PEPE Prepares for a New Surge

PEPE, a cryptocurrency known for its meme origins, is poised for a significant upward movement in value. Breaking above crucial resistance levels, the coin is attracting attention from traders and analysts alike.

Technical analysis of the daily timeframe indicates that PEPE has been under a diagonal resistance line since December 2023. This downward trend led to a low of $0.00000086 on February 5, 2024. Since then, PEPE's price has surged, returning to the horizontal area around $0.00000100. Additionally, the meme coin has broken above the descending trendline, reaching a high of $0.00000131.

The daily Relative Strength Index (RSI) is sending bullish signals, with the indicator rising above 50 and continuing to climb.

Traders and analysts on Twitter are positive about PEPE's future trend. Rid Carson suggests that the coin's price will continue to rally, while James Winn maintains a bullish outlook, anticipating substantial profits.

Elliott Wave analysis suggests that the upward movement will persist. The most likely scenario indicates that PEPE has completed a five-wave upward movement and subsequent ABC correction. If correct, the meme coin has initiated a new upward movement, potentially reaching $0.00000200.

However, a close below $0.00000100 would invalidate the bullish forecast, potentially leading to a 50% decline to the nearest support level at $0.00000060.

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