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The Pepe price plunged 7% in the last 24 hours to trade at $0.000007419 as of 00:42 a.m. EST on trading volume that jumped 29% to $902 million.
Pepe is the top loser among the largest three meme coins by market capitalization, as DOGE and SHIB only slid 1% each. This comes after the meme coin space dropped 2% to a $37 billion market capitalization, according to Coingecko.
According to on-chain data by IntoTheBlock, only 50% of PEPE holders are in the profit at current prices.
Pepe Price Aims For A Breakout
According to GeckoTerminal data, the Pepe price dropped from July 29 to Aug. 5, and fell from the $0.00001216 resistance to the $0.0000060 support.
The bulls then used the support to push the price up but encountered some resistance at the $0.000008622 level. Pepe has been trading below this level, as the asset trades within a consolidation phase and within a sideways pattern, as investors look for a break either below or above the pattern.
The price of Pepe trades below both the 50 and 200 Simple Moving Averages (SMAs) one the 4-hour chart, which supports the current bearish trend.
Moreover, the Relative Strength Index (RSI) trades down towards the oversold level, currently at 35, which indicates that the asset is currently under intense selling pressure.
Based on the Pepe price analysis, Pepe price bulls aim for a breakout above the sideways pattern. The RSI being oversold shows that PEPE is currently undervalued, which may be a buying signal for the bulls.
If investors start buying, the price of Pepe could surge above the pattern, as the bulls target $0.0000101 (200 SMA).
Conversely, if the selling intensifies, the price of Pepe could breach the lower boundary of the sideways pattern to find support around $0.000006912.
Even as the Pepe price bulls search for more buying signals, investors are pivoting to the new meme coin Pepe Unchained (PEPU), which has raised over $8.9 million so far.
Pepe Unchained Raises $8.9 Million – Best PEPE Alternative To Buy Now?
Since its launch in 2023, Pepe has delivered mind-blowing returns to early investors and continues to rule the charts, being one of the top three meme coins by market capitalization.
However, Pepe is not without its shortcomings. The token was initially built on the Ethereum blockchain and has long been confined by its layer-1 technology, which is handicapped by network delays and rising gas fees.
The new player, Pepe Unchained, is based on PEPE devising a plan to break free from his chains and embrace the future with Pepe Unchained. PEPU will run on its own proprietary Ethereum layer-2 blockchain.
Who needs some Brain Powder?
Pepe is gearing up for the official launch of his very own blockchain! 🚀 pic.twitter.com/kZC72UmxFy
— Pepe Unchained (@pepe_unchained) June 20, 2024
To ensure investors easily seize market opportunities, the project plans to tackle the scalability, speed, and efficiency issues that often plague meme coins built on congested layer-1 blockchains like Ethereum.
PEPU holders can also earn passively through the platform’s staking system, which offers a 220% annual percentage yield (APY).
According to an analyst from 99Bitcoins, a prominent crypto channel on YouTube, PEPU could soar 100X after its launch.
You can buy PEPU tokens for $0.0090901 each. With a price hike coming in less than 7 hours, buy soon to lock in the best deal.
Buy PEPU from the official website here using ETH, USDT, or a bank card.
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