While the PEPE token continues to show positive trends, analysts are closely monitoring its movements despite a recent pullback. Cryptocurrency specialist Bluntz believes this downturn is part of the normal market cycle.
Current State of PEPE
PEPE has shown significant growth despite a recent correction, which many view as a healthy pause within an upward trend. Recent insights from analyst Bluntz confirm that the positive momentum remains intact.
Elliott Wave Theory
Bluntz uses the Elliott Wave Theory to analyze the situation. From his perspective, this correction could represent a key opportunity for traders who haven't yet entered the market. Bluntz thinks that PEPE is in the fourth wave of a five-wave cycle, which implies a price rise after the correction.
Analyst's Forecast
Bluntz shared a 4-hour chart of the PEPE/USDT pair on the Bybit platform. According to Elliott Wave Theory, market movements occur in five waves followed by a three-wave correction. PEPE has completed three upward waves since early September, reaching around $0.01200. Currently, it is undergoing a correction at the $0.01079 level, which is considered a bearish pullback. Still, Bluntz believes the current situation creates opportunities for the fifth wave, potentially leading to a price increase.
In conclusion, despite the current pullback, PEPE continues to show growth potential. Bluntz's analysis, based on Elliott Wave Theory, indicates a possible improvement in the token's price performance in the near future.
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