Pepe Price Surges Amid Breakout from Multi-Month Channel

Pepe, a meme token launched in April 2023, has been one of the more active coins on Ethereum since its inception. Currently trading at $0.000004244, it's up 5.6% on the day and 1.1% against Bitcoin.

The price broke out of a multi-month descending channel this week, with volume rising to confirm the move. A Wolfe Wave structure projects a target of $0.00000586 if the breakout holds, which could lead to further gains towards $0.00000802 and eventually $0.00001044.

However, rejection at the first resistance zone would likely send the price back into the old channel, breaking the recent low. The chart also shows that Pepe has a fixed max supply of 420.69T tokens, eliminating the risk of future dilution.