The PEPE price has endured a steep correction, falling 70% from its all-time high reached in December 2024. Once one of the standout performers in the meme coin space, PEPE surged nearly 30,000% from launch before peaking at $0.0000283. Now, after a prolonged pullback, signs are emerging that the worst of the decline may be over—sparking renewed interest among traders and investors.
But can PEPE sustain a recovery, or is this just a temporary bounce before further downside? Let’s explore the technical structure, market sentiment, and potential price targets to determine whether PEPE is poised for a meaningful rebound.
Key Support Levels Hold Amid Sharp Correction
Since its peak in late 2024, PEPE has undergone a significant correction, dropping to a low of $0.0000079 on February 3, 2025—a 70% decline. Despite the sharp selloff, the price found support along a long-term ascending trend line that has been in place for over 308 days. This trend line has historically acted as a reliable floor during previous pullbacks, and its continued hold suggests underlying demand remains.
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The horizontal resistance level at $0.0000165, once a support zone, has now flipped into resistance. A successful retest and breakout above this level could signal the start of a broader relief rally. However, until that occurs, the market remains cautious.
On the weekly chart, technical indicators remain bearish. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are both below their neutral thresholds—RSI under 50 and MACD below zero—indicating sustained selling pressure over the longer term.
Daily Chart Hints at Potential Reversal
Zooming into the daily timeframe reveals a more nuanced picture. PEPE is currently trading within a descending parallel channel, a pattern commonly associated with corrective phases in trending markets. The bounce on February 3 formed a strong bullish candlestick—a signal often preceding short-term reversals.
Notably, the RSI has broken out of its bearish divergence trend line, suggesting weakening downward momentum. Additionally, the MACD has generated a bullish crossover, reinforcing the possibility of upward movement in the near term.
While these signals are encouraging, PEPE continues to trade near the lower boundary of the channel, indicating that buying pressure remains relatively weak. A confirmed breakout above the channel’s upper trendline would be required to validate a sustained recovery.
Elliott Wave Analysis: Is the Bull Cycle Complete?
From a long-term perspective, Elliott Wave theory suggests that PEPE’s primary bullish phase may have concluded. The price action since launch appears to reflect a completed five-wave impulse pattern, followed by the beginning of a corrective W-X-Y structure.
Wave W, the initial leg of this correction, may have ended near the $0.0000079 low, aligning with a key long-term support zone. If this interpretation holds, the next phase could be Wave X—a corrective rally that typically retraces a portion of the prior decline.
Based on historical wave proportions, Wave X could push PEPE toward $0.0000165—the same level that now acts as strong resistance. This would represent a potential upside of over 100% from current levels.
However, if PEPE fails to reclaim the midpoint of the descending channel, the bullish scenario could be invalidated. In that case, the correction may extend deeper, potentially targeting $0.0000050 as part of a five-wave bearish structure instead of a simpler A-B-C correction.
Can PEPE Sustain a Relief Rally?
Despite the bearish long-term indicators, market dynamics suggest that the first phase of PEPE’s correction may be complete. A 70% drawdown from an all-time high is substantial—even by meme coin standards—and often creates conditions for a countertrend rally.
Such relief rallies are common after extreme volatility and can be fueled by short-covering, renewed speculation, or broader market sentiment improvements. Given PEPE’s strong community following and high visibility during its rally, it remains well-positioned to attract speculative capital if momentum shifts.
A breakout above $0.0000165 would likely trigger increased buying interest and could pave the way for further gains. Conversely, failure to gain traction may lead to prolonged consolidation or renewed selling pressure.
Core Keywords and Market Context
This analysis centers around several core keywords that reflect both search intent and market relevance:
PEPE price, meme coin recovery, PEPE price prediction, crypto correction, Elliott Wave analysis, RSI and MACD signals, support and resistance levels, and bullish reversal patterns.
These terms naturally align with investor inquiries during periods of high volatility and are frequently searched when traders seek clarity on whether a dip presents a buying opportunity or a warning sign.
Frequently Asked Questions (FAQ)
Q: Has PEPE’s price bottomed out?
A: While PEPE has found support at key technical levels, confirmation of a bottom requires a sustained breakout above $0.0000165. Until then, the market remains in correction mode.
Q: What is PEPE’s next potential price target?
A: If the relief rally materializes, PEPE could target $0.0000165—the former support now acting as resistance. A break above this level may open room for further upside.
Q: Why did PEPE’s price drop so sharply?
A: After a 30,000% surge from launch, profit-taking, reduced speculative interest, and broader crypto market trends contributed to the 70% correction.
Q: Is PEPE still considered a viable meme coin investment?
A: PEPE retains strong community engagement and trading volume. However, like all meme coins, it carries high risk and should be approached with caution.
Q: How reliable is Elliott Wave analysis for meme coins?
A: While not foolproof, Elliott Wave theory provides a structured framework for assessing market cycles—even in highly speculative assets like meme coins.
Q: What tools can help track PEPE’s price movement?
A: Traders often use RSI, MACD, trendlines, and chart patterns to monitor momentum and potential reversals in real time.
Final Outlook: Cautious Optimism
While PEPE’s long-term bullish cycle may have ended, the recent bounce suggests the initial phase of correction could be complete. A relief rally toward $0.0000165 is plausible if momentum builds and technical resistance is overcome.
However, investors should remain cautious. The broader indicators remain bearish on higher timeframes, and meme coins are inherently volatile. Any recovery should be viewed within the context of ongoing correction rather than the start of a new bull run.
Ultimately, whether PEPE can reclaim lost ground depends on market sentiment, broader crypto trends, and its ability to maintain support. For now, patience and strategic monitoring offer the best approach.