Crypto News– The PEPE Coin price recently made a significant move by breaking free from a long-term descending resistance trendline and a short-term ascending parallel channel.
For several months, the PEPE price had been held beneath a descending resistance trendline dating back to July, reaching a low point of $0.00000060 on September 22.
PEPE Coin Price Surges to 2-Month High – A Resurgence for Meme Coins?
Following a notable upward push, the PEPE price managed to break out of the trendline on October 20. At the time of the breakout, this trendline had been in effect for 110 days. On October 24, PEPE reached a peak of $0.00000106, marking its highest price level since August. This surge also propelled PEPE above the $0.00000080 horizontal resistance region. Notably, the daily Relative Strength Index (RSI) has assumed a bullish posture.
The RSI serves as a valuable momentum indicator used by market traders to discern overbought or oversold conditions, helping them make decisions about accumulating or selling an asset. Readings above 50, along with an upward trend, signify a bullish advantage, while readings below 50 suggest the opposite. In the current scenario, the RSI is on the rise and stands above 50, both of which are indicative of a bullish trend.
PEPE Welcomes New Advisors and Initiates Token Burn
PEPE has brought on board a new advisory team to provide guidance. Notably, on October 24, the team made a significant move by burning 6.9 trillion PEPE tokens, an approximate value of $6.4 million.
The team is actively considering various options for the utilization of the remaining 3.79 trillion tokens that originate from the original team’s CEX multi-sig wallet. These tokens are earmarked for strategic partnerships and marketing endeavors.
This development coincides with a resurgence in the Memecoin market, as is evident in the strong performance of another popular memecoin, Dogelon Mars (ELON), which has surged by 57% in the past week.
Predicting the Future of PEPE’s Price: Where Is It Headed?
In the shorter-term six-hour timeframe, the PEPE price outlook appears quite bullish. There are a couple of compelling factors supporting this view. Firstly, the price has successfully broken out of an ascending parallel channel and confirmed this breakout by establishing it as a support level (indicated by the green icon).
Such breakouts are typically seen as indicators of a legitimate upward trend and often foreshadow substantial price gains. In fact, this breakout aligns with the analysis of well-known cryptocurrency trader Crypto Tony, who, while representing the channel’s lines differently, also recognizes the breakout’s significance.
The second reason to maintain a bullish stance stems from the application of the Elliott Wave theory. Technical analysts frequently employ this theory to identify recurring long-term price patterns and investor psychology, helping them gauge the overall trend’s direction.
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