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The Pepe price dropped more than 5% in the past 24 hours to trade at $0.000008183 as of 12:50 a.m. EST.
PEPE plunged along with the rest of the meme coin coin sector, which saw its market cap tumble more than 3%.
The Pepe Price Could Test Support Soon
4-hour chart for PEPE/USDT (Source: TradingView)
The Pepe price has been in a consolidation phase between $0.00000782 and $0.00000917 over the past 48 hours. However, sellers are currently exerting pressure on the crypto, which could see it test the lower boundary of this channel soon.
Should PEPE break below $0.00000782 in the coming 24 hours, it will be exposed to the risk of falling further in the short term. This could result in the Pepe price dropping to as low as $0.00000670.
On the other hand, maintaining a position above $0.00000782 for the next 24 hours could invalidate this bearish thesis. In this alternative scenario, the crypto might enter into a positive move.
Traders could identify a sustained position above $0.00000782 as a long entry, which might push the Pepe price up to $0.00000917. Continued sell pressure should the meme coin reach this technical barrier could then result in it overcoming the threshold and possibly rising to as high as $0.00001086.
Technicals Suggest The Pepe Price Could Keep Dropping
Technical indicators on PEPE’s 4-hour chart suggest the Pepe price is not done dropping yet. More specifically, the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are flagging bearish.
Sellers have the upper hand on PEPE’s 4-hour chart, which is evident by the RSI line’s position below its Simple Moving Average (SMA) line. What’s more, bears seem to be growing stronger as well since the RSI is breaking away below the SMA.
Sellers have capitalized on their new-found advantage to push PEPE deep into a negative trend, which is signaled by the MACD indicator. Currently, the MACD is positioned under the MACD Signal line. Traders usually see this as a sign that a crypto is in a bearish cycle.
Similar to the RSI and SMA, the MACD is also breaking away below the MACD Signal line on the 4-hour chart. This technical occurrence could indicate that PEPE’s bearish momentum shows no signs of slowing down just yet.
Looking at PEPE alone could spark fears that investors are moving on from meme coins. However, new up-and-coming Dogecoin derivative Dogeverse (DOGEVERSE) continues to pull investors in, which might suggest that the recent meme coin slump is temporary.
A Meme Coin With Multi-Chain Utility
Dogeverse is the first meme coin to be deployed on multiple chains, enabling investors to seamlessly transport value across different blockchain networks without having to swap out their DOGEVERSE holdings first.
With the ability to transact on multiple chains, investors can also participate in various DeFi protocols on some of the most liquid and active networks in the Web3 space. These networks include BNB Chain, Solana, Avalanche, Ethereum, Polygon and even the layer 2 Base blockchain.
Why limit to one when you can have it all? $DOGEVERSE begins on the secure #Ethereum network, ensuring robust security and reliability. 🛡️💻
🔥 Bridging gaps between #Cryptocurrency ecosystems, we enhance liquidity, utility, and fun across the entire #Cryptoverse! 🎉#AltSeason pic.twitter.com/zOg8albhry
— DogeVerse (@The_DogeVerse) May 3, 2024
There is also an attractive staking program included in the Dogeverse ecosystem that is offering investors at this early stage up to 75% in annual rewards. As a result, token holders won’t even have to leave the Dogeverse ecosystem to start earning passive on-chain rewards.
Offering Investors One Last Chance To Buy
Dogeverse has managed to raise over $13 million through its presale, and is now offering a final chance to buy before listing.
An analyst from the 99Bitcoins YouTube channel recently said that DOGEVERSE is one of the top meme coins to buy in May.
Anyone looking to acquire the token at this early stage might want to act fast because the presale could close at any time.
Dogeverse can be bought using either ETH, BNB, MATIC, AVAX, BASE, SOL, USDT or a bank card.
Purchase and stake DOGEVERSE for up to 75% in annual rewards here.
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