PEPE price broke out of a long-term descending resistance trendline and a short-term ascending parallel channel.

The PEPE team has just announced a significant token burn. Will this help in continued growth?

PEPE clears long-term resistance

PEPE price fell below the falling resistance trend line from July. This decline led to a low of $0.00000060 on September 22.

After moving upward, PEPE price broke above the trendline on October 20.

At the time of the breakout, the trendline had held for 110 days.

On October 24, PEPE reached a high of $0.00000106, the highest price since August. The rise also took PEPE above the horizontal resistance zone at $0.00000080.

The daily relative strength index (RSI) is bullish.

Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and decide whether to accumulate or sell an asset.

A reading above 50 and an upward trend indicates that bulls still have the advantage, while a reading below 50 indicates the opposite.

The RSI is rising and above 50, both of which are considered signs of a bullish trend.

PEPE Appoints New Advisors – Burns Token

A fresh advisory team Now guiding PEPE. Additionally, the team announced on October 24 that It burned 6.9 trillion PEPE tokens Value approximately $6.4 million.

The team is currently figuring out how to use the remaining 3.79 trillion tokens from the parent team’s CEX multi-sig wallet for strategic partnerships and marketing.

This news comes on the heels of the resurgence Memecoin to marketAlso evident in another popular memecoin, Dogelon Mars (ELON), above. 57% last week,

PEPE Price Prediction: Where Next?

The shorter six-hour time frame also gives bullish PEPE forecasts. The first reason is that the price has broken out of an ascending parallel channel and validated it as support (green icon).

Such breakouts indicate that the upward move is valid and are often preceded by significant increases.

Well-known cryptocurrency trader Crypto Tony also Outlined a similar breakoutAlthough drawing the channel lines horizontally.

The second reason comes from the Elliott Wave theory. Technical analysts use Elliott Wave theory to identify recurring long-term price patterns and investor psychology, which helps them determine trend direction.

The most likely wave calculation suggests that PEPE is in extended wave three of a five-wave upward trend (white). Sub-wave counts are given in black.

If the calculations are correct, PEPE price will rise to the next resistance level at $0.00000145. This would be an increase of 55% based on the current price.

An even higher target of $0.00000175 is given by George1Trader, who uses July high as resistance (Red).

Despite this bullish PEPE price prediction, a close below the channel’s resistance line will invalidate the breakout. In that case, there would be a possibility of a 35% decline to the support line at $0.00000060.

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