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The Pepe price has plummeted 7% in the last 24 hours to trade at $0.000006703 as of 6 p.m. EST on an 86% surge in trading volume to $1.14 billion.
The slump made PEPE the biggest loser among the top 100 cryptos by market capitalization, according to data from Crypto Bubbles.
Dogecoin, Maker and Ethereum were the next biggest losers, with drops of 6.9%, 6.8%, and 6.6%, respectively.
Pepe Price Gears For A Bullish Rally
The PEPE price chart on the daily timeframe 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 zone around $0.00006694, which has been tested multiple times, indicating strong buying interest at this level.
A potential breakout point is visible, with the price approaching the upper boundary of the falling wedge. If the price breaks above this resistance and confirms a breakout, it could target the area around $0.00015, suggesting a significant upward move.
PEPEUSD Analysis Source: Dextools.io
The 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 shows a narrowing gap between the blue line and the orange signal line, indicating weakening bearish momentum. If the MACD line crosses above the signal line, it would confirm a bullish sentiment shift for the Pepe price above the neutral level.
The Relative Strength Index (RSI) on the other hand, is currently at 36.81, indicating that the asset is in the oversold territory. This indicates that the selling pressure might be easing, increasing the likelihood of a bullish reversal towards the 50 midline level. A further breach above the neutral level would confirm a rally toward the 70 overbought region.
Pepe Price Could Break Above The Falling Wedge
PEPE shows a cautiously bullish outlook, with potential for a rally towards $0.00015 if it breaks out of the falling wedge pattern and surpasses the resistance near $0.0000902.
This bullish scenario relies on a confirmed breakout, moving average crossover, and improving momentum indicators like the MACD and RSI.
However, failure to break above resistance and a drop below the support level at $0.00006694 could lead to further downside. Traders should look for a confirmed breakout to validate a bullish trend reversal.
New Layer 2 Meme Coin PEPU Eyes $13 Million
As Pepe traders look forward to a potential bullish rally, a new Layer 2 meme coin called Pepe Unchained (PEPU) has rocketed past $12.2 million in funds raised in its presale.
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
A key reason for bullishness around the token is that whale investors moved on it during the past week, including one purchase of over 6 million PEPU tokens worth $56,735, and another of 2.76 million tokens worth $26,196.65.
These combined investments, worth almost $83,000, contributed to a surge in buying, pushing total funding since Monday to over $500,000.
According to an analyst from 99Bitcoins, a prominent crypto YouTube channel with over 706K subscribers, PEPU could be the next Pepe, and surge 100x after it launches.
PEPU’s Layer 2 blockchain provides low transaction fees, making it accessible to a wider range of users. Its enhanced scalability enables faster trades and supports higher transaction volumes without congestion.
And Pepe Unchained’s unique double-staking mechanism increases rewards for investors by lowering operational costs and enhancing 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 are interested to join the project, buy before a price hike in less than 6 hours to secure the best deal.
Buy PEPU tokens here using ETH, USDT, or a bank card.
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