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The Pepe price dropped 7% over the past 24 hours to trade at $0.000001077 as of 8:40 am EST with one of the year’s hottest meme coins now down 11% in a week.
Pepe Price On Downward Trajectory
Daily chart for PEPE/USDT (Source: TradingView)
The $0.000001157 resistance level rejected the Pepe price during yesterday’s trading session, as the meme coin attempted to escape a negative price channel. Following this rejection, the altcoin’s value continued to decline over the past 24 hours and is currently at risk of falling below $0.000001029.
A daily candle close below $0.000001029 will expose the cryptocurrency to the risk of its price plummeting to as low as $0.000000849 in the short term. This bearish thesis could be invalidated if the Pepe price can remain above $0.000001029 for the next 72 hours.
Maintaining a position above this key support level could set the cryptocurrency to attempt another challenge at the $0.000001157 threshold. Overcoming this level may lead to Pepe receiving a boost of up to $0.000001284 if Bulls continue to drive the altcoin’s price.
Pepe Price Gains: Several Obstacles Stand in the Way
Technical indicators, however, favored a more bearish short-term outlook. Buyers seemed to have exited the meme coin’s order books along with the likely continuation of Pepe’s negative trend. This suggests that the Pepe price may continue to drop in the next 24 to 48 hours.
The daily Moving Average Convergence Divergence (MACD) line broke below the MACD Signal line. Traders may identify this as a sign that the altcoin’s negative trend may continue in the next couple of days.
Buyers’ collective strength was also decreasing. With the daily Relative Strength Index (RSI) line positioned below the RSI Simple Moving Average (SMA) line, the Pepe price may still be at the mercy of bears.
The drop in the Pepe price may indicate that investors have embarked on a journey to uncover the next meme-related gem. Experts say three projects that are most likely to become the next meme coin king are Meme Kombat, SpongeBob and Wall Street Memes.
Battle of the Memes
Meme Kombat is an innovative gaming platform that will host regularly scheduled battles. Holders of Meme Kombat’s native token, MK, can place bets on these battles and stand the chance to win regular rewards. There will also be more-hyped battles that offer players the chance to win substantially more lucrative rewards.
Selling for just $0.214, MK can be purchased using either Ether (ETH) or Tether (USDT) through its presale here. The project has already raised over $2.1 million as investors bet on its promising future.
Sponge Gives Investors A New Opportunity
Crypto bros is 2024 when they realise they missed the $SPONGE rocket 🚀🔥#MemeCoin #Web3 #Crypto #Alts pic.twitter.com/SvcrrUuHsU
— $SPONGE (@spongeoneth) November 13, 2023
SpongeBob is a meme coin based on the beloved cartoon character SpongeBob SquarePants. The project has a strong community focus and aims to provide an opportunity to meme coin investors who could not profit from previously-hyped meme coins.
WSM: A Meme Coin That Gives Investors Multiple Earning Opportunities
Our weekly update is here! 🔔
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Read this weeks update here ⬇️https://t.co/0pqQczXdGX pic.twitter.com/bQoIxSCGju
— Wall Street Memes (@wallstmemes) November 24, 2023
Beyond the potential to gain from price speculation, Wall Street Memes holders can gain access to exclusive token holder communities. In addition to this, holders stand the chance to earn bonuses in the Wall Street Memes casino as well as earn rewards through staking.
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