PEPE used to be a hot story in crypto once, but nowadays, the conversation feels a lot more cautious when it comes to this meme coin. While some traders are hoping December brings a big turnaround, the chart tells a different story.
Analyst Ali Martinez pointed out one of the most important signals so far: PEPE has now confirmed a head-and-shoulders pattern on the weekly chart. It’s a classic bearish setup, and according to his analysis, it opens the door to a drop toward $0.00000185, a level the market hasn’t seen in months.
What you'll learn 👉
The PEPE Chart Is Flashing a Pattern Traders Can’t Ignore
Ali shared a weekly chart that paints a bearish picture for PEPE, indicating the current dip may only be the beginning. On the chart, PEPE is struggling to stay above the neckline and has already closed multiple weekly candles below it.
Ali illustrates two possible short-term scenarios: either a small relief bounce back into the neckline region or a period of consolidation just under it. Both imply that sellers remain firmly in control.
The real concern appears farther down. Ali maps out a series of Fibonacci extension targets, and his dotted projection shows PEPE potentially sliding toward 0.0000044, then 0.0000030, and eventually even deeper levels around 0.0000021 and 0.0000015. The final extreme target sits near 0.0000011, aligning with the 1.786 fib extension; a level often reached during full-cycle capitulations.
Overall, Ali’s chart frames the current price action not as a correction, but as a confirmed breakdown from a major multi-month structure. Unless the neckline is reclaimed quickly, his analysis indicates that PEPE could be entering its most painful phase yet.
Momentum Still Points Downward
Looking at the weekly candles, it’s hard to argue that bulls are in control. PEPE has been slowly sliding down for weeks, and every bounce has been rejected quickly.
The dotted line on Ali’s chart indicates the PEPE price could still chop sideways for a bit, only to break lower once more selling pressure hits the market.
The biggest problem right now is volume. Breakouts in meme coins only stick when buyers show up in force, and that isn’t happening yet. Without that kind of participation, rallies tend to fade fast, and the chart keeps drifting back toward the downside.
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Can PEPE Price Hit a New All-Time High?
Right now, the PEPE price is sitting at a vulnerable spot in the chart, and the risk of another drop looks higher than the chance of a sudden breakout.
December could still bring volatility, it always does, but unless something changes on the chart, that volatility may lean toward the downside.
At the moment, analysts are watching $0.00000185 far more closely than any new peak. PEPE needs a major shift in momentum before the conversation turns bullish again.
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