Date: Fri, June 06, 2025 | 08:55 AM GMT
The broader cryptocurrency market has faced a sharp pullback as a wave of bearish sentiment rattled major assets. The latest political standoff between Elon Musk and Donald Trump has only intensified the negative mood across social media, contributing to panic selling. Bitcoin (BTC) briefly dipped to $100,430 before recovering to $103,619, while Ethereum (ETH) fell to $2,387 before climbing back to $2,463.
This correction hasn’t spared memecoins either—Pepe (PEPE) included. PEPE registered a 6% intraday decline, which extended its weekly losses to nearly 13%. However, a closer look at the technicals suggests a potential bounce back may be on the horizon.
Bearish Cypher Harmonic Pattern in Play
On the 4-hour chart, PEPE is forming what appears to be a Bearish Cypher harmonic pattern. Despite its name, this pattern often hints at a short-term bullish recovery before a potential reversal at the final leg. The structure began to take shape after PEPE peaked near $0.00001517 (point X), then dropped to around $0.00001097 (point A). It later rebounded to approximately $0.00001295 (point B) before falling again to $0.00001036 (point C).
From that point, PEPE has started to climb again, forming the D-leg of the pattern. If this harmonic pattern plays out fully, the final leg is expected to complete between the $0.00001416 and $0.00001513 range. These levels align with the 78.6% Fibonacci retracement of the XC leg and the 100% extension projection for the final push.
If buying pressure continues to build, PEPE could potentially see a 28% to nearly 38% rally from its current price levels. This would mark a significant short-term recovery for the memecoin after days of downside.
What’s Next for PEPE?
Traders are now watching closely to see whether PEPE can maintain this upward leg and complete the D-point of the harmonic pattern. A successful move toward the $0.00001513 level could boost market confidence and signal the potential for further upside. However, any failure to sustain momentum—especially a breakdown below point C—could invalidate the pattern and lead to further downside.
For now, PEPE remains at a technical crossroads. While bearish pressure lingers in the broader market, this harmonic setup may offer a silver lining for bulls looking for a near-term bounce.
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