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%
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Author: Scott Matherson
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