Over the past 24 hours, the PEPE price has undergone a substantial 18.29% pullback, contributing to an overall 14.5% decline in the meme coin sector.
Technical indicators suggest that further decreases may be on the horizon.
This only adds to the crushing 36.09% decline PEPE has experienced since last Friday. It appears that meme coin’s recent resilience has come to an end, they are now underperforming major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
Although PEPE has dropped by 46.78% this month, it still boasts an impressive annual return of 405.12%, significantly outpacing other leading cryptocurrencies.
Additionally, PEPE’s trading volume has surged by 37.33% to $ 1.30 billion in the last 24 hours, indicating heightened trading activity and interest in the market.
PEPE Price Retests Long-Term Support – More selling ahead?
A closer look at the PEPE price chart reveals that this increased volume may be indicative of further selling pressure.
Notably, the PEPE price is currently retesting key long-term support at $0.00000764. If the price can decisively bounce off this level, it may indicate resilience against the current negative momentum.
This is plausible given that PEPE sits within oversold territory, with a relative strength index (RSI) (purple) of 30. This could be interpreted as the asset being undervalued, suggesting a correction is due. However, wider trends cast doubt on this prospect.
Most significantly, the 30DMA (yellow) is on a steep decline after crossing below the 200DMA (blue), which has mirrored its downtrend.
The alignment of both short-term and long-term moving averages in a downward direction confirms a strong downtrend. This weakness is not just a short-term phenomenon, it is expected to persist.
Given this overview, this long-term support is likely to be broken. We may see the PEPE price decline to the next significant support level at $0.00000637.
Given that Pepe has no real fundamentals of its own, it follows wider market waves. Most significantly, the market is in turmoil amidst the Bitcoin dumps from Germany, and Mt. Gox.
Traders Are Looking To A New PEPE Coin
Although traders may want to cling to PEPE for further gains, the meme coin landscape has evolved. The best opportunities now leverage real utility alongside a strong community.
As the leading hype-based coins reach multi-billion dollar market caps, their biggest gains are behind them, and traders are hungry for the next meme coin set for explosive growth.
Enter Pepe Unchained ($PEPU), a meme coin that transcends conventional utility. It addresses two of the most significant pain points in the current crypto landscape – transaction speeds and fees.
This liberated evolution of Pepe operates on its own Layer 2 chain, freeing itself from Ethereum’s shackles, offering lower fees and 100x faster transaction speeds.
It’s not just a meme coin, it’s a memechain! Something that may be credited to its instant success, raising almost $2.5 million in its presale so far.
$2M raised in record time!
Pepe's blockchain is on fire. Thank you for the incredible support! Get ready for even more exciting developments
pic.twitter.com/yQcveiQO1X
— Pepe Unchained (@pepe_unchained) July 2, 2024
This confidence can also be attributed to Pepe Unchained’s commitment to transparency. It has undergone two audits and features its own block explorer, allowing users to track all transactions on its unique chain.
At a temporary fixed presale price of $0.0082596, those who act quickly stand to benefit the most. Investors are currently earning an impressive 816% APY. This presents a valuable passive income opportunity, even amidst recent market volatility.
Join the Pepe Unchained community on X and Telegram to stay up to date on the latest announcements.
BUY $PEPU NOW
The post Pepe Price Prediction as PEPE Crashes 20% in 24 Hours – More Selling Ahead? appeared first on Cryptonews.
