PEPE Rally Tests Resistance as Wolfe Wave Targets $0.000005
PEPE rose about 50% in one week to a nine-month high near $0.0000049 before easing to around $0.00000453 on October 5. It briefly reached $0.00000457 after recovering from the October 2 sell-off and reclaiming the $0.00000445 resistance level.
Technical analyst Aditya Khatri identified a Wolfe Wave pattern on PEPE’s four-hour chart. The setup formed inside a descending channel and points to a potential move towards $0.000005 if buyers sustain the breakout. The next resistance levels are around $0.00000461 and $0.00000477. A weekly close above the broader $0.0000048-$0.0000055 resistance zone, followed by a successful retest, could open targets of $0.0000065-$0.0000075 and later $0.000009-$0.0000105. A longer-term recovery scenario reaches $0.000013-$0.000016.
Confirmation depends on stronger trading volume and continued support above $0.00000445. Key downside levels are $0.00000415, $0.00000402 and $0.00000387, while a deeper rejection could send PEPE towards $0.0000023-$0.0000032. A fall below the breakout zone would invalidate the Wolfe Wave setup. CoinGlass data also showed tokens moving from self-custody wallets to centralised exchanges, which may increase near-term selling pressure.
The PEPE rally remains speculative and sentiment-driven. Strength in meme coins, including a Dogecoin short squeeze and a Shiba Inu recovery, could support demand, while Bitcoin’s ability to hold its recovery may influence broader risk appetite. Traders should monitor volume, resistance, support, exchange netflows and momentum before treating the PEPE move as a durable trend.
Neutral
The news is technically constructive for PEPE but does not yet provide a confirmed bullish trend. The token has recovered from the October 2 sell-off, reclaimed $0.00000445 and formed a Wolfe Wave pattern that could target $0.000005. A high-volume close above $0.00000461, $0.00000477 and ultimately the $0.0000048-$0.0000055 resistance zone would strengthen the bullish case and could attract momentum traders.
However, PEPE remains highly volatile and sentiment-driven. The rally has faced resistance near recent highs, while transfers from self-custody wallets to centralised exchanges could signal potential selling pressure. A loss of $0.00000415, followed by $0.00000402 or $0.00000387, would weaken the setup and could lead to a deeper retracement towards $0.0000023-$0.0000032. Therefore, the short-term bias is cautiously constructive, but the combination of unconfirmed resistance breaks and elevated speculative risk supports a neutral overall classification rather than a definitive bullish or bearish signal.