- PEPE had a bearish bias on the 3-day chart
- The mid-2024 retracement may not repeat itself since market sentiment seemed much more optimistic.
PEPE bulls managed to defend the $0.0001711 level. The OBV revealed that selling pressure was not overwhelming, despite rapid losses over the past three weeks. In fact, it remained above May’s highs, revealing that a recovery is more likely than further losses.
According to the latest update from Lookonchain on X (formerly Twitter), a whale that sold its holdings during the market decline has again accumulated memecoin. This reflected confidence in the bulls’ ability to recover.
Will PEPE repeat this summer’s retracement?
Source: PEPE/USDT on TradingView
On the 3-day chart, PEPE price action had a bearish tinge. The structure favored sellers due to the trading session closing at $0.00001705 on December 17, below the previous low at $0.00001729 set on November 26.
To the north, the $0.00001974-$0.00002259 area represented a fair value gap that could be filled. Therefore, a bounce between $0.00002 and $0.0000225 can be expected in the coming days.
The PEPE memecoin rally in April saw a retracement to the 78.6% level 3 months after hitting a new high in late May. If it follows a similar course this time, it could fall to the $0.00001067 level in the coming weeks before recovering.
However, it is not necessary for the similarities to manifest themselves exactly. Market conditions are currently completely different. From March to October, Bitcoin (BTC) followed a steady downtrend, consolidating in a descending channel.
Read Pepe (PEPE) Price Prediction 2025-26
Over the past few weeks, it repeatedly tested the $100,000 level, reaching a new high at $108,000, before retracing the stock market during the third week of December. Therefore, the coming weeks will likely be more optimistic for PEPE. We may not see a deeper retracement to the 78.6% level at $0.00001067.
We can expect a move towards $0.0000144 and a few weeks of lower highs and consolidation, before the meme explodes higher, targeting $0.000042 and beyond.
Disclaimer: The information presented does not constitute financial, investment, business or other advice and represents the opinion of the author only.
