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The Pepe price has plunged 10% in the last 24 hours to trade at $0.000007725 as of 2:30 a.m. EST on a 92% surge in trading volume to $1.5 billion.
Pepe Price Technical Analysis: Potential For Bullish Reversal Within Falling Wedge Pattern
The PEPE/USD trading pair on the daily time frame shows a continuation of the Falling Wedge pattern, which is typically considered a bullish reversal signal.
The price is currently consolidating near the lower trendline of this pattern, suggesting that it may be preparing for a potential upward breakout.
The key support zone around the $0.0000007710 level has held firm, indicating buying interest at this level and preventing further decline.
PEPEUSD Analysis Source: Dextools.io
PEPE is trading below the 50-day Simple Moving Average (SMA) at $0.0000009522 and the 200-day SMA at $0.0000008725. The 50-day SMA acts as a resistance level, and the 200-day SMA suggests that the longer-term trend remains somewhat bearish.
The Relative Strength Index (RSI) is at 42.56, below the neutral 50 mark but not yet in oversold territory, indicating room for further downside or a potential reversal.
Meanwhile, the MACD (Moving Average Convergence Divergence) shows that the MACD average line is still below the signal line, which is a bearish sign. However, the shrinking histogram bars suggest that the bearish momentum might weaken.
Pepe Price Prediction: Can The Bulls Regain Momentum?
While the chart suggests a cautiously optimistic outlook, a confirmed breakout above the wedge pattern and Moving Averages, accompanied by bullish signals from the MACD and RSI, is necessary for a confirmation.
If the price remains above the support zone at $0.0000007710 and shows signs of strengthening, there is potential for a breakout above the Falling Wedge pattern.
A move above the 50-day SMA at $0.0000009522 could trigger further bullish momentum toward the target price of around $0.0000015031, representing a significant upward move.
However, if the price fails to hold this support it could lead to further declines, potentially retesting lower levels.
Olympic-Inspired Meme Coin Presale Rockets Past $400K – The Next Big Crypto To Explode?
Meanwhile, Olympic lovers are adding funds to the new meme coin The Meme Games (MGMES), which has raised over $400K in early presale funding.
This momentum has excited crypto analysts. YouTuber Jacob Bury says MGMES has the potential to surge 10X after its launch.
MGMES is positioning itself as a significant contender in the crypto market, promising the potential for substantial returns.
The innovative meme coin project introduces its unique play-to-earn (P2E) ecosystem by blending the excitement of meme coin speculation with the competitive spirit of the 2024 Olympics.
Investors who purchase MGMES now can choose their favorite meme coin competitor avatar inspired by five of the industry’s leading projects.
During The Meme Games presale, participants can select from avatars representing Dogecoin, Pepe, DogWifHat, Brett, and Turbo, and watch them compete for a 25% bonus on their initial investment.
Stake MGMES Tokens For A Highly Competitive APY
The project merges the competitive excitement of the Olympics with the dynamic world of meme coins, creating an electrifying experience.
Investors can back their favorite meme character who competes in a blockchain-based Olympic event. Successful characters reward their supporters with a 25% bonus.
69 people have won a 25% bonus by picking $PEPE at the #MemeGames!
Coincidence or destiny? 🏆
Choose from 5 meme icons and you could score a 25% bonus on your $MGMES purchase if they win the race! 🔥
Join now! 👉 https://t.co/lbYNWg8iXr#Paris2024 #Presale #Crypto #Alts pic.twitter.com/q4Tdbzkpo5
— The Meme Games (@MemeGames2024) August 2, 2024
Additionally, token holders can passively earn through staking MGMES to gain access to an impressive annual percentage yield (APY) of 481%.
Currently, MGMES tokens are priced at $0.00935. With a price increase expected in three days, now is the perfect time to secure the token at the best rate.
Purchase MGMES from the official website here using ETH, BNB, USDT, or a bank card.
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