PEPE continues to show promising progress despite a recent retracement, which many view as a healthy pause in its upward trajectory. According to recent insights by analyst Bluntz, the pullback is considered part of the normal cycle within a broader bullish trend, indicating that the positive momentum remains intact.
Using the Elliott Wave theory, he further said that this could be a pullback opportunity for the trader who has not made an entry yet. He thinks PEPE is in the fourth wave of a five-wave cycle, which indicates that the price will rise after this correction.
still think this $pepe dip is a wave 4 and an absolute gift for the sidelined bros.
— Bluntz (@Bluntz_Capital) October 1, 2024
violently higher with haste. https://t.co/YmZSCQSkXV pic.twitter.com/HztBIIYwUl
Elliott Wave Theory
Bluntz shared a 4-hour chart from Bybit for the PEPE/USDT perpetual contract, marking out the different waves of PEPE’s price movement. According to Elliott Wave theory, markets move in five waves followed by a three-wave correction. PEPE has already completed three upward waves since early September, pushing the price to around $0.01200.
The price is in the fourth wave, Wave IV, which is a correction wave. This level has been reached at $0.01079, but it’s regarded as a bearish pullback. Bluntz thinks this correction is a fifth-wave formation in which prices could go up.
RSI and Other Indicators
Bluntz also pointed out that the Relative Strength Index (RSI) in the analysis is still at 52.98, which is below the upper and lower trading ranges. This proves that the token is not overbought or oversold. Thus, it is evident that the market is gradually coming to a standstill. The latest pull-back from overbought levels in the Daily RSI indicates that this fourth wave correction is in progress.
Bluntz believes that after the fourth wave, the fifth wave, which is the last wave, would cause the price to rise again. He anticipates that PEPE may hit the earlier established high of $0.01200 and possibly touch above $0.01300.
Bullish Trends in Memecoins: WIF and PEPE Surge AheadPEPE Price and Volume
At the time of writing, the token PEPE was trading at a value of $0.00001088 on CoinGecko, and it has fallen over the last 24 hours by 3.69%. However, within the last week, PEPE has been 36.24% more expensive. It still remains very active, as its 24-hour trading volume stands at $1.8 billion. Although it is currently trading below, such a trend is expected to get a bounce from the current low soon, as observed by the analyst.
