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The Pepe price plunged 7% in the last 24 hours to trade at $0.000007114 as of 00:31 a.m. EST on trading volume that plummeted 19% to $739 million.
This comes as the meme coin space fell 4% to a $38 billion market capitalization, with DOGE and SHIB following suit with a 4% decrease each.
Pepe Price Bearish — Can Pepe Recover From Its Recent Decline?
Pepe price has been on a downward trend, with bears taking control around the $0.000007704 resistance zone, leading to the formation of a rounding top, according to data from GeckoTerminal.
Additionally, a double-top pattern has emerged, further reinforcing the bearish momentum.
Currently, Pepe is trading below both the 50-day and 200-day Simple Moving Averages (SMAs), confirming the continuation of this bearish trend.
The Relative Strength Index (RSI) has dropped to 36.04, well below the 50-midline, signaling increased selling pressure.
Although the Moving Average Convergence Divergence (MACD) indicator shows a move towards the neutral zone, hinting at possible positive momentum, the MACD line crossing below the signal line has resulted in a bearish crossover, suggesting that downward pressure may persist.
If the bears prevail, the price of Pepe might continue with its downward trajectory, with $0.000007034 acting as the immediate support level.
Conversely, if the bulls take control of the price at this level, the price of Pepe might rebound to reach the $0.00001000 target.
Meanwhile, other meme coin lovers are rapidly shifting their money to a new upgraded PEPE alternative called Pepe Unchained (PEPU).
According to 99Bitcoins, a popular crypto YouTube channel with over 706k subscribers, PEPU could be the next 10x meme coin.
Pepe Unchained Raises Over $230K in 24 Hours – Best Meme Coin to Buy Now
After raising over $234K in just 24 hours, Pepe Unchained has now surpassed $11.8 million in its presale.
Positioned as a superior alternative to $PEPE, Pepe Unchained aims to break PEPE free from its limitations, offering lower transaction costs and faster speeds for Pepe ownership.
Its new proprietary blockchain will also act as a launchpad for future meme coins and other tokens, benefiting from the same cost-efficient transactions as $PEPU.
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
Token holders can also earn passively through the platform’s staking system, which offers an annual percentage yield (APY) of 171%.
You can buy $PEPU tokens for $0.0094982 each. With a price hike coming in about 35 hours, buy soon to lock in the best deal.
To join the presale, buy $PEPU from the official website here using ETH, USDT, or a bank card.
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