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$PEPE is in free fall, plunging another 3% today as bearish charts indicate more pain ahead. The once-$11B memecoin has shed over 60% of its value in six months, leaving bulls scrambling.
Once a top-tier hype asset, the frog-themed token’s trading volume has cratered 24% in 24 hours, with analysts warning the worst may not be over.
Bloodbath in Memecoins: $PEPE Sinks While Whales Quietly Reshuffle Bags
However, it’s not only $PEPE that’s under pressure. The entire memecoin market appears to be in free fall.
From Dogecoin ($DOGE) and Shiba Inu ($SHIB) to $TRUMP, $FARTCOIN, $BONK, $FLOKI, and $WIF, nearly all major memecoins are logging red candles across both daily and weekly charts.
The memecoin sector, which recently peaked at over $60 billion in total market capitalization, has now dropped to around $53 billion.
Among these, $PEPE’s market structure is particularly alarming to some investors, as it struggled to post gains even during May’s broader crypto rally.
A crypto analyst recently flagged the $PEPE chart as “scary,” warning of a potential dip toward the long-standing support zone that has held throughout 2024.
Adding to the unease, on-chain data showed a newly created wallet withdrawing 500.6 billion $PEPE (worth $5.2 million) from Binance about 20 hours ago.
The same whale reportedly withdrew 695.19 billion $PEPE, valued at $5.77 million, and transferred 100 billion tokens to another associated wallet.
Whether this movement suggests dip-buying or preparation for a major dump remains unclear.
Trader Predicts $PEPE Could Dip 15% Before Exploding 150%—Here’s Why
Still, not everyone is bearish. One $PEPE bull has been capitalizing on the downtrend through short positions and has shared an Elliott Wave analysis, suggesting $PEPE is currently in wave (2) and could fall to $0.00008087, roughly a 15% decline from current prices.
However, the trader noted that if the weekly Stochastic RSI resets in the coming weeks, a strong rally could follow within 3–4 months.
CoinGlass data supports this view. The data shows that $PEPE’s open interest rose 7.6% in the past 24 hours, even as overall derivatives volume dropped 8%, indicating growing speculative activity.
Another analyst, Trench Trader, shared a bullish outlook, projecting a bounce from $0.00009885 before a climb to $0.00001362 and then $0.00001733, possibly revisiting $PEPE’s December 2024 highs.
$PEPE Holds $0.00001000—Can the Frog Leap 150% from Here?
The 1-hour $PEPE/$USDT chart reveals a consolidation phase just above the previous week’s high of $0.000012953.
After a strong rally, the price has pulled back and is now testing support around $0.00001000.
It has entered a Fair Value Gap (FVG) zone, which overlaps with minor support and the origin of the last bullish move, suggesting a potential bounce area.
If this zone holds, $PEPE could regain momentum, reclaiming the weekly high and pushing toward $0.00001350 or higher.
However, a breakdown below this FVG would undermine the bullish setup and could drive the price toward the previous weekly low near $0.00001035.
On the daily timeframe, the outlook remains more optimistic. $PEPE has formed a bullish structure following a breakout above a key daily resistance, which has now become firm support in the $0.00001000–$0.00001100 range.
An ascending trendline connecting recent higher lows reflects building bullish momentum, reinforced by a clean break from the former downtrend.
If this structure holds, $PEPE could target a move toward $0.00001593, with an upside potential of over 150% from current levels. Intermediate resistance is near $0.00001686.
The post $PEPE Bulls Plot Elliott Wave Rebound After Brutal Drop – Key Levels to Watch appeared first on Cryptonews.
Unlock the Secrets of Ethical Hacking!
Ready to dive into the world of offensive security? This course gives you the Black Hat hacker’s perspective, teaching you attack techniques to defend against malicious activity. Learn to hack Android and Windows systems, create undetectable malware and ransomware, and even master spoofing techniques. Start your first hack in just one hour!
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