Pepe Price Surge and Overbought Indicators

Pepe (PEPE/USDT) recently experienced a bullish signal, with its price rising and crossing key resistance levels on daily charts. This surge aligns with wave analysis predictions.

Following breaches above the upper Bollinger Band and Fibonacci retracement levels, overbought conditions suggest potential price increases.

Overbought Indicators on Daily Chart

Pepe's price movement shows strong upward momentum and has surpassed the upper Bollinger Band at $0.00001330. While this indicates increased bullishness, it also signals possible overbought conditions.

Bullish Elliott Wave Structure

Cryptocurrency analyst Manofbitcoin suggests that a break above the 78.6% Fibonacci retracement level at $0.000013697 indicates the continuation of wave 3 in an Elliott Wave pattern. This level, previously strong resistance, now supports the price's upward trend.

According to Manofbitcoin, a move above $0.0000172 will confirm the start of wave 3, potentially attracting more bullish traders. In this theory, wave 3 is typically one of the strongest in a five-wave sequence, providing potential for further price appreciation.

Key Levels and Resistance Targets

Fibonacci extensions offer potential price targets based on wave 3 projections. The 1.0 extension at $0.000015685 and the 1.618 extension at $0.000024280 mark possible resistance points where profit-taking could occur.

Conclusion

Pepe's price surge suggests a bullish trend with potential for further gains. However, traders should monitor volume and momentum as signs of weakness could indicate a reversal or consolidation period.