🐸 PEPE Set to Erupt? Bullish Signals Point to Massive Breakout

PEPE's price chart suggests a big return. The memecoin looks to be preparing for a strong recovery after a steep drop, as shown by an Elliott Wave pattern.

The weekly chart reveals that the token completed a textbook ABC corrective wave, bottoming out along a multi-year trendline that has traditionally launched bullish movements. A new five-wave impulse begins. After the initial wave (i) and a healthy drop (ii), all eyes are on the next major leg up.

If this wave count holds, PEPE might reach the 0.786 Fibonacci level at 0.000024 before a modest pullback (iv) clears the runway for a final wave (v) aiming 0.00002836. That's almost 180% more than its current price of 0.00000993.

The frog-themed meme currency has rebounded off a support line that has held firm for almost a year, bolstering this bullish pattern. If the price maintains above the 0.00000526 “invalidation area,” the positive scenario persists.

PEPE Price Balances in Major Turning Point
The newest Murrey Math Lines chart shows PEPE's pricing structure at a vital point, bolstering its optimistic outlook. This indicator shows that the token is just above the “bottom of the trading range” at 0.00008940, a level linked with trend reversals and new momentum.

If the cryptocurrency can break 0.00011920, it might reach higher resistance zones. Like ascending a stairway, 0.00014901 is the next step and 0.00023841 is the ceiling. The real fireworks may start in “Ultimate Resistance,” the level.

But the ascent isn't certain. To drop below 0.00005256 would convey a strong bearish signal, possibly putting the coin back oversold. This zone is traders' floor till then.

Volatility Underlies PEPE's Calm Chart

Calm before the storm? PEPE's futures market, which is active, supports the technical setup. CoinGlass data shows the token's open interest at over $540 million, its largest level in months, despite lackluster price activity.

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