A crypto analyst has referred to as the underside for Pepe (PEPE), the third-largest meme coin by market capitalization. According to the analyst, Pepe hit its lowest value level for this cycle after experiencing a scary market crash that worn out most of its 2025 positive factors. Based on the Elliott Wave idea, Pepe’s value motion reveals it’s getting into Wave 3, which the analyst expects shall be a bullish turnaround with a 594% promise.
Pepe Hits Market Bottom After Price Crash
On January 13, a crypto analyst generally known as ‘Slick’ announced 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 Moving Averages (EMA).
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The chart divides Pepe’s value motion into three waves: 1, 2, and 3. Wave 1 marks an preliminary rise in Pepe’s value, throughout which two native tops have been achieved. The subsequent part, Wave 2, highlights two native tops and a corrective period that retraces beneath the 200-day EMA.
Based on Pepe’s price movements, Slick expects the meme coin to enter Wave 3 quickly. He anticipates that this wave might set off a major transfer upwards. Moreover, the analyst pinpoints the 200-day EMA at a vital assist stage, the place every time Pepe’s price corrects to this support, it’s labeled as a “fear phase,” underscoring broader market uncertainty.
The two tops pinpointed in Waves 1 and a pair of are peaks that mark interim resistance factors earlier than a value correction. The Top 1 alerts the tip of a short value rally, whereas the Top 2 showcases an increase to a secondary resistance stage.
Interestingly, the analyst has acknowledged that his projection of Pepe’s backside comes with a 70% certainty. This forecast additionally aligns with Pepe’s current massive price crash to new lows. According to information 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 (*3*), dropping by one other 16.20% within the final seven days. Pepe is at present experiencing related volatility and bearish circumstances to most meme cash available in the market. Top canine like Dogecoin and Shiba Inu have fallen by 12.5% and 11.2%, respectively, this previous week.
Analyst Forecasts 594% Pepe Price Rally
While commenting on Pepe’s bearish performance and potential market backside, Slick additionally offered a silver lining, predicting that a rebound could soon occur. The analyst has set a value and market cap goal for Pepe, confidently projecting that the frog-themed meme coin might rise to a 50 billion market capitalization, adopted by a major 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. Unlike 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 might expertise related value actions with previous waves, the place it might attain two native tops earlier than a major 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 target of $0.000118 from its present market value of $0.000017.
Featured picture created with Dall.E, chart from Tradingview.com
