PEPE Price Analysis: Approaching Long-Term Resistance Amid Bullish Sentiment

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The price of PEPE has rebounded from a short-term descending resistance line but remains below the long-term resistance line.

PEPE Approaching Long-Term Resistance Technical analysis on the weekly timeframe indicates that the price of PEPE has been declining beneath a long-term descending resistance line since May 2023. The decline led to a low of $0.00000059 in September.

So far, the meme coin has made three unsuccessful breakout attempts (red markers) and is preparing for the fourth.

The weekly Relative Strength Index (RSI) provides bullish signals: the indicator has risen above 50 and continues to climb.

Analyst Insights Well-known crypto traders and analysts maintain a positive outlook on PEPE’s prospects. Bluntz Capital believes that the meme coin has completed its correction and started a new upward movement.

JJcycles speculates that PEPE will lead the upcoming meme coin season, while Crypto Michael notes the descending resistance line, stating that its breakout could accelerate the upward movement.

PEPE Price Forecast: Will the Rally Continue? Analysis on the daily timeframe supports further growth due to price action and wave analysis. The chart below shows that PEPE has bounced off the descending resistance line and confirmed it as support.

Wave analysis suggests that the asset has completed an upward movement and subsequent correction. If both upward movements have equal lengths, PEPE could rise by another 40% and reach the next resistance at $0.00000200.

Despite the bullish forecast, a close below the $0.00000105 level could trigger a 55% decline to the nearest support at $0.00000060.

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