Has PEPE Reached its Cycle High? | Credit: Hameem Sarwar
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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.
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.
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.
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.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
