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The Pepe price plunged over 7% in the last 24 hours to trade at $0.00001167 as of 12:00 a.m. EST as investors offload their holdings in the meme coin.
With this latest drop, the PEPE price is down more than 20% over the past week. Its gain over the last month remains intact, with the crypto still up over 36% on the longer timeframe.
The Pepe Price Loses A Critical Support
4-hour chart for PEPE/USD (Source: GeckoTerminal)
The Pepe price lost the $0.00001272 support during the past day of trading and continues to trade below the significant price point. If the meme coin is unable to close a 4-hour candle above this mark within the next 24 hours, it could be at risk of plunging to the subsequent support at $0.00000936 in the following couple of days.
Continued sell pressure should PEPE fall to this price point could then lead to it plummeting to as low as $0.00000722 in the short term. This bearish thesis might, however, be invalidated if the Pepe price is able to regain a position above $0.00001272 in the upcoming 24 hours.
In this alternative scenario, traders could start to enter into long positions for the crypto. This potential buy pressure might then push the Pepe price to the next major technical barrier at $0.00001512. Thereafter, it might have the room needed to climb to as high as $0.00001755 if it is able to overcome the $0.00001512 obstacle.
Technicals Warn The Pepe Price Might Continue To Fall
Technical indicators on PEPE’s 4-hour chart suggest the crypto could continue to fall throughout the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing bearish signs.
A major technical flag is on the verge of being triggered by the MACD, with the MACD line looking to cross below the MACD Signal line. Traders usually see the former crossing below the latter as a sign that a crypto has entered a short-term negative cycle.
Sellers are still overpowering buyers as well, which is evident by the RSI’s value below 50. The current RSI value of 33 could be seen as a buy signal by traders because it suggests that PEPE’s upside potential is greater than its downside potential. However, it is not unusual for the RSI to stay in oversold territory for a sustained period of time when investors are dumping a crypto.
As PEPE tries to overcome overwhelming selling pressure, investors are rushing to buy the new Base meme coin Base Dawgz (DAWGZ).
Looking To Capitalize On The Layer-2 Hype
Base Dawgz is the latest dog-themed crypto to enter the vibrant meme coin ecosystem. Not only is the token looking to take advantage of the investor frenzy surrounding meme coins, it is also aiming to capitalize on the recent hype around altcoins launched on the layer-2 blockchain, Base.
But unlike many other meme coins, DAWGZ does not have a presence on just one chain. So, even though it lives mainly on Base, investors can also interact with the token on popular and active networks such as Ethereum, BNB Chain, Avalanche, and Solana.
Base Dawgz is backed by powerful and secure cross-chain technology as well. This allows token holders to seamlessly transfer value across numerous networks with the peace of mind that their funds are secure.
A Unique Refer To Earn Initiative
DAWGZ is heavily focused on letting its community organically grow the project. To incentivize participation, the project is running a social airdrop campaign. Anyone looking to build eligibility for this token distribution event can do so by creating marketing content for the crypto and posting it online.
All content posted on social platforms will receive points, which can then be redeemed for tokens through the airdrop.
What’s more, there is also a refer to earn program, which allows anyone to create a unique affiliate link. Any purchases that are then made using these links will reward referrers with 10% of the purchase amount in USDT.
The token’s social element and its cross-chain capabilities were enough to attract the attention of crypto YouTuber Jacob Bury. In a recent video, he analyzed whether Base Dawgz could be the next 100x opportunity.
Investors are already betting big on the meme coin, with more than $919k having already been sent to DAWGZ’s ICO. This is after $200k was sent to the presale within just minutes of it going live.
Anyone that wants to purchase the crypto at this early stage can do so through the simple buy widget on the project’s official website using either ETH, BASE, BNB, SOL or AVAX.
Purchase DAWGZ on its official website here.
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