PEPE Price Sheds 30% After All-Time High — Cycle Top Could Be Near

Key Takeaways

• PEPE has fallen since its all-time high on Dec. 9.
• The price risks falling below a key diagonal support.
• Has the PEPE price reached its market cycle high?

PEPE has been one of the leaders of this cycle’s memecoin frenzy, increasing over 6,000% since the cycle low. PEPE reached its all-time high of $0.0000293 on Dec. 9.

However, the price has fallen sharply since, causing concern that the upward movement may be over.

Has PEPE started its long-term correction, or is this just a short-term decline that will lead to new highs? Let’s find out.

PEPE Price Declines

The weekly time frame chart shows that PEPE has increased inside an ascending parallel channel since March 2024.

Throughout this period, the PEPE price has continuously made new all-time highs, the most recent being the current high of $0.0000283 on Dec. 9.

However, the PEPE price failed to break out from the parallel channel (black icon) and is now declining.

PEPE risks falling below the channel’s midline. The previous time this happened, the price fell to the support trend line.

If the same happens, PEPE could decline 50% to $0.0000105.

Technical indicators also show weakness. Since March, the Relative Strength Index (RSI) has generated a bearish divergence (green), and its trend line is still intact.

Also, the Moving Average Convergence/Divergence (MACD) has created a lower momentum bar, which could be the first sign of a long-term decline.

So, the weekly time frame leans bearish, especially if the PEPE price falls below the channel’s midline.

The daily time frame aligns with this bearish reading. It shows that PEPE completed a failed breakout above the $0.0000240 horizontal resistance area when it reached its all-time high (black circle). The ensuing decline confirmed the area as resistance again.

Additionally, the daily RSI generated a bearish divergence.  Therefore, the combination of the weekly and daily time frame readings suggests the PEPE price has started a downward trend.

What Analysts Are Saying

Despite this perceived weakness, technical analysts on X have a mostly bullish view of the future PEPE trend. Scient believes the PEPE price will find support soon and begin an upward movement toward a new all-time high.

CyrilXBT has the same view , noting the importance of the $0.0000200 horizontal support area.

Chandler Bing illustrated that PEPE has had several corrections of over 60% in the past, so the current 30% decline is nothing to worry about. Look at the wave count and see where PEPE will head next.

PEPE Cycle High Reached?

The long-term wave count suggests that PEPE’s upward movement since May 2023 is over. PEPE has completed a five-wave increase, ending with the December 2024 all-time high.

The high was slightly above the 1.61 external Fibonacci retracement of wave four, a likely target for a top.

While wave five may extend to the next target at $0.0000308, the weakness from the weekly and daily time frames suggests the top is in.

According to the short-term count, sub-wave three (black) may have extended, leading to another high.

If this is the case, PEPE is currently in sub-wave four, which will end near the 0.618 Fibonacci retracement support level at $0.0000147.

The fifth and final portion of the increase could then end at the long-term 2.61 Fibonacci extension at $0.0000307.

This is less likely to happen because of the weakness in the price action and indicators.

PEPE’s Rally Ending

After declining 30% from its all-time high, the PEPE price shows weakness in multiple time frames.

The long-term wave count suggests that PEPE may have completed its upward movement and is in the first stages of a lengthy correction.

While the price may create a slightly higher high, the upward movement is nearing its end.