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Pepe price fell 7% in the past 24 hours to trade at $0.000006703 as of 6pm EST, on an 86% increase in trading volume to $1.14 billion.
The drop made PEPE the biggest loser among the top 100 cryptocurrencies by market capitalization, according to data from Crypto Bubbles.
Dogecoin, Maker and Ethereum were the next biggest losers, dropping 6.9%, 6.8% and 6.6%, respectively.
Pepe Price prepares for hike
The PEPE price chart on the daily time frame shows a clear formation of a falling wedge pattern, which is generally considered a bullish reversal pattern.
According to data from GeckoTerminal, the price is currently trading near the support area around $0.00006694, which has been tested multiple times, indicating strong buying interest at this level.
A potential breakout point is visible, with price approaching the upper boundary of the descending wedge. If price breaks above this resistance and confirms a breakout, it could target the area around $0.00015, suggesting a significant bullish move.
PEPEUSD Analysis Source: Dextools.io
Simple moving averages show a possible crossover, with the 50-day moving average at $0.00000889 converging towards the 200-day moving average at $0.00000902, which could signal a bullish trend reversal if the crossover occurs.
The Moving Average Convergence Divergence (MACD) indicator is showing a narrowing gap between the blue line and the orange signal line, indicating a weakening of the bearish momentum. If the MACD line crosses the signal line, it would confirm a bullish sentiment shift for Pepe price above the neutral level.
The Relative Strength Index (RSI) is currently at 36.81, indicating that the asset is in oversold territory. This indicates that the selling pressure could be easing, increasing the probability of a bullish reversal towards the mid-50 level. A further break above the neutral level would confirm a rally towards the overbought zone of 70.
Pepe Price could turn the downward wedge
PEPE displays a cautiously bullish outlook, with the potential to rally towards $0.00015 if it breaks out of the falling wedge pattern and above resistance near $0.0000902.
This bullish scenario is based on a confirmed breakout, a crossover of moving averages and an improvement in momentum indicators such as the MACD and the RSI.
However, failure to break above the resistance and a drop below the support level at $0.00006694 could lead to further decline. Traders should look for a confirmed breakout to validate a bullish trend reversal.
New Layer 2 Meme Coin PEPU Aims for $13 Million
As Pepe traders eagerly await a potential bull rally, a new layer 2 meme coin called Pepe Unchained (PEPU) has surpassed $12.2 million in funds raised during its presale.
Boom! $12 million raised!
Pepe Unchained hits milestones and prepares for the next big leap 🐸💪 pic.twitter.com/Cr2MI0CESp
— Pepe Unchained (@pepe_unchained) September 5, 2024
One of the main reasons for the excitement around the token is that whale investors have been buying it over the past week, including a purchase of over 6 million PEPU tokens worth $56,735 and another of 2.76 million tokens worth $26,196.65.
Those combined investments, worth nearly $83,000, contributed to a surge in purchases, pushing total funding since Monday to more than $500,000.
According to an analyst at 99Bitcoins, a major cryptocurrency YouTube channel with over 706,000 subscribers, PEPU could be the next Pepe and rise 100x after its launch.
PEPU’s Layer 2 blockchain offers low transaction fees, making it accessible to a wider range of users. Its improved scalability enables faster exchanges and supports higher transaction volumes without congestion.
And Pepe Unchained’s unique dual-staking mechanism increases rewards for investors by reducing operational costs and improving efficiency.
By staking PEPU tokens, investors have the opportunity to earn passive income with an estimated annual percentage yield (APY) of 166%.
You can buy PEPU tokens currently for $0.0095362. If you want to join the project, buy before a price spike in less than 6 hours to get the best deal.
Buy PEPU tokens here using ETH, USDT or bank card.
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Most Wanted Cryptocurrency Launch – Pepe Unchained
- Level 2 Meme Coin Ecosystem
- Featured in Cointelegraph
- SolidProof and Coinsult audited
- Staking Rewards – pepeunchained.com
- Over $10 Million Raised in ICO – Ending Soon
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