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The Pepe price pumped more than 268% in the past week and 12% in the past 24 hours to trade at $0.000007641 as of 2:15 a.m. EST as the meme coin star continues to soar.
The Pepe Price Drops Below A Positive Trend Line
4-hour chart for PEPE/USDT (Source: TradingView)
The Pepe price managed to break out above the consolidation channel between $0.00000395 and $0.00000515 over the past 24 hours. It then printed a series of higher highs and higher lows on its 4-hour chart, which led to the formation of a short-term positive trend line. Recently, however, the crypto dropped below this trend line.
Should bears manage to keep the Pepe price below this level, it may enter into a brief sideways channel. If history repeats, the meme coin could then enter into another leg up similar to what it did with the aforementioned consolidation channel between $0.00000395 and $0.00000515.
A sudden wave of profit-taking by traders could lead to a brief pullback in the Pepe price. In this more bearish scenario, the crypto may drop to the $0.00000515 support level. Continued sell pressure could then lead to the altcoin falling below $0.00000395 and potentially retesting the subsequent support level at $0.00000271.
This bearish thesis may be invalidated if the Pepe price is able to close a 4-hour candle above the positive trend line in the coming 12 hours. The meme coin could then continue climbing to new heights in the following 48 hours.
Technicals Hint At A Potential Pullback For The Pepe Price
Technical indicators on PEPE’s 4-hour chart suggest the Pepe price may undergo a correction in the short term. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) show the meme coin’s bullish momentum has stalled.
The MACD line is still positioned bullishly above the MACD Signal line. However, the gradient of the MACD histogram has leveled off. This may be an early sign of the Pepe price entering into a short-term bearish cycle.
The RSI line is also positioned above its Simple Moving Average (SMA) line, signaling that buyers have the upper hand against sellers on PEPE’s 4-hour chart. Traders will want to keep an eye on this indicator as the gap between the RSI and SMA lines is narrowing, which may lead to a bearish shift in momentum for the Pepe price if the two lines intersect.
As the Pepe price attempts to continue its bullish streak, experts are saying that Sponge V2 may, like predecessor Sponge V1 last year, explode 100X after launch.
The Launch Of A Bigger, Better Version
Sponge V2 marks the next iteration of the SPONGE token, which achieved 100x growth during the 2023 bear market. Investors who missed last year’s opportunity now have a second chance through the launch of the latest version of the meme coin.
The SPONGE team intends to build on the token’s prior success, and has introduced several changes to the viral meme coin’s ecosystem. Apart from lining up several major exchange listings, Sponge V2 will include a play-to-earn racer game which will come in both a paid and free version.
In the paid version, players will need to use Sponge V2 tokens as credits for in-game assets and activities, while also standing the chance to win rewards paid in the meme coin. This not only allows the crypto to expand into the booming blockchain gaming sector, it also introduces a level of utility into the ecosystem, making it more appealing.
Investors React Positively To SPONGE’s Polygon Migration
The project’s team responded to a recent security incident by fast-tracking the token’s migration to the highly-scalable Polygon blockchain. This strategic move exposes the meme coin to a wider investment pool, and also brings down transaction costs for anyone transacting within the Sponge V2 ecosystem.
📣 Attention, #SPONGERS!
Here is some important information to remember about $SPONGE V2!$SPONGE V1 has officially been discontinued, and V2 has been launched on #Polygon! 🔥
Learn more about the token details below 👇https://t.co/TCdxgXx40w
🧵1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024
Investors have reacted positively to the migration, as more than $15.8 million has been staked on the project’s official website. Interested investors should act soon because there are rumors Sponge V2 will be listed on major exchanges imminently.
SPONGE V2 can be purchased here.
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