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PEPE Coin, which gained immense popularity this year and experienced a significant increase in the midst of the bear market, is bouncing back. After the management decided to empty the treasury and abandon the ship, we saw the price start to drop. Now, fueled by the increase in BTC price, PEPE Coin bulls are aiming for higher levels.
PEPE Coin (PEPE)
On October 20, the PEPE Coin price broke its trend line. With the breakthrough of the line that had remained stagnant for 110 days, the first signal of the expected movement was given. On October 24, PEPE reached its highest price since August, reaching $0.00000106. Moreover, with the increasing RSI, the price rise continues. This means that PEPE investors can seize more profit opportunities.
PEPE team has been renewed, and on October 24, they announced that they burned 6.9 trillion PEPE tokens worth approximately $6.4 million. The remaining 3.79 trillion tokens will be used in areas such as advertising and strategic partnerships. This news also contributed to the acceleration of price increase.
PEPE Coin Price Prediction
At the time of writing this article, BTC was recovering from a failed $35,000 test. The price increase of PEPE Coin is supported on the six-hour chart. The price, which has emerged from the rising parallel channel, is targeting the next resistance levels. With the overall market recovery, the burning news, and the confirmation of the uptrend on the technical front.
Crypto Tony also shared the sentiment of the rise based on a similar graph. The main indicator that determines the price route is the Elliott Wave Theory. This model, which is used to determine long-term price targets, is quite popular in financial markets.
If the Elliott wave count is correct, we can see that PEPE is in its expanded third wave of a five-wave upward movement. If the count is correct, the next resistance for PEPE price is targeting $0.00000145.
George1Trader says that the resistance zone of $0.00000175, which was the July peak, seems like a more reasonable target. As long as the channel support is maintained and BTC does not experience a sharp decline, it appears that PEPE Coin price is likely to see new highs above $0.00000145.
At the time of writing this article, BTC is on the verge of surpassing $35,000, and if it succeeds in closing above it, it may embark on a journey to $37,000, with PEPE Coin potentially following suit.
