Dogecoin’s memecoin cousin, PEPE, has been on a rollercoaster ride in recent months, experiencing both sharp corrections and bullish breakouts. Following the formation of a symmetrical triangle, PEPE is poised for another potential uptrend.
Price Action and Technical Analysis
PEPE’s price has experienced significant volatility since its May peak. After a brief spike in August, the token entered a downtrend, reaching a low of $0.0000065 in September. However, a subsequent breakout above the descending triangle’s resistance has renewed bullish sentiment.
The recent high of $0.0000117 suggests that PEPE is in a strong uptrend. The formation of a symmetrical triangle indicates a potential consolidation period, followed by a breakout. This breakout could lead to a further price increase, surpassing the previous high.
Also Read: iTrustCapital Adds PEPE to Retirement Plans – A Game-Changer for Memecoins
Technical Indicators
The hourly Relative Strength Index (RSI) has entered overbought territory, suggesting that a short-term pullback may be due. However, the overall bullish momentum remains strong.
The Chaikin Money Flow (CMF) indicator is also positive, indicating that buyers are actively accumulating PEPE. This suggests that the uptrend is likely to continue.
Price Prediction
Based on the technical analysis and current market conditions, there is a strong possibility that PEPE will continue its upward momentum. A successful completion of the five-wave impulse pattern could lead to a target price of $0.000013.
However, it’s important to note that the cryptocurrency market is volatile, and price predictions can change. Investors should conduct their own research and consider the risks involved before making any investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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