An analyst on social media platform X has highlighted a crucial support level for PEPE, as the meme coin faces a significant drawdown from its recent highs. Based on historical price trends, the analyst noted that PEPE has consistently experienced an average drawdown of approximately 64% following each local peak. The ongoing correction has placed PEPE around this retracement level, and the meme coin is now in a precarious position where its ability to maintain support could determine whether it stabilizes and resumes an upward trajectory or falls into deeper decline.

PEPE’s Historical Drawdowns And The 64% Correction Pattern

Price data from CoinGecko reveals that PEPE, the popular meme coin, is currently down by approximately 67.3% from its all-time high of $0.00002803, which it reached on December 9, 2024. Notably, the recent downturn intensified with a sharp 25.3% drop in the past 24 hours due to the broader decline across the crypto market.

A crypto analyst on social media platform X highlighted a recurring pattern in PEPE’s price history, noting that the meme coin tends to experience an average drawdown of around 64% following each local peak before stabilizing and rebounding. This trend has repeated multiple times on the weekly candlestick timeframe, reinforcing a consistent cycle of sharp corrections and subsequent recoveries.

The first major retracement occurred between March and April 2024, when the asset declined by 63.75% after reaching an all-time high of $0.000010003. This correction, while severe, eventually led to a strong rebound, allowing PEPE to set new highs. A similar scenario unfolded between May and July 2024, when the meme coin suffered a 66% decline before regaining bullish momentum, ultimately pushing its price to its current all-time high in December.

As noted by the analyst, these periods of declines after reaching a new high have always been propped up by the 50 EMA indicator. At the time of writing, PEPE is now trading around this EMA, and its ability to maintain its position above it is crucial for avoiding a deeper decline. If the price holds at this level, it could mark the beginning of a recovery, whereas a strong breakdown below it might trigger further selling pressure.

What’s Next For Price?

The overall cryptocurrency market cap has declined by approximately 10% in the past 24 hours, contributing to a bearish sentiment surrounding PEPE. This widespread market downturn increases the risk of extending the meme coin’s breakdown below the 50-week exponential moving average (EMA). The latest weekly candlestick has already shown signs of slipping below this critical support level, and the prevailing bearish momentum could further solidify this move if selling pressure persists across the market.

At the time of writing, PEPE is trading at $0.000009279, while the 50-week EMA sits around the $0.000011 mark. This indicates that the meme coin has already fallen approximately 15% below this support level. However, the situation is not entirely bad. Given the heightened volatility over the past 24 hours, a quick market recovery could see the meme coin rebounding alongside broader crypto assets and return to retesting resistance at $0.00001313.

Featured image from Medium, chart from Tradingview.com

Over 51% of traders are currently shorting DOGE as market volatility triggers a major Dogecoin price crash to new lows. Despite experiencing a minor recovery after its decline, Dogecoin continues to struggle, exhibiting bearish momentum.

Traders Short DOGE Amidst Dogecoin Price Crash

The Dogecoin price has crashed again, losing more than 25% of its value in the last 24 hours. This massive price decline has caused panic across the crypto community, with investors exiting the market and selling off their holdings. 

According to X (formerly Twitter) crypto analyst KrissPax, the Dogecoin sell-off has persisted for four consecutive days as investors aim to profit from earlier gains and avoid losses. Each price decline in the popular meme coin has pushed it to lower lows, towards the $0.24 range. 

The analyst also disclosed that the meme coin has failed to hold onto any distinct support level, consistently shedding a percentage of its value daily. Due to this bearish trend, the analyst questions if the meme coin has finally achieved its market bottom and could initiate a potential price reversal upwards. 

Opposing this optimistic projection, Coinglass data reveals that 51.29% of all traders, as of writing, are betting on further declines in the Dogecoin price. This signals a lack of confidence in Dogecoin’s short-term recovery and future price outlook. 

While some traders had hoped for stabilization or even a rebound to new highs, DOGE’s market momentum remains weak. Coinglass has revealed that 48% of traders are still optimistic about Dogecoin’s potential to recover and execute another price rally to new levels. 

Currently, selling pressures in the DOGE price have raised concerns among crypto members. Many advise investors to take the recent price crash as a buying opportunity and HODL for the long term. They warn investors to refrain from selling their tokens to prevent whales from accumulating more.

While the Dogecoin price declines and retail traders sell off their tokens, whales are taking the opposite approach, accumulating more DOGE tokens despite the downturn. These large-scale investors are taking advantage of low prices to increase their holdings, hoping to make significant gains once prices stabilize and recover again. 

Analyst Says DOGE Needs A $0.25 Breakout

While commenting on Dogecoin’s recent market crash and bearish momentum, a crypto analyst identified as ‘AlgoXTrading’ on X has outlined two key levels that could trigger a positive shift in the meme coin’s trajectory. The analyst pointed to the $0.19 support level as a critical area, suggesting that a price reversal could be imminent if the altcoin holds above it. 

Additionally, he predicted a possible breakout to $0.25, emphasizing that surpassing this level is crucial for DOGE to regain its bullish momentum. Expressing confidence in Dogecoin’s future potential, the analyst mentions bullish factors like Elon Musk’s influence catalyzing a possible price rally. He also revealed that historically, the DOGE price has “always rebounded harder than expected.”

Featured image from Adobe Stock, chart from Tradingview.com

Crypto analyst CasiTrades has revealed what could come next for the XRP price following its rebound above the crucial $2.60 level. XRP is one of the top cryptocurrencies that has achieved a major bounce following the pause of tariffs imposed by the US on Mexico and vice versa.

What Next For The XRP Price

In an X post, CasiTrades revealed that the XRP price breakout above $2.67 would invalidate the need for another low and signal that the bottom is in. She had remarked that failure to break through the resistance at $2.67 would have led to another wave down to the .618 retracement level at $1.53.

However, with the XRP breakout above $2.67, the crypto is again in bullish territory and could target new highs. The crypto analyst mentioned that she expects the next move to be “explosive.”

With XRP confirming its low with a breakout above $2.67, CasiTrades predicts that the next move should be far more aggressive to the upside. The crypto analyst remarked that this time around, she doesn’t expect the crypto to stall at previous all-time highs (ATHs) between $3.58 and $3.80.

Instead, she believes that XRP will see a major breakout with much less resistance as it moves into new ATHs. The crypto has already shown strength as it has been one of the major gainers since the US and Mexico agreed to delay tariffs for a month earlier today.

$2.83 Is The Next Level To Reclaim

In an X post, crypto analyst Egrag Crypto suggested that $2.83 is the next level that the XRP price needs to reclaim. This came as he noted that the crypto was currently forming a long-legged candle, which he said is a bullish sign.

The analyst further remarked that closing above the Fib level at 0.702 is definitely bullish. However, he added that XRP needs to break through the Fib 0.786 at $2.83 and ultimately reach $3.30.

A Rally To $18 Is Still In Play

In an X post, crypto analyst Dark Defender hinted that the XRP price rally to $18 is still in play. He noted that XRP had a fourth wave on its intermediate cycle and is aiming for $5.85 with the fifth wave.

On the other hand, the crypto analyst mentioned that the primary cycle wave is still aiming for the $18.22 price target. He suggested that this XRP could indeed hit this level seeing as the crypto has been following this same structure which he drew up when it was still trading at around $0.40 and $0.50.

While it remains to be seen if XRP will indeed reach $18, its recent breakout above $2.60 undoubtedly provides a bullish outlook and has likely invalidated its projected crash to $2.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.