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The Pepe price pumped over 6% in the last 24 hours to trade at $0.00001313 as of 7:05 a.m. EST as investors go long on the meme coin.
With the latest uptick, the PEPE price is now up more than 60% over the past week. It still, however, has some work to do in order to reach the all-time high of $0.00001718 it recorded toward the end of May.
Pepe Price Trying To Flip $0.00001351 Into Support
4-hour chart for PEPE/USD (Source: GeckoTerminal)
The Pepe price is attempting to flip the resistance level at $0.00001351 into support. Overcoming this technical obstacle could give the crypto the foundation needed to keep climbing in the following 24 hours. Traders might subsequently push the meme coin’s price to as high as $0.00001541.
However, the Pepe price failing to clear the $0.00001351 barrier in the next 12 hours could invalidate the bullish thesis. In this alternative case, the frog-themed meme coin might stand the risk of correcting to the closest support at $0.00001171.
Continued selling pressure should PEPE plunge to this price point could then lead to it falling to the next safety net at $0.00001009.
Technicals Warn The Pepe Price Might Undergo A Correction
From a technical standpoint, indicators on the meme coin’s 4-hour chart are starting to show warning signs of a potential correction through the course of the next 24 hours. Indicators that traders will want to keep an eye on are the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI).
RSI readings have started to drop in the last few hours. Although the current high RSI readings suggest bullish strength, they could also be seen as an indication that PEPE is overbought. Traders might therefore interpret PEPE’s high RSI readings on the 4-hour chart as a sell signal because they warn the crypto’s downside potential is greater than its upside potential.
Meanwhile, the MACD line has started to collapse towards the MACD Signal line. The current orientation suggests that the Pepe price is in a positive trend. However, the narrowing gap between the two technical indicators could be an early sign of an upcoming reversal of PEPE’s bullish trend.
If these bearish technical signs influence traders’ decision making in the coming 24 hours, the Pepe price will likely test the aforementioned $0.00001171 support.
As traders wait to see how the market will react to the bearish flags that have emerged on PEPE’s 4-hour chart, investors are still FOMO buying into the layer 2 meme coin rival Pepe Unchained (PEPU).
Making PEPE More Than Just An Internet Meme
The popular frog-themed PEPE has climbed the crypto ranks to become the third largest meme coin by market cap. However, the meme coin’s future performance is limited due to the token’s sole reliance on community hype.
Pepe Unchained (PEPU) aims to elevate the PEPE brand to the next level by introducing unprecedented levels of utility. It will achieve this through its native layer 2 blockchain, which will unlock transaction speeds that are 100 times faster than that of any other crypto in the market.
Investors will also be able to transact with the project’s PEPU token at ultra low fees.
Pepe Unchained’s sidechain will play host to the next generation of decentralized applications (dApps) as well following the team’s launch of its developer grant program.
Approved developers will receive the necessary financial support to create the next big thing in the crypto space on the Pepe Unchained network. The project also announced the launch of its meme coin launchpad, which it will use to compete directly with the Solana meme coin generator Pump.fun.
Experts and analysts are bullish on PEPU, given the project’s meme coin appeal, layer 2 capabilities, token launchpad and all of the upcoming dApps that will make their way to the meme coin’s ecosystem.
An analyst from the 99Bitcoins YouTube channel, which boasts over 706K subscribers, said that PEPU has the potential to soar 100X after its launch.
An Investor Frenzy Erupts Around PEPU’s Presale
Investors are rushing to buy PEPU during its ongoing ICO, with more than $27.3 million already raised at this early stage. Investments have not only come from small retail buyers, as multiple crypto whales have also identified the meme coin as a gem during its presale.
Wow 27M!!!!!
The PEPU community support is incredible! Pepe has entered a complete zen state because of all the love. PEPU #1!! 🐸🐸💚💚 pic.twitter.com/G4A3yy1XxX
— Pepe Unchained (@pepe_unchained) November 11, 2024
There’s still time left for investors to position themselves ahead of PEPU’s upcoming launch. Selling for $0.01259, PEPU can be purchased with either ETH, USDT, BNB or bank card.
Once bought, investors can maximize their potential returns by locking up their PEPU tokens through the staking page for 89% in annual rewards.
A price hike is due in a little more than one day, so buy before then for the best deal.
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