Meme-Meister Pepe Coin Had A Strong Saturday. What's Next?

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Pepe Coin (PEPE) had a strong Saturday, rising 10% despite the waning bullish influence of Ripple (XRP)‘s landmark partial victory in the securities laws violation case against the US SEC on Thursday. So what’s next?

Evidence of the Ripple ruling’s waning impact is seen in the price slumps indicated by BTC, SOL, ADA, and MATIC. Bitcoin has retracted to the $30,200 range, while Solana, Polygon, and Cardano are trading in the red. Meanwhile, PEPE is down about 4% at 12:30 EST with an almost 100% drop in 24-hour trading volume.

Source: CoinMarketCap

Pepe Coin Price Forecast As PEPE Tests The 50-day SMA

Pepe Coin (PEPE) remains bullish indicated by the Parabolic Stop and Reverse (SAR) indicator. The asset is bullish whenever this direction-tracking indicator tracks the asset’s price from below. However, this status is under threat after a rejection from the $0.00000185 supplier congestion zone. The PEPE/USDT trading pair tests the 50-day Simple Moving Average (SMA) at $0.00000159.

A look at the 12-hour chart for the PEPE/USDT daily chart indicates that today will not be as good a day for Pepe Coin as Saturday was. For starters, the Relative Strength Indicator (RSI) is heading down, suggesting falling momentum. This means bulls are losing strength as bears come into full play.

Pepe Coin is auctioning at $0.00000162 at 12:30 EST, representing a daily drop of about 4%. This is accompanied by decreasing trading volume, which points to increasing volatility for the meme-meister.

The 50-day SMA acts as a last line of defense before Pepe Coin retests the June 28 lows around $0.00000139. A decisive 12-hour candlestick close below this level frees the clog, clearing the path for PEPE’s downtrend.

The Awesome Oscillators (AO), also a momentum indicator, shows bears are gaining ground. This is indicated by the last histogram in the 12-hour chart below, turning red and growing in volume.

Pepe price — TradingView: PEPE/USDT 12-hour chart

Based on the Parabolic SAR indicator, if the ongoing price slump continues, PEPE would soon present a buying opportunity for willing investors at around the $0.00000139 mark. The ensuing buying pressure could see Pepe Coin price rise, potentially sustaining a flight to reclaim the Friday highs around $0.00000185. Such a move would denote a 15% upswing from the current level.

This is plausible, considering both momentum indicators were well positioned. The RSI at 53 and the AO above the midline indicate a strong price strength.

Pepe Coin’s Trading Volume Drop

One possible reason PEPE bulls are hesitant today is Fear Uncertainty, and Doubt (FUD), and for the right reasons. Based on a recent cautionary post from Pepe Coin’s official Twitter account, there is an ongoing scam involving non-fungible tokens.

‼️‼️It has come to our attention that there is a free $PEPE coin claim nft trending on the front page of @opensea. This is a SCAM, and interacting with the nft will likely drain your wallet. Do not buy, sell, approve, or do anything with this. ‼️‼️
Reminder, there are no… pic.twitter.com/YwzxrXdNgv
— Pepe (@pepecoineth) July 15, 2023

Based on the post, there is a fraudulent advertisement on the popular NFT platform OpenSea, involving a PEPE Coin claim NFT. Accordingly, the project has warned investors against interacting with the post while articulating that there are no airdrops, staking, giveaways, NFTs, or anything from the team.

“These are all scams,” Pepe said on Twitter. “The responses below all of our tweets are typically filled with scam accounts as well. Always double-check usernames, links, and be extremely cautious and intentional when connecting and signing in your wallet.”

Further, the Pepe Coin team has urged OpenSea to bring down the advert from the marketplace’s website to prevent unsuspecting community members from falling for it.

@opensea we urge you to remove this from your website, let alone trending on the front page, ASAP before more people fall victim to the scam.
— Pepe (@pepecoineth) July 15, 2023

Another reason behind the declining trading volume for Pepe Coin is the simple fact that it is a weekend. Normally, weekends are characterized by reduced trading volume. For this reason, even giants like BTC often record big price changes and reduced volume.

This comes as whales take over the market on weekends, hence the likelihood of big individual orders. Prices tend to record significant shifts as whales amass or offload huge chunks to cash in the weekend price swings.

Promising Alternatives to PEPE

While Pepe Coin’s downtrend today leaves investors nostalgic about Saturday’s gusto, investors have plenty of alternative options. WSM is one of them.

WSM is the ticker for the Wall Street Memes ecosystem, “the ultimate expression of the internet’s triumph over rampant capitalism,” taking a quote from the website. The project sets the foundation to empower community members. To do this, it tokenizes the retail movement against Wall Street’s orchestrated monopoly of financial markets.

The Wall Street Memes ecosystem is underway with the WSM presale, which has collected upwards of $15.002 million out of the $15.441 million set aside for the current stage. In less than two days, the price to buy WSM will increase from $0.0316 to $0.0319. Do not miss out on the 0.095% margin.

Visit Wall Street Memes here