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A crypto analyst has known as the underside for Pepe (PEPE), the third-largest meme coin by market capitalization. In accordance with the analyst, Pepe hit its lowest value level for this cycle after experiencing a scary market crash that worn out most of its 2025 features. Based mostly on the Elliott Wave idea, Pepe’s value motion exhibits it’s getting into Wave 3, which the analyst expects shall 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 value motion whereas specializing in wave patterns and Exponential Transferring Averages (EMA).
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The chart divides Pepe’s value motion into three waves: 1, 2, and three. Wave 1 marks an preliminary rise in Pepe’s value, throughout which two native tops had been achieved. The following section, Wave 2, highlights two native tops and a corrective interval that retraces beneath the 200-day EMA.
Based mostly on Pepe’s value 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 essential assist degree, the place every time Pepe’s value corrects to this assist, it’s labeled as a “concern section,” underscoring broader market uncertainty.
The 2 tops pinpointed in Waves 1 and a pair of are peaks that mark interim resistance factors earlier than a value correction. The High 1 alerts the top of a quick value 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 value crash to new lows. In accordance 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 present experiencing comparable volatility and bearish situations 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 offered a silver lining, predicting {that a} rebound may quickly happen. The analyst has set a value 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 value chart point out the speculative future value motion resulting in Wave 3. In contrast to Waves 1 and a pair 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 value actions with previous waves, the place it might attain two native tops earlier than a big value correction. The analyst has projected that the highest 2 in Pepe’s Wave 3 would drive its value as excessive as 594% to a new bullish goal of $0.000118 from its present market value of $0.000017.
Featured picture created with Dall.E, chart from Tradingview.com
