PEPE Price Reclaims 2-Month High – Are Meme Coins Back?
PEPE coin’s price surges, breaking a long-term resistance trendline, amid a token burn and new advisors, signaling potential meme coin resurgence.
- PEPE’s price surges, breaking a long-term descending resistance trendline and an ascending parallel channel.
- The recent token burn announcement adds fuel to the ongoing price increase.
- Technical indicators, including the RSI and Elliott Wave theory, suggest a bullish outlook.
- PEPE’s future price movement hinges on maintaining support levels.
In a surprising turn of events, the price of PEPE has broken free from its shackles, signaling a potential resurgence of meme coins. The long-term descending resistance trendline that had been suppressing PEPE’s price since July has finally given way. On September 22, PEPE hit a low of $0.00000060, leaving investors worried. However, on October 20, the tide turned as PEPE broke out from the stubborn trendline.
Return Of Meme Coin
What makes this breakout even more remarkable is that the trendline had persisted for a staggering 110 days. The breakout took PEPE to a high of $0.00000106 on October 24, marking the highest price point it has seen since August. Additionally, this move pushed PEPE above the $0.00000080 horizontal resistance area, signifying a potential shift in momentum.
One crucial indicator of PEPE’s bullish momentum is the daily Relative Strength Index (RSI). Market traders use the RSI to gauge an asset’s overbought or oversold conditions and to make informed decisions. Currently, the RSI is bullish, with readings above 50 and an upward trend, indicating that bulls are in control.
— Captain Altcoin (@CaptainAltcoin) September 19, 2023
Adding to the optimism, PEPE has hired a new advisory team, and on October 24, the project announced the burning of 6.9 trillion PEPE tokens, equivalent to nearly $6.4 million. The remaining 3.79 trillion tokens from the original team’s CEX multi-sig wallet are now being considered for strategic partnerships and marketing.
In the broader context of meme coins, this resurgence is not limited to PEPE alone. Notably, Dogelon Mars (ELON) has surged by an impressive 57% in the past week, further fueling excitement in the meme coin market.
While the recent developments paint a bullish picture for PEPE, caution is advised. The shorter-term six-hour timeframe aligns with the optimism, confirming the breakout from the ascending parallel channel as a legitimate and potentially significant move.
Technical analysts also point to the Elliott Wave theory, suggesting that PEPE is in an extended wave three of a five-wave upward movement. If this holds true, PEPE could aim for the next resistance level at $0.00000145, translating to a 55% increase from its current price.
However, it’s essential to remain vigilant. A close below the channel’s resistance line could invalidate the breakout, potentially leading to a 35% drop to the support line at $0.00000060. The meme coin market is known for its volatility, and investors should keep a close eye on the price action.
As the meme coin saga continues, PEPE’s fate remains uncertain, but the recent developments offer a glimmer of hope for enthusiasts and investors alike.