PEPE Set for a Bullish Bounce as Analyst Predicts A Surge
Release: 2024/10/01 16:26 Reading: 410
Despite a recent retracement, PEPE exhibits promising progress. Analyst Bluntz views this pullback as a healthy pause in its bullish trajectory. This correction is inherent to broader bullish trends, indicating sustained positive momentum.
Employing Elliott Wave theory, Bluntz suggests this may be a favorable entry point for traders. He posits that PEPE is within the fourth wave of a five-wave cycle, implying a price increase post-correction.
Elliott Wave Explanation
Bluntz utilizes a 4-hour chart from Bybit for the PEPE/USDT perpetual contract, outlining the distinct waves of PEPE's price movement. Per Elliott Wave theory, markets oscillate in five-wave cycles followed by three-wave corrections. Since early September, PEPE has completed three ascending waves, culminating in a $0.01200 price point.
Currently positioned in the fourth wave, Wave IV, a correction wave, PEPE stands at $0.01079. Bluntz perceives this adjustment as a fifth-wave formation, anticipating a subsequent price increase.
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