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Pepe Cryptocurrency Price Analysis: Impulsive Five-Wave Structure, Expanding Diagonal Pattern, and Potential Retracement Levels

PEPE PUMP NOT OVER YET!
PEPE PUMP NOT OVER YET!

Introduction

JB from Cheeky Crypto discusses the cryptocurrency Pepe, acknowledging its popularity in social media and analyzing its recent and potential price movements.

Pepe’s Price Movement

Pepe has experienced a significant 107% increase in the past couple of weeks. JB believes that this upward movement is an impulsive five-wave structure. He notes that meme coins like Pepe can be challenging to analyze using Elliott wave theory due to low liquidity and long candle wicks.

Technical Analysis

JB identifies potential retracement levels for Pepe’s price, with a focus on the 382 and 0.5 Fibonacci retracement levels. He believes that Pepe is currently in a third wave, and he expects a correction in the fourth wave. The chart suggests the possibility of an expanding diagonal pattern.

Future Price Predictions

JB expects Pepe’s price to potentially come down to levels around 1120 to 1077. He believes that a fifth wave of the fifth wave could take Pepe to around 11320 to 13399. However, he also notes that the weekly and daily positions of the stochastic RSI indicate an impending correction.

Smart Money Concepts

JB believes that smart money concepts suggest that Pepe’s weak low at 597 may be broken. He predicts a downward move targeting 402 to 306 in the longer term.

Weekly and Daily Charts

The chart shows that Pepe is testing the 618 Fibonacci level, indicating potential rejection. JB believes that the stochastic RSI is overbought, signaling a move to the downside. He believes that Pepe’s price action will ultimately move downwards.

Conclusion

JB advises caution when trading Pepe, emphasizing the importance of having a tight stop loss. He reminds viewers that the video is for informational purposes only and that he does not personally invest or trade in Pepe. The video ends with a call for viewers to share their thoughts and trade safely.

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