The cryptocurrency market is witnessing renewed momentum, and PEPE—the meme-inspired digital asset—has emerged as one of the standout performers. With a sharp 22% surge during the broader market recovery, PEPE has reclaimed critical technical levels, signaling a potential new phase of upward movement. This rally follows a prolonged correction period, now believed to have concluded within a key accumulation zone. As bullish momentum builds, traders and investors are closely watching Fibonacci resistance levels and wave patterns for clues on what’s next.
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Understanding PEPE’s Recent Price Action
On the daily chart, PEPE has confirmed the completion of a complex corrective structure known as WXYXZ, which bottomed out at $0.0000057 on April 7. This level sits within a well-established green accumulation zone—a range where buying pressure historically outweighs selling, indicating strong institutional or whale interest.
The conclusion of this multi-month correction suggests that the sideways consolidation phase is over. What follows is an emerging impulsive wave pattern, typically associated with strong directional momentum in technical analysis.
PEPE has since broken out of a descending channel, reclaiming previous swing highs and reinforcing the bullish case. Waves 1, 2, and 3 of this new cycle appear complete, with wave 4 finding solid support at $0.0000076. This resilience confirms buyer confidence at lower levels, laying the foundation for further upside.
Currently, PEPE is approaching $0.0000108, which aligns with the 0.236 Fibonacci retracement level—a key resistance zone. A sustained break above this level would validate a continuation bias, opening the door to higher targets.
Bullish Indicators Strengthening the Outlook
One of the strongest confirmations of rising momentum comes from the Relative Strength Index (RSI) on the daily timeframe. After spending weeks in neutral territory, RSI has climbed above 60 and continues to trend upward. This shift indicates growing bullish control and reduced selling pressure.
With momentum building, the path forward could see PEPE targeting major Fibonacci resistance levels:
- $0.0000141 (0.382 Fib)
- $0.0000168 (0.5 Fib)
- $0.0000195 (0.618 Fib)
Should these levels be breached, the ultimate target remains near the all-time high of $0.000028, especially if macro market conditions remain favorable.
As long as PEPE maintains trading above $0.0000076, the broader structure favors bulls. Any dip toward that level may present a strategic entry point for traders aiming to capitalize on the next leg up.
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Short-Term Technical Outlook: Wave (iii) in Motion
Zooming into the 1-hour chart reveals a more granular view of PEPE’s current trajectory. The asset appears to have completed wave (ii) of a lower-degree impulsive sequence, with the correction ending near $0.0000083—a level that corresponds to the 0.236 Fibonacci extension.
Since then, price action has been dominated by strong bullish candles and rising volume, pushing PEPE above $0.0000090, a key psychological and technical threshold.
This movement strongly suggests the beginning of wave (iii)—often the most powerful leg in an impulse sequence. Initial targets for wave (iii) lie around $0.0000104, equivalent to the 1.0 Fibonacci extension of the prior move.
After reaching this zone, a minor retracement—wave (iv)—is expected, likely finding support at $0.0000093 (0.618 extension). This pullback would serve as a healthy consolidation before the final push higher.
Wave (v) could then propel PEPE toward:
- $0.0000111 (1.272 extension)
- Or even $0.0000121 (1.618 extension)
Both levels represent significant Fibonacci projection zones and may act as profit-taking areas for short-term traders.
Monitoring Overbought Conditions
It’s important to note that the 1-hour RSI has entered overbought territory, suggesting short-term exhaustion may be near. Traders should watch for bearish divergence—where price makes new highs but RSI fails to confirm—as a potential warning sign ahead of $0.0000104–$0.0000111.
While overbought conditions don’t necessarily mean a reversal, they often precede temporary pullbacks. Such corrections can refresh momentum and allow moving averages to catch up, setting the stage for another leg higher.
The overall bullish scenario remains intact as long as PEPE holds above $0.0000083. A breakdown below this level could invalidate the current impulse structure and push price back into broader consolidation.
Frequently Asked Questions (FAQ)
Q: What does the WXYXZ pattern indicate for PEPE?
A: The WXYXZ is a complex corrective structure in Elliott Wave theory. Its completion at $0.0000057 suggests that PEPE’s prolonged consolidation phase is over, paving the way for a new impulsive uptrend.
Q: Why is $0.0000108 such an important level?
A: This price marks the 0.236 Fibonacci retracement level and acts as immediate resistance. A confirmed breakout above it would signal strong bullish continuation potential toward higher Fib levels.
Q: What happens if PEPE drops below $0.0000083?
A: A close below $0.0000083 could invalidate the current wave (iii) count and delay further upside. It might trigger short-term bearish momentum and retest deeper support zones.
Q: How high could PEPE go in this cycle?
A: If bullish momentum holds, PEPE could reach $0.0000141, $0.0000168, or even $0.0000195 in intermediate stages. The ultimate target remains near its all-time high of $0.000028.
Q: Is PEPE’s rally sustainable without broader market support?
A: While PEPE can move independently due to speculative sentiment, sustained rallies typically align with positive macro trends in Bitcoin and altcoins. A healthy overall market increases the likelihood of continued gains.
Q: What tools can help track PEPE’s wave patterns?
A: Traders use platforms with advanced charting capabilities—such as Fibonacci retracements, volume profiles, and RSI—to analyze wave structures and time entries accurately.
Key Levels to Monitor
- Immediate Support: $0.0000083
- Wave (iii) Target: $0.0000104
- Wave (v) Targets: $0.0000111, $0.272 extension ($94), then $95 (high). 5 Fib), $96 (high). 8 Fib), $97 (ATH area).
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With macro correction complete and technical indicators aligning favorably, PEPE stands at a pivotal juncture. Whether you're a short-term trader or long-term believer, understanding key support and resistance zones—and how they interact with wave theory—is essential for navigating this dynamic phase.
As momentum builds and market sentiment turns increasingly optimistic, PEPE may be positioning itself for one of its most significant rallies yet—provided critical supports hold during inevitable pullbacks.