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The leading frog-themed token, PEPE, is facing significant pressure as its price falters and loses its hold above a critical support level. With technical analysis pointing toward further declines, a new competitor is moving in to capitalize on the opportunity.
This article analyzes PEPE’s current price action and evaluates whether a viral new rival offers a more promising investment opportunity at this juncture.
With new information coming to my eyes, I’m changing my opinion. $PEPE looks like shit.
– Lost key S/R
– Lost D100 MA
– Chart looks lackluster as fuck.Send it back down to $0.0065. https://t.co/B4q7GKRnEY pic.twitter.com/BigspvkM5e
— VikingXBT (@VikingXBT) July 12, 2024
With prominent traders on Crypto X (formerly Twitter) expressing bearish sentiment regarding the PEPE chart, it appears likely that this downward trend will continue to weigh on holders.
PEPE Price Analysis: Is the Top Frog Heading for Zero?
As PEPE battles a downward trajectory, the coin is currently trading at a market price of $0.00000885, representing a 24-hour change of -0.45%.
This follows a tumble from its accumulation zone and an attempt at consolidation above $0.00009, a calamitous drop that has destroyed any remaining bullish chart structure for the top frog.
Critically, losing the support of the 20-day moving average (20DMA) has left the price especially vulnerable to further free-fall. The last time this occurred on July 2, PEPE dropped 33% before fighting back above the key moving average.
Meanwhile, the Relative Strength Index (RSI) indicator has shifted to show strong bullish divergence amid the downtrend, suggesting huge upside capacity. However, it is worth noting that this indicator can often remain decisive longer than traders can remain liquid, so reliance on this signal should be cautious.
To the downside, the price might now be on course to drop to lower support at $0.00000575, representing a potential decline of 35%.
To the upside, PEPE could mount a move back above the 20DMA to $0.0000095, a potential increase of 7.34%.
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This leaves PEPE with a risk-to-reward ratio of 0.21, indicating a poor entry point for the weekend.
Despite the downside pressure on the top frog, retail investor interest and buy volumes show no signs of slowing in the PEPU presale.
Why Are Retail Investors Flocking to Pepe Unchained (PEPU)?
It is no secret that presales have faced criticism in the 2024 market; developers across the Solana space have made significant profits in recent months by enticing investors to participate in meme coin presales, only to rug the projects.
This is a scourge that must be banished from the crypto space. At its core, it is an issue driven primarily by coins lacking the utility needed to sustain strong buy pressure.
This utility aspect explains why a jaw-dropping $3.31 million has already been raised for PEPU.
The best way to think of Pepe Unchained is as “Pepe 2.0,” a highly scalable layer-2 solution that enables ultra-cheap deployment.
Sound familiar? That is because the second-biggest meme coin, Shiba Inu, has already done something similar with the deployment of Shibarium last year, achieving great success.
Do not miss this chance to get in early on the next major play in the Pepe community.
Buy PEPU Here
The post Pepe Plummets as $3.2 Million Competitor Emerged appeared first on Cryptonews.
