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The Pepe price dropped over 6% in the last 24 hours to trade at $0.00002115 as of 11:20 p.m. EST as investors decrease their exposure to the frog-themed meme coin.
This drop in the PEPE price comes after the crypto set a new all-time high of $0.00002524 recently. Since establishing this new peak a day ago, the meme coin’s price has undergone a 16% correction.
Pepe Price Approaches A Key Support
4-hour chart for PEPE/USD (Source: GeckoTerminal)
The Pepe price is nearing the support level at $0.00001932 after being rejected by the $0.00002409 resistance in the last 24 hours. If the meme coin breaks below this technical safety net in the coming 24 hours, it could stand the risk of falling even more in the short term. Sellers might then continue exerting pressure on PEPE to potentially push it down to $0.00001503.
However, the Pepe price maintaining a position above $0.00001932 for the rest of today’s trading session might invalidate the bearish thesis. In this alternative scenario, the crypto could rebound and attempt another challenge at the $0.00002409 threshold. With enough backing from buyers, PEPE might breach this mark and rise to as high as $0.00002885.
Technical Indicators Warn The Pepe Price Drop May Not Be Over Yet
From a technical standpoint, indicators on PEPE’s 4-hour chart suggest the Pepe price might keep falling in the coming 24 hours. Momentum indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) both show signs of a continuation of the meme coin’s negative trend.
In the last few hours, RSI readings have dropped from the low 80s to their current levels in the low 60s. This indicates a substantial decrease in buyer strength. With the negative slope of the RSI line, it seems this trend of decreasing RSI values is likely to continue in the short term, which could lead to bears gaining an upper hand on PEPE’s 4-hour chart.
Meanwhile, the MACD line is collapsing in on the MACD Signal line. If this gap continues to narrow, a bearish crossover might ensue between the two indicators to signal the Pepe price has entered a negative cycle. This could be followed by a continued drop in the meme coin’s price.
While indicators for PEPE show bearish warning signs, investors are FOMO buying into layer-2 meme coin challenger Pepe Unchained (PEPU) for potential parabolic gains.
PEPE About To Get Its Biggest Upgrade Yet
Pepe Unchained (PEPU) is a new meme coin project that aims to elevate the PEPE brand to new heights in the crypto space. To do this, the project will free the beloved meme from the clunky Ethereum mainnet and migrate it to a dedicated layer-2 network.
Not only will this move unlock a 100-fold increase in transaction speeds for the meme’s loyal supporters, it will also enable them to send and receive crypto at a substantially lower cost than before. This new and improved transactional experience will be accessible through the PEPU token.
In addition to the lightning-quick speeds and layer-2 capabilities, Pepe Unchained also comes with high levels of utility very rarely seen in the meme coin space.
Its native sidechain will play host to the next generation of decentralized applications following the launch of a developer grant program. Solana meme coin generator Pump.fun is also at risk of losing its dominant position in the market, because Pepe Unchained recently unveiled its own token creation platform.
Experts are bullish on Pepe Unchained. An analyst from the 99Bitcoins YouTube channel, which has over 706K subscribers, says that PEPU has the potential to turn $1K into $10K after the project’s launch.
Investors Rush To Buy PEPU After The Team Confirms The Pepe Unchained Launch Date
Investors are rushing to buy PEPU during its ongoing presale stage before its upcoming listings on tier-1 exchanges. A countdown timer on the token’s ICO page shows that there are just 28 days left until the meme coin makes its market debut. This puts the Pepe Unchained launch date at around Dec. 13, 2024.
🐸Welcome to the 30 Million Club!🐸
Pepe is rocking his golden Braindallion for such a momentous occasion. It seems like the $PEPU community is just as excited for the launch as we are! 🐸🔥🧠 pic.twitter.com/W0A78kjZRk
— Pepe Unchained (@pepe_unchained) November 14, 2024
As time runs out, a buying frenzy has erupted around the meme coin, and it recently went into overdrive. Not only are whales positioning themselves ahead of PEPU’s launch, the project’s presale also recently zoomed past the $30 million mark to over $30.5 million.
There’s still time left for investors to purchase PEPU through the easy-to-use widget embedded on the token’s official website. Available payment options include ETH, USDT, BNB and bank card. Once purchased, the tokens can also be staked for an attractive 84% APY.
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