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A crypto analyst has referred to as the underside for Pepe (PEPE), the third-largest meme coin by market capitalization. Based on the analyst, Pepe hit its lowest worth level for this cycle after experiencing a scary market crash that worn out most of its 2025 positive aspects. Primarily based on the Elliott Wave principle, Pepe’s worth motion exhibits it’s coming into Wave 3, which the analyst expects might be a bullish turnaround with a 594% promise.
Pepe Hits Market Backside After Worth Crash
On January 13, a crypto analyst often known as ‘Slick’ introduced that Pepe’s market backside was formally in, signaling a possible turning level from a downtrend. The analyst shared an in depth chart on X (previously Twitter), analyzing Pepe’s worth motion whereas specializing in wave patterns and Exponential Transferring Averages (EMA).
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The chart divides Pepe’s worth motion into three waves: 1, 2, and three. Wave 1 marks an preliminary rise in Pepe’s worth, throughout which two native tops have been achieved. The following section, Wave 2, highlights two native tops and a corrective interval that retraces under the 200-day EMA.
Primarily based on Pepe’s worth actions, Slick expects the meme coin to enter Wave 3 quickly. He anticipates that this wave may set off a big transfer upwards. Furthermore, the analyst pinpoints the 200-day EMA at a crucial help degree, the place every time Pepe’s worth corrects to this help, it’s labeled as a “worry section,” underscoring broader market uncertainty.
The 2 tops pinpointed in Waves 1 and a couple of are peaks that mark interim resistance factors earlier than a worth correction. The High 1 alerts the tip of a short worth rally, whereas the High 2 showcases an increase to a secondary resistance degree.
Curiously, the analyst has acknowledged that his projection of Pepe’s backside comes with a 70% certainty. This forecast additionally aligns with Pepe’s latest large worth crash to new lows. Based on knowledge from CoinMarketCap, Pepe skilled a scary decline that eradicated over 26.45% of its worth over the previous month.
The cryptocurrency remains to be on a considerably bearish pattern, dropping by one other 16.20% within the final seven days. Pepe is at the moment experiencing comparable volatility and bearish circumstances to most meme cash available in the market. High canine like Dogecoin and Shiba Inu have fallen by 12.5% and 11.2%, respectively, this previous week.
Analyst Forecasts 594% Pepe Worth Rally
Whereas commenting on Pepe’s bearish efficiency and potential market backside, Slick additionally introduced a silver lining, predicting {that a} rebound may quickly happen. The analyst has set a worth and market cap goal for Pepe, confidently projecting that the frog-themed meme coin may rise to a 50 billion market capitalization, adopted by a big surge in worth.
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The dotted traces within the worth chart point out the speculative future worth motion resulting in Wave 3. Not like Waves 1 and a couple of, which recorded two tops, Wave 3 has solely skilled one native high, adopted by a decline to the 200-day EMA.
Slick believes that Pepe may expertise comparable worth actions with previous waves, the place it could attain two native tops earlier than a big worth correction. The analyst has projected that the highest 2 in Pepe’s Wave 3 would drive its worth as excessive as 594% to a new bullish goal of $0.000118 from its present market worth of $0.000017.
Featured picture created with Dall.E, chart from Tradingview.com
