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The Pepe price is down 5% on the weekly timeframe following a 3% 24-hour drop to trade at $0.00001098 as of 11:45 p.m. EST as traders dump the meme coin.
During the last trading session, the PEPE price registered a 24-hour high of $0.00001162. It then fell to an intraday low of $0.00001094. Despite recovering slightly, the crypto is still trading closer to its 24-hour low than the peak it recorded.
The Pepe Price Testing A Critical Support Level
4-hour chart for PEPE/USD (Source: GeckoTerminal)
The Pepe price is testing the critical support level at $0.00001093. Should the meme coin fall below this technical safety net, it could be at risk of dropping to the subsequent mark at $0.00000986 in the following 24 hours.
On the other hand, PEPE staying above $0.00001093 for the next 12 hours might invalidate the bearish thesis. Traders could then identify the crypto’s current price as a buy opportunity in this alternative scenario. With the potential bullish volume, the Pepe price might end up attempting to reclaim the $0.00001219 support.
A 4-hour candle close above $0.00001219 in the next 48 hours could give PEPE the foundation needed to continue climbing in the short term. This might lead to the Pepe price rising to as high as $0.00001332.
The Pepe Price Remains At The Mercy Of Sellers
Technical indicators on PEPE’s 4-hour chart warn that the meme coin might continue falling in the upcoming 24 hours. More specifically, the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators are flashing bearish.
Over the past 24 hours, sellers have grown stronger against buyers. This is evident by the declining RSI values throughout the past day of trading. Meanwhile, the MACD line is positioned underneath the MACD SIgnal line to indicate that PEPE is currently in a short-term negative trend.
With the RSI standing at around 33, traders could start entering into long positions for PEPE. Usually, an RSI reading below 50 is considered buy signals, because it suggests a crypto’s upside potential is greater than its downside potential.
However, traders considering going long on the meme coin will want to keep an eye on the MACD indicator on the 4-hour chart. The growing gap between the MACD and MACD Signal lines warns that PEPE’s bearish momentum is picking up steam. A potential early sign of a bullish trend reversal could be if the slope of MACD Histogram starts to level out.
While PEPE stands the risk of shedding more of its value in the coming 24 hours, the 99Bitcoins YouTube channel predicts the new Layer-2 alternative Pepe Unchained (PEPU) might be the next 10x meme coin.
Unlocking PEPE’s Full Potential
Frog-themed PEPE has managed to climb to a market cap of more than $4.6 billion. However, Ethereum’s scalability issues and subsequent high fees combined with slower transaction times have led to PEPE hitting a roadblock in its journey to climb the crypto ranks.
Pepe Unchained (PEPU), with its own layer-2 network, aims to free the popular meme coin from its Ethereum shackles. Through a dedicated sidechain, the project will enable transaction speeds 100 times faster than Ethereum’s current throughput.
With Pepe Unchained’s much higher scalability potential, token holders also get to enjoy significantly lower network fees.
What’s more, Pepe Unchained will still give investors the ability to seamlessly bridge their assets between its layer-2 network and the Ethereum mainnet. This gives the dual benefit of Ethereum’s robust security and Pepe Unchained’s lightning speeds.
High Staking Rewards Pull Investors In
Pepe Unchained is offering presale investors a lucrative staking opportunity with a 290% APY. In addition to the new meme coin’s speculative potential, the high staking rewards could be one of the reasons the project has managed to raise over $6.7 million via its ICO.
Anyone that wants to purchase PEPU during its ongoing presale phase can do so using the simple buy widget embedded on the project’s website.
That feeling when you are in the Pepe Unchained Presale 🐸🙃 pic.twitter.com/2yzu5NnMJd
— Pepe Unchained (@pepe_unchained) July 30, 2024
Selling for $0.0088044, PEPU can be bought using either ETH, USDT, BNB or bank card. Investors should buy soon to secure the best deal because the token’s price is scheduled to increase in less than 20 hours.
Purchase PEPU here before its price increases.
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