PEPE Coin, once attracting massive volumes even on its worst days, saw its hype quickly dissipate after reaching over $1 billion in volume and being listed on popular exchanges like Binance. The listing marked the peak of its hype, signaling an imminent drop.
Since May 2023, PEPE Coin’s price has fallen below a decreasing resistance trend line, with the Binance listing being its hype zenith. Following this, management disputes and separations added to its woes, but PEPE bulls managed to break through a key level during a general market rally in November.
After peaking on December 9, the price returned to a critical zone, recently rebounding from there. Currently, it trades at $0.00000122, maintaining a nearly flat trajectory for three days.
The RSI is in the neutral zone, and despite losing half of its gains after a rise on January 8, the coin has not yet established a clear direction.
Short-term performance readings on the six-hour chart suggest a potential bottom, supported by Elliot wave counts. The most likely scenario is that PEPE Coin is undergoing a correction after completing a five-wave upward movement. The continuation of this correction depends on whether the rise that started on January 8 persists. A breakout from the decreasing parallel channel could guide investors. A potential upward move could see an approximately 80% increase to $0.0000022, contingent on the spread of ETH ETF excitement and a continued easing of Bitcoin dominance. However, closures below the support trend line could open the door to a $0.0000008 bottom.