$PEPE Bulls Plot Elliott Wave Rebound After Brutal Drop – Key Levels to Watch

$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.

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.

A whale "qianbaidu.eth" deposited 595.19B $PEPE worth $6.53M into #Binance.

Initially, the whale withdrew 695.19B $PEPE for $5.77M from #Binance and later sent 100B $PEPE to its another wallet.

Address: 0x13706daed72053ae268cf51fd7e838d011203627 pic.twitter.com/FxnNOV8MlJ

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.

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.

$PEPE if this is a wave (2) we can go as low as .x668. If it's a wave 4 of (1) .x92. Close shorts at .x92 go back core spot. Hold some dry powder for extreme dip. Weekly Stochastic RSI needs a reset before the next 20 – 30x move in the next 3-4 months. https://t.co/3tntAM5ZO8 pic.twitter.com/SN5S3RZnVf

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 pic.twitter.com/5WMAtELpwA

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.

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