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PEPE Reaches 5-Month High – Has Accumulation Ended?

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PEPE, one of the most popular memecoin, has been experiencing an upward trend for a week. The little brother of Dogecoin (DOGE) and Shiba Inu (SHIB) broke out above long-term resistance levels today and is seeing 5-month highs.

If PEPE’s bullish price action continues, it is possible that the long-term accumulation could end and move toward the next resistance level at $0.00000190. On the other hand, if today’s price action turns out to be just a deviation, memecoin could return to the previous support area at $0.00000102.

PEPE Reaches 5-Month High

One of the most popular memecoin has been in long-term accumulation since June 2023. At that time, it dropped to a low of $0.00000082 (orange ellipse). The initial surge validated the $0.00000190 level as resistance and led to the continuation of the downtrend.

Then, between mid-September and mid-October, PEPE generated a double-bottom pattern in the $0.00000061 area (red ellipse). The subsequent upward movement validated resistance at the key $0.00000147 level. This area has repeatedly acted as support and resistance (blue arrows), so it is crucial for determining the direction of the trend.

PEPE/USDT chart by Tradingview

PEPE has broken out above this level and is trying to close the daily candle above. If this happens, it could signal the end of the long-term accumulation period and the resumption of the uptrend.

The breakout above this key resistance was made possible by a series of 6 bullish candles initiated on November 30. Counting from the bottom to the top of today’s upper wick, this is an increase of 61.50% in less than a week.

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Author: Jakub Dziadkowiec

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