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The Pepecoin price has plunged 22% in the past week and 4% in the last 24 hours to trade at 2.11 as of 3:30 a.m. EST on a 38% drop in trading volume to $2.5 million.
This price drop made PEPECOIN the biggest loser among the top 100 cryptocurrencies by market capitalization, according to CoinMarketCap.
PepeCoin Price Rebounds Within The Descending Channel
PEPECOIN/USD pair is currently trading around the $2.1272 level, within a descending channel marked by a bearish trendline, indicating strong bearish sentiment as the price has been consistently moving lower.
The price is approaching a key support zone near $2.10, which has previously attracted buying interest.
PEPECOIN/USD Analysis Source: Dextools.io
The first major resistance level is around the 50 simple moving average (SMA) at $2.2367, followed by the 200 SMA near $2.4848. If the price manages to break above these resistance levels, it could potentially reach the target price (TP) near $2.50.
The 50 SMA is below the 200 SMA, signaling a bearish trend, with both moving averages acting as resistance.
The MACD is showing a slight bullish crossover, with the MACD line crossing above the signal line, suggesting a potential short-term bullish momentum or reversal. for the Pepecoin price. Further, the histogram bars are slowly diminishing indicating that the bulls are beginning to take over the momentum
The RSI is currently at 40.22, indicating bearish territory but not yet oversold; if it falls below 30, this would suggest an oversold condition and a possible price reversal. however, being near the 50 midline level there are indications that the RSI might fly to the overbought zone in the upcoming weeks.
PepeCoin Price Prediction
The trend remains bearish unless key resistance levels are broken. The upcoming price action around the support zone will be crucial in determining PEPECOIN’s short-term direction. Traders should look for potential reversals near support levels and seek confirmation from technical indicators before entering positions.
In a bearish scenario, if the price fails to hold the current support level of $2.1272, it may drop further towards $2.00 or lower, continuing its downtrend within the bearish channel.
Conversely, in a bullish scenario, if the price breaks above the 50 SMA resistance at $2.2367, it could target the 200 SMA at $2.4848, with a potential move towards the reward zone near $2.50. A break above $2.50 would indicate a shift towards a more bullish trend.
Pepe Unchained Presale Rockets Past $12 Million- Next Meme Coin To Explode?
Meanwhile, as PepeCoin dumps, PEPE lovers are piling into a new layer 2 meme coin called Pepe Unchained (PEPU), which has rocketed past $12 million in funds raised, making it one of the most successful presales of the year.
Boom! $12M raised!
Pepe Unchained is crushing milestones and gearing up for the next big leap 🐸💪 pic.twitter.com/Cr2MI0CESp
— Pepe Unchained (@pepe_unchained) September 5, 2024
On Tuesday, several whale investors took advantage by making substantial investments in the Pepe Unchained presale.
Among the notable transactions was a purchase of 24.4 ETH, valued at $56,735 at the time, which secured over 6 million $PEPU tokens.
Just an hour later, another investor acquired approximately 2.76 million $PEPU with 10.8 ETH, worth $26,196.65.
These combined investments, totaling nearly $83,000, led to a swift surge in buying, pushing additional funding since Monday to over $500,000.
According to an analyst from 99Bitcoins, a prominent crypto YouTube channel with over 706K subscribers, PEPU has 100x potential and is one of the best cryptos to buy now.
PEPU features low transaction fees, making it more accessible to a broader audience, along with enhanced scalability that allows for faster trades and a platform that can handle higher transaction volumes without congestion.
Furthermore, Pepe Unchained’s double staking mechanism boosts rewards for PEPU investors by reducing operational costs and increasing efficiency.
Pepe never sleeps..
But when he does, the L2 tech takes over. Big things coming! pic.twitter.com/Kq14BaoVlp
— Pepe Unchained (@pepe_unchained) September 6, 2024
Currently, the project offers rewards of $608.82 per ETH block, with an estimated annual percentage yield (APY) of 167%.
You can buy PEPU tokens currently for $0.0095362. If you are interested, buy before a price hike in less than a day to secure the best deal.
Buy PEPU tokens here using ETH, USDT, or a bank card.
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