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Pepe Coin (PEPE) price action in the one-day timeframe shows an attempt to recover from a steady downtrend.
Beginning in early July, the price consolidated within a descending parallel channel, delivering PEPE to the depths of $0.00000061.
But after finding support at the aforementioned level, the meme coin has bounced back and 15% gains now appear to be reachable.
Pepe Coin Price Prognosis With 15% Gains In Sight
At the time of writing Pepe price is $0.00000071, recording a drop of 2% in the last 24 hours. However, it remains 15% above the $0.00000061 critical support, last tested on September 22. It also has 15% gains in sight, but overhead pressure seems to be getting the better of it.
The upside potential for Pepe Coin seems capped by the 50-day Exponential Moving Average (EMA) at $0.00000083. A break and close above this level would kickstart a fresh rally north as PEPE holders look to recover lost ground. This roadblock, coupled with the 100-day EMA at $0.00000101 represents the headwinds limiting the upside potential.
Meanwhile, technical indicators support the downside, with the Relative Strength Index (RSI) dropping to show falling momentum. Its position below the 50 level tips the odds further in favour of the bears, enhanced by the Awesome Oscillator (AO) histograms still in the negative territory. With this outlook, Pepe Coin could break below the immediate support at $0.00000070.
In the dire case, the slide could send Pepe Coin price to the support floor at $0.00000061. Such a move would denote a 10% fall below current levels. A break and close below this level could kickstart a fresh downtrend, seeing as it marks the last lower high.
On-chain Metrics: GIOM
Data from the on-chain aggregator IntoTheBlock supports the bearish thesis. Specifically, its Global In/Out of the Money (GIOM) metric shows that there is a strong supply barrier that could prevent the frog-themed meme coin from achieving its upside potential.
As indicated in the chart above, several major areas of interest around the $0.000001 zone abound, where sellers abound. One of them stands out in particular, populated by 26.01K addresses that hold approximately 145.77 trillion PEPE tokens. This means that any effort to push the sensational meme coin’s price above it would be countered by selling pressure from all these addresses as they look to book profits.
PEPE holders looking to diversify their portfolios should consider MK, the token behind the Meme Kombat ecosystem. Analysts have reviewed the token, expressing strong optimism about it.
Pepe Coin Alternative
Meme Kombat is the latest mania in the meme coin ecosystem, presenting as a potential replacement for Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE).
The world of #memecoins can be a rough place, but #MemeKombat is coming in hot 👊 pic.twitter.com/EotbPRQMyh
— Meme Kombat (@Meme_Kombat) October 4, 2023
It is a stake-to-earn project bringing forth an innovative platform where gaming enthusiasts can earn while having fun. Its offerings include staking, betting, and rewards earning. Battle your favourite meme tokens in the first season of Meme Kombat. Epic daily battles!
The project’s presale is doing remarkably well, with more than $320,000 already in the bag. Investors are currently buying one MK token for only $1.667, but you may have to buy it at a higher price if you wait longer. This is because the tokens are selling fast, with the current soft cap set at $1,000,000.
The #MemeKombat #Presale is going rather well, old sport 🚀 pic.twitter.com/PFozEvmYq2
— Meme Kombat (@Meme_Kombat) October 5, 2023
What’s more, there are multiple income-earning opportunities for MK community members, starting with the staking function. This earns you an Annual Percentage Yield (APY) of 112%. Do not wait for battles; begin earning APY on your MK tokens today by buying the presale.
Not really sure how else to put it? #MemeKombat pic.twitter.com/qmUIGRgcWx
— Meme Kombat (@Meme_Kombat) October 3, 2023
Being an MK holder is not just about buying and trading. By staking your MK tokens in Meme Kombat and betting on battles, you stand a chance to win big. This adds to the other regular battles that are at your disposal.
The project has also committed to holding larger battles, which means more hype and therefore bigger prizes for participants.
Visit Meme Kombat here
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