Pepe Coin Price Outlook: Major Drop Looms as Analyst Sees 66% Crash Amid Supercycle Hype
Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
Over the past 24 hours, the PEPE price has seen a notable 4.59% lapse as a frontrunner to an average 2.77% decline among meme coins. Some analysts cite this as the beginning of a wider downtrend, cautioning a potential “major drop.”
Indeed, PEPE appears to be amidst a turnaround as its gains over the past week wane, retaining just a 4.4% rise since last Thursday while other notable meme coins hold strong.
This sentiment is mirrored by a shift in trader behavior, as PEPE’s trading volume slumps 14.95% to $729 million over the past 24 hours—raising the question of whether PEPE is still the play to make.
In an October 8th X post, market analyst Alan Sanatana cautioned the “start of a down-wave” as Pepe’s 55-day uptrend appears to have come to an abrupt end last week.
While this sudden shift could be seen as a correction following PEPE’s recent surge, Santana cited technical patterns as grounds that a “major drop is developing and will show itself on the chart soon.”
While the PEPE price ended September on a high note, Santana noted this as a lower high compared to July.
The analyst cited this as the emergence of lower highs, lower lows pattern, setting the precedent that October may follow suit, potentially setting a lower low compared to the $0.7 trough in August.
Just as everything grew after the August low, everything will move down after the recent high.
He noted that the “bearish move can last anything between 22 and 27 days,” setting the stage for a prolonged downturn. With this pattern, the past support at $0.4 seems a credible target for a
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