PEPE Jumps 22% During Market Recovery as Bulls Target Further Gains

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Pepe (PEPE) has surged 22% amid a broader market recovery, reigniting bullish momentum and signaling the potential start of a powerful new upward phase. After a prolonged correction, the memecoin has reclaimed key technical levels, completed a complex corrective structure, and is now advancing within a fresh impulsive wave. Traders and investors are closely watching critical resistance zones, with Fibonacci extensions pointing to significant upside potential if current momentum holds.

This article provides a detailed technical analysis of PEPE’s recent price action, identifies key levels to monitor, and explores the most likely short- to medium-term price trajectories based on wave structure and market sentiment.

PEPE Price Analysis: End of Correction Confirmed

The daily chart for PEPE confirms the completion of a multi-month WXYXZ corrective pattern, which bottomed at $0.0000057 on April 7. This level lies within a well-established accumulation zone—marked by strong buyer interest and repeated support tests—indicating that the final leg of the correction (wave Z) has likely concluded.

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With this complex correction out of the way, PEPE has initiated a new impulsive move to the upside. The price has broken out of a descending channel pattern and reclaimed previous resistance levels, reinforcing the shift in market structure from bearish to bullish.

The emerging five-wave impulse on lower timeframes suggests strong buying pressure. Waves 1, 2, and 3 of this new cycle appear complete, with wave 4 finding solid support at $0.0000076**. Since then, PEPE has rallied over **22.4%**, approaching a critical resistance zone near **$0.0000108—the 0.236 Fibonacci retracement level of the prior decline.

Momentum Signals Strength

The daily Relative Strength Index (RSI) has climbed above 60 and continues to trend upward, confirming strengthening bullish momentum. An RSI above 60 typically indicates sustained buying interest and is often a precursor to further gains, especially when aligned with clear structural breakouts.

A decisive close and sustained trade above $0.0000108 would confirm continuation bias and open the door to higher Fibonacci targets:

Even in the event of a rejection at $0.0000108, any pullback is likely to be short-term and corrective in nature. As long as PEPE remains above the **$0.0000076** support level, the broader outlook remains constructive.

The ultimate macro target lies near PEPE’s all-time high of $0.000028, a level that could be revisited if bullish momentum accelerates in the coming weeks.

Short-Term PEPE Price Prediction: Wave (iii) Underway

Zooming into the 1-hour chart, PEPE has completed wave (ii) of a lower-degree impulse near $0.0000083**, which aligns with the 0.236 Fibonacci extension of the preceding move. From there, price action has shown strong bullish candles and rising volume, pushing past **$0.0000090—a key psychological and technical threshold.

This move strongly suggests the beginning of wave (iii), historically the strongest and most extended leg of an impulse sequence. Wave (iii) is expected to target the $0.0000104 region, equivalent to the 1.0 Fibonacci extension.

After reaching this zone, a shallow corrective wave (iv) is likely, potentially retracing to $0.0000093 (the 0.618 extension level). This pullback would serve as a healthy consolidation, allowing traders to re-enter positions before the final push in wave (v).

Wave (v) Targets: Up to $0.0000121

Wave (v) could extend toward:

Both levels represent high-probability resistance zones based on harmonic patterns and historical price reactions.

While the 1-hour RSI has entered overbought territory, this is common during strong trending markets and doesn’t necessarily signal an immediate reversal. Traders should monitor for bearish divergence—where price makes new highs but RSI fails to confirm—as a potential early warning sign.

Crucially, the bullish scenario remains intact as long as PEPE holds above $0.0000083. A breakdown below this level could invalidate the current impulse structure and push price back into a broader consolidation phase.

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Frequently Asked Questions

Q: What caused PEPE’s 22% price jump?
A: The surge follows the completion of a prolonged WXYXZ correction and breakout from a descending channel. Strong buying pressure and renewed bullish momentum have driven the rally, supported by improved overall market sentiment.

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Q: Is PEPE still in a corrective phase?
A: No. The complex WXYXZ structure has likely concluded at $0.0000057. PEPE is now in a new impulsive phase, with clear five-wave development visible on lower timeframes.

Q: What happens if PEPE breaks above $0.0000108?
A: A confirmed breakout above $0.0000108 would validate continuation bias and likely accelerate gains toward Fibonacci targets at $0.0000141, $0.0000168, and potentially $0.0000195.

Q: What is the next major support level for PEPE?
A: The immediate support is at $0.0000083. As long as this level holds, the bullish structure remains intact. Below that, $0.0000076 acts as macro support.

Q: Can PEPE reach its all-time high again?
A: Yes—provided momentum is maintained and key support levels are respected during pullbacks. The $0.000028 all-time high remains a viable target in a strong bullish scenario.

Q: How reliable is wave analysis for memecoins like PEPE?
A: While memecoins are volatile, Elliott Wave principles can still apply during structured phases. PEPE’s recent clean five-wave formation and adherence to Fibonacci levels increase confidence in technical projections.

Key Levels to Watch

With macro correction complete and bullish structure strengthening, PEPE is positioned for further upside in the near term. Short-term traders should focus on wave progression and RSI behavior near resistance, while longer-term holders can monitor structural integrity around key support zones.

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