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Pepe (PEPE/USDT) is currently trading in a consolidation phase near $0.00000999. The price is down 1.88% for the day, indicating mild bearish sentiment, but it remains above key support at $0.00000980.
According to analysts predictions November could be pivotal, with the potential for a significant breakout if resistance at $0.00001047 is breached.
PEPE Price Action and Technical Indicators Show Consolidation
PEPE is moving sideways without any good momentum in the direction. Support holds at $0.00000980, and resistance is seen at $0.00001012. The Relative Strength Index (RSI) stands at a neutral 50.93, suggesting a balanced market.
The MACD line is at 0.00000031 below the signal line. This indicates mild selling pressure, but the distance between the two lines is small. Moreover, the consolidation phase has kept PEPE’s price in a narrow range, awaiting a breakout or breakdown.
A rally above the $0.00001012 resistance could spur price beyond the uptrend line, while a downside below $0.00000980 risks triggering further price weakness.
Potential Breakout Expected in November
Crypto analyst Ivan Labrie says PEPE is about to breakout and he believes it will happen in November. A long-term bullish rally will not commence until it breaks the resistance at $0.00001047. If this level breaks then Labrie projects the price could move up sharply.
$PEPE shows a nice base here, a breakout during November would set the stage for a gigantic rally for 7 months.
— Ivan Labrie (@ivan_labrie) October 23, 2024
Weekly trend turned bullish again recently, monthly needs a push next month to break free from resistance here. pic.twitter.com/SJspiyJgSm
If the breakout occurs, Labrie points to two major price targets. Their first target is $0.00004508 a price increase of 450.77%. The second, longer-term goal is $0.00035547, measuring a 3,551.13% increase.
Trading volume is still low, which says the market is still waiting for a significant catalyst. If the breakout occurs in November, it would signal the start of a multi-month rally with a seven-month bullish trend. Traders need to keep an eye on the resistance level for a possible breakout.
Long-Term Forecasts Remain Bullish
Despite the current consolidation, analysts remain optimistic about PEPE’s long-term price potential. Forecasts for December 2024 predict PEPE reaching a minimum of $0.0019 and a maximum of $0.0020. This would represent significant gains from current levels, signaling strong future growth.
Looking ahead to 2025, the lowest predicted price for PEPE is $0.0026, while the highest is projected at $0.0033. The average price for the year is forecast to be around $0.0027, further reinforcing long-term bullish sentiment.
These forecasts are based on continued accumulation and consolidation, setting the stage for future rallies.
Crypto analysts see 2024 and 2025 as potentially transformative years for PEPE, especially if the upcoming breakout occurs as expected. The next few weeks will be critical for traders and investors watching for key levels to be broken.