Join Our Telegram channel to stay up to date on breaking news coverage
The Pepe price plunged more than 11% over the past 24 hours to trade at $0.00001055 as of 12:00 a.m. EST as investors dump their holdings in the meme coin.
The PEPE price is down over 9% on the weekly timeframe, but remains in the green over a month with a 4% gain.
The Pepe Price Approaching Crucial Support
4-hour chart for PEPE/USD (Source: GeckoTerminal)
The Pepe price is approaching the key support at $0.00000941. Should it break below this technical crutch in the next 24 hours, it could be exposed to the risk of dropping further in the short term. In this scenario, PEPE might drop to as low as $0.00000738.
On the other hand, this bearish thesis could be invalidated if the meme coin is able to maintain a position above the $0.00000941 support for the next 24 hours. Traders might also look to enter into a long position for PEPE if the crypto does not breach this support.
The potential buy volume could then push the Pepe price to the next major resistance level at $0.00001282 in the following couple of days. In an extremely bullish scenario, PEPE might soar to the $0.00001497 threshold.
The Pepe Price Might Continue To Fall As Technicals Flash Bearish
Technical indicators on PEPE’s 4-hour chart suggest the meme coin’s price might drop in the next 24 hours. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are showing bearish signs.
Over the past 24 hours, the RSI fell below 50. This suggests that sellers have gained the upper hand against buyers, and the prior might look to pull the Pepe price down in the short term as a result. What’s more, the RSI is negatively sloped, which could be a sign of bears growing stronger.
Meanwhile, the MACD line also crossed below the MACD Signal line. Traders usually see this as an indication that a crypto has entered into a negative cycle. With the growing gap between the two lines, it seems that the bearish momentum is growing stronger as well.
Should these technical flags be validated, the Pepe price might lose the $0.00000941 support and potentially fall to the subsequent mark at $0.00000738.
With PEPE at risk of potentially dropping even more in the next 24 hours, investors might seek shelter from market turbulence in presale meme coins that are not yet tradable on the open market.
PlayDoge (PLAY), a Play-To-Earn Dogecoin derivative, could stand to benefit given its already-successful presale and its clever combination of the growing meme coin and gaming sectors.
A Modern Version Of A 90s Gaming Classic
PlayDoge is a modern remake of the viral Tamagotchi game. Through blockchain and crypto technology, the project aims to reignite the popularity around these digital pets that saw millions of units sold worldwide in the 90s.
Unlike the initial version of the game, PlayDoge comes with a tokenized rewards element that enables more interesting gameplay and incentivizes players to interact with their digital animals.
By taking care of their pets and making sure they get enough attention, food and sleep, players are rewarded with PLAY tokens. The game is also mobile-friendly, so players can interact with their virtual pets on the go to potentially earn more rewards.
PlayDoge’s combination of the rapidly-growing blockchain gaming space and the already-flourishing meme coin sector attracted the attention of renowned crypto YouTuber Jacob Bury.
He concluded that the meme coin has the potential to return 10x gains after launch.
Investors Bet Big On PLAY
Investors have flocked to PLAY’s ICO, which has raised over $4.6 million so far.
Beyond its speculative potential and players’ ability to earn rewards, the investor frenzy could have something to do with the lucrative staking program available to buyers at this early stage.
Anyone who purchases PLAY during its ICO phase can lock up their tokens for up to 161% in annual rewards.
The PLAY token is selling for $0.00509 and can be bought using either ETH, USDT, BNB or bank card. Investors will want to hurry because a price hike is coming in about four hours.
Purchase and stake PLAY here for up to 161% in annual rewards before its price increases.
Related Articles:
PlayDoge (PLAY) – Newest Launch On BNB Chain
- 2D Virtual Doge Pet
- Play To Earn Meme Coin Fusion
- Staking & In-Game Token Rewards
- SolidProof Audited – playdoge.io
Join Our Telegram channel to stay up to date on breaking news coverage
Credit: Source link
