The cryptocurrency market experienced a significant downturn recently, affecting even memecoins like Pepe (PEPE). While PEPE dropped by around 11% over the last 48 hours, marking a reduction in its monthly gains to 28%, a key chart pattern suggests that a rebound could be on the horizon. Analysis of PEPE’s four-hour chart reveals a classic broadening wedge setup. This pattern, while often associated with bearish trends, can also precede sharp price increases before potentially breaking down. The latest correction began after PEPE was rejected from the upper trendline around $0.00001632 on May 23. This triggered a steep decline toward the wedge’s lower boundary.