEPE Coin price could reach the resistance level of $0.0000020. Indeed, as the article was being prepared, it was getting closer to this level. Moreover, if this peak is surpassed, there will be no significant barrier to the price reaching the ATH level.
Investors following a bearish scenario should expect a pullback to the $0.0000006 support if there are closures below $0.00000105.
