PEPE price prediction – Key levels to watch after 70% drop from…

• PEPE has dropped about 70% and wiped out all November gains. 
• But there has been increased whale interest coinciding with the key demand zone. 

Memecoins and the overall altcoin sector have been subdued as Bitcoin’s dominance jumped above 60%.

Over the past three weeks, over $44B has been wiped out from the memecoin segment, and Pepe [PEPE] was among the worst hit.

Source: X

The frog-themed memecoin has dropped nearly 70% from its December highs of $0.000028 to early November 2024 levels. This means it erased all the ‘Trump pump’ gains.

However, the current discount is attracting whales. A big player reportedly scooped 280 billion PEPE tokens, increasing their position to $13.2M. So, should you follow through?

Pepe price prediction: Will November support hold?

Source: PEPE/USDT, TradingView

On the 3-day chart, the retracement is back to the level that triggered the November rally. This price area (cyan) also doubled as the March 2024 peak. Apart from August, this level has relatively held further PEPE dumps.

If it holds steady again, the level (above $0.0000080) could mark PEPE’s bottom. The immediate rebound target would be the 100-day EMA ($0.000012).

The Chaikin Money Flow (CMF)  indicated a likely reversal, showing improved capital inflows but still below average. However, the 3-day chart RSI was headed to an oversold zone, at press time, but had yet to signal a reversal.

Conversely, a break below the November support could drag PEPE lower to the next area below $0.000006 (white).

Source: PEPE/USDT, TradingView

That being said, key on-chain metrics were firmly bearish at press time. Notably, the Social Volume has been on a downtrend since December, suggesting market interest across social media platforms waned significantly. 

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Additionally, the Weighted Sentiment was negative but slightly rebounded towards the neutral level.

A positive sentiment, uptick in Social Volume, and decisive defense of the November support should be cues for a likely reversal on the price charts. 

Source: Santiment