While newcomer crypto asset PEPE underwent brief profit-taking Tuesday after a parabolic 153% weekly surge, the formerly suppressed token still trades constructively above crucial support.
Reviewing weekly charts reveals PEPE has in fact broken out of a year-long descending resistance trendline that capped previous rallies on multiple instances since May 2023’s record peak. This decisive move cracks the restrictive barrier conclusively.
With the Relative Strength Index (RSI) also now trending back above 50, the technical posture signals recaptured bullish momentum aligned with last week’s explosive move, setting up for a continuation higher. Readings over 50 indicate existing tailwinds still outweigh bearish pressures.
Will PEPE hit an all-time high?
Zones around the current $0.00000270 mark represent the last remaining layer of potential protection should prices undergo a correction after sharp gains. Failing to hold here risks unwinding the breakout back down towards the $0.00000240 swing low.
However, provided PEPE maintains its newfound support, the prevailing Elliott Wave structure suggests scope for another staggering 70% vertical move targeting just below the elusive $0.0000050 all-time high milestone thereafter.
The immense progress reflects just wave three of a much larger advance, according to predictive analysis utilizing investor psychology cycles historically. Upon conquering the existing record, forecasters eye open space towards unprecedented value inflection trajectories, presuming accumulation sustains momentum.
So while susceptible to expected turbulence after last week’s abnormal burst higher, PEPE appears back in business building on its foundational base, resolved to recapture heights abandoned last year. Reclaiming prior resistance decisively predicts good things ahead in the coming months as traders set sights on until now unfathomable peaks.
