PEPE Bulls Aim for Elliott Wave Recovery Following Significant Decline – Important Levels to Monitor

$PEPE is experiencing a significant decline, dropping another 3% today as negative charts suggest further difficulties ahead. The once $11 billion memecoin has lost over 60% of its value in the past six months, leaving bullish investors in a state of uncertainty.

Previously regarded as a leading hype asset, the frog-themed token’s trading volume has plummeted by 24% in the last 24 hours, with analysts cautioning that the worst may still be forthcoming.

Source: CoinMarketCap

Memecoin Market Decline: $PEPE Falls While Whales Adjust Holdings

Nonetheless, it is not just $PEPE that is facing challenges. The entire memecoin sector seems to be in a downward spiral.

From Dogecoin ($DOGE) and Shiba Inu ($SHIB) to $TRUMP, $FARTCOIN, $BONK, $FLOKI, and $WIF, nearly all prominent memecoins are showing losses on both daily and weekly charts.

Source: CoinMarketCap

The memecoin market, which recently reached a total market capitalization exceeding $60 billion, has now decreased to approximately $53 billion.

Among these, the market structure of $PEPE is particularly concerning for some investors, as it has struggled to gain traction even during the broader crypto rally in May.

A crypto analyst recently described the $PEPE chart as “frightening,” cautioning of a possible decline towards the long-standing support zone that has remained intact throughout 2024.

Compounding the anxiety, on-chain data revealed a newly created wallet withdrawing 500.6 billion $PEPE (valued at $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

— Onchain Lens (@OnchainLens) June 16, 2025

The same whale reportedly withdrew 695.19 billion $PEPE, valued at $5.77 million, and transferred 100 billion tokens to another related wallet.

Whether this activity indicates dip-buying or preparation for a significant sell-off remains uncertain.

Trader Suggests $PEPE May Drop 15% Before Surging 150%—Here’s the Rationale

However, not all market participants are pessimistic. One $PEPE supporter has been taking advantage of the downtrend through short positions and has provided an Elliott Wave analysis, indicating that $PEPE is currently in wave (2) and could decline to $0.00008087, representing an approximate 15% drop from current levels.

$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

— Pepe Onlyfrens (@Pepeonlyfrens) June 17, 2025

Nonetheless, the trader mentioned that if the weekly Stochastic RSI resets in the upcoming weeks, a robust rally could ensue within 3–4 months.

CoinGlass data corroborates this perspective. The data indicates that $PEPE’s open interest increased by 7.6% in the last 24 hours, even as overall derivatives volume fell by 8%, suggesting heightened speculative activity.

Another analyst, Trench Trader, shared an optimistic outlook, forecasting a rebound from $0.00009885 before advancing to $0.00001362 and subsequently $0.00001733, potentially revisiting $PEPE’s December 2024 peaks.

$PEPE pic.twitter.com/5WMAtELpwA

— TheTrench (@TheTrenchByCbg) June 17, 2025

$PEPE Maintains $0.00001000—Can the Frog Jump 150% from This Point?

The 1-hour $PEPE/$USDT chart indicates a consolidation phase just above the previous week’s high of $0.000012953.

Following a strong rally, the price has retraced and is currently testing support around $0.00001000.

It has entered a Fair Value Gap (FVG) zone, which coincides with minor support and the origin of the last bullish movement, indicating a possible bounce area.

If this zone holds, $PEPE could regain momentum, reclaiming the weekly high and moving towards $0.00001350 or higher.

Conversely, a breakdown below this FVG would jeopardize the bullish setup and could push the price towards the previous weekly low near $0.00001035.

On the daily timeframe, the outlook remains more favorable. $PEPE has established a bullish structure following a breakout above a significant daily resistance, which has now transformed into firm support in the $0.00001000–$0.00001100 range.

An ascending trendline connecting recent higher lows reflects increasing bullish momentum, reinforced by a clear break from the prior downtrend.

If this structure persists, $PEPE could aim for a move towards $0.00001593, with an upside potential exceeding 150% from current levels. Intermediate resistance is situated near $0.00001686.

The post $PEPE Bulls Plot Elliott Wave Rebound After Brutal Drop – Key Levels to Watch appeared first on Cryptonews.