Pepe Coin Shows Signs of Potential Bottom Amidst Recent Price Action
Release: 2024/01/17 04:19 Reading: 560
- Pepe Coin’s price has been under a descending resistance trend line since May 2023, hitting its lowest point in September.
- From September, Pepe Coin started an upward trajectory, with a successful breakout in December following four failed attempts.
- On January 8th, Pepe Coin validated the descending trend line as support and rebounded.
Pepe Coin’s price had been confined under a descending resistance trend line since May 2023, a decline that reached its low point in September.
However, from that point on, PEPE initiated an upward trajectory that has continued to date. After facing its fourth failed breakout attempt, denoted by the red icon on the chart, in November, it finally succeeded in breaking out the following month.
Following its peak on December 9th, PEPE underwent a corrective phase, retracing to the descending resistance trend line. An interesting development occurred on January 8th, marked by the green icon on the chart, when PEPE validated the trend line as support and subsequently rebounded.
RSI Indicates Balanced Momentum
Traders frequently employ the Relative Strength Index (RSI) as a momentum indicator to evaluate whether a market is overbought or oversold, guiding their decisions to accumulate or sell an asset. An RSI reading above 50 in an upward-trending market suggests a favorable position for bulls, while an RSI reading below 50 implies the opposite.
In the case of PEPE, the daily RSI is positioned exactly at 50, making it difficult to discern the precise trend direction based on this indicator alone.
PEPE Price Prediction: A Potential Bottom in Sight
Examining the six-hour time frame reveals promising signals of a potential bottom for PEPE, indicated by both the wave count and price action. Technical analysts often utilize Elliott Wave theory to determine trend direction by studying recurring long-term price patterns and investor psychology.
The most plausible scenario suggests that PEPE has completed a five-wave upward movement (marked in black) and is currently undergoing a corrective phase. This correction has remained within the confines of a descending parallel channel, a common occurrence.
A breakout from the descending parallel channel would confirm the bullish outlook. If both upward movements are of equal magnitude, an 80% increase in PEPE’s price to the next resistance level at $0.0000022 becomes a plausible scenario.
However, it’s essential to note that failure to maintain support at the channel’s lower trend line could trigger a 33% decline, with the closest support level situated at $0.0000008.
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