A crypto analyst has known as the underside for Pepe (PEPE), the third-largest meme coin by market capitalization. In keeping with the analyst, Pepe hit its lowest worth level for this cycle after experiencing a scary market crash that worn out most of its 2025 good points. Based mostly on the Elliott Wave idea, Pepe’s worth motion exhibits it’s getting into Wave 3, which the analyst expects can be a bullish turnaround with a 594% promise.
Pepe Hits Market Backside After Worth Crash
On January 13, a crypto analyst often called ‘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 had been achieved. The subsequent section, Wave 2, highlights two native tops and a corrective interval that retraces beneath the 200-day EMA.
Based mostly on Pepe’s worth actions, Slick expects the meme coin to enter Wave 3 quickly. He anticipates that this wave may set off a major transfer upwards. Furthermore, the analyst pinpoints the 200-day EMA at a vital help stage, 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 Prime 1 alerts the top of a quick worth rally, whereas the Prime 2 showcases an increase to a secondary resistance stage.
Curiously, the analyst has acknowledged that his projection of Pepe’s backside comes with a 70% certainty. This forecast additionally aligns with Pepe’s current large worth crash to new lows. In keeping with information from CoinMarketCap, Pepe skilled a scary decline that eradicated over 26.45% of its worth over the previous month.
The cryptocurrency continues to be on a considerably bearish development, dropping by one other 16.20% within the final seven days. Pepe is at the moment experiencing comparable volatility and bearish situations to most meme cash available in the market. Prime 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 major 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 will attain two native tops earlier than a major 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