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Pepe Coin (PEPE) is trading with a bearish bias, recording lower highs and lower lows since early July. This price action has seen PEPE consolidated within a descending parallel channel. This technical formation is highly bearish.
The downtrend for PEPE is isolated, as most meme coins had been on different paths. For instance, Dogecoin (DOGE) and Shiba Inu (SHIB) prices recorded higher highs and lows during the same period. This is indicated in the chart below.
With Pepe’s price falling while its peer meme coin recorded steady ascensions, all signs point to a shifted interest. The capital flowed from PEPE into more stable projects like SHIB and DOGE. It should be noted that the official Pepe account on Twitter also went silent for most of July. Upon reawakening in August, multiple events occurred on the network, influencing the price.
Pepe Fundamentals As Advertised on Social Media
Around the second week of August, the Pepe ecosystem changed the image on Etherscan and DexTools applications.
The token image for $PEPE has been updated on @etherscan and @DEXToolsApp. Currently waiting on @CoinMarketCap to update, and would like to ask @kucoincom @lyu_johnny to update the logo to the green Pepe as well🐸 pic.twitter.com/2LCweFtwEM
— Pepe (@pepecoineth) August 11, 2023
Two weeks later, the network witnessed several transactions involving 16 trillion PEPE tokens moving to exchanges like OKX, Binance, Kucoin, and Bybit. This was worth around $15 million then, with Pepe developers explaining that all was well to quell any brewing FUD.
an announcement to the $PEPE community:
Yesterday on August 24th, 2023, a series of unexpected transactions took place from the $PEPE multisig CEX
Wallet in which ~16 Trillion $PEPE tokens (worth roughly $15m USD) were transferred to various crypto exchanges (OKX, Binance,… pic.twitter.com/iZmXV1TAvw— Pepe (@pepecoineth) August 26, 2023
The team attributed the incident to internal strife, “with a portion of the team being bad actors led by big egos and greed.” This cohort exited the company with reports that “they blocked team progress on making donations or purchases with multi-sig tokens.”
Allegedly, the same team logged into the PEPE multi-stig and stole the said 16 trillion tokens. This constituted around 60% of the entire multisigs bucket, which had 26 trillion PEPE. Their farewell message to the remaining members was:
“The multi-sig has been updated, and you are now in full control.”
Despite his attempt to quell any FUD, the incident has inspired selling pressure from token holders, which explains the slump.
Pepe Price Forecast Amid Growing Selling Pressure
The meme coin’s price is headed south at the time of writing, still trapped within a bearish technical formation, as indicated above. PEPE market value is bound to drop as long as the price remains bound within the channel.
Noteworthy, the altcoin has broken below its support floor at $0.00000083 to trade at $0.00000078 at the time of writing. An increase in selling pressure could see the meme coin lose the immediate support provided by the lower boundary of the descending parallel channel, potentially hitting the range low at $0.00000075.
The Parabolic SAR indicator bolsters this bearish thesis, as it tracks the PEPE price from above. Similarly, momentum indicators like the Relative Strength Index (RSI) and the Awesome Oscillator are bearish, moving below 50 and in the negative zone.
On-chain Metrics
Data from IntoTheBlock shows that 80% of PEPE token holders are incurring losses (out of the money). 15% are making a profit (in the money), while a meager 4% is breaking even (in the money).
With the majority suffering losses, they are bound to look for favorable exits, either now to avoid more losses or once they break even. The ensuing selling pressure could solidify the downtrend for Pepe’s price.
Converse Case
Conversely, the RSI is flattening out, suggesting bullish pressure to oppose further decline. Increased bullish momentum, indicated by a rising RSI, could confirm Welles Wilder’s interpretation of an oversold asset when it crosses above 30. This would signal impending pullback.
Increased bullish pressure could send the PEPE price above the immediate hurdle presented by the midline of the chart pattern at $0.00000083 or higher to break above the upper boundary at $0.00000107. Further north, the meme could confront the 50- and 100-day Exponential Moving Averages (EMA) at $0.00000114 and $0.00000129 levels, respectively.
While a break above this supplier congestion level would be ideal, the real roadblock presents between $0.00000132 and $0.00000148. This area, marked with a pink box in the chart above, is called a supply zone.
A supply zone is an order block defined by strong selling pressure as aggressive sellers populate it. Therefore, it will likely be the main roadblock in case of an uptrend. If it fails to hold as a resistance level, the meme coin could shatter past it and make it a bullish breaker before heading north. The likely target for such an outcome would be the psychological $0.00000200.
While Pepe remains in the woods, another meme coin makes headlines with better prospects. WSM is a new project in the meme coin market and is a favorite even for experts.
Promising Alternative To Pepe
WSM is the ticker for the Wall Street Memes ecosystem, touted as “the tokenization of the retail movement against Wall Street’s orchestrated monopoly of financial markets.” The project recently breached the $26 million mark in presale sales and is headed even higher.
In less than a month, the project will record its first exchange listing, meaning interested investors have only a few days to buy WSM at the current price of $0.investors would have to wait until the end of September to get Wall Street Memes on the open market.
Meanwhile, another means to earn passive income on the Wall Street Memes ecosystem is staking, which gives an annual percentage yield (APY) of 84%.
Also Read:
- Top Trending Crypto Coins on DEXTools – Pepe, PAAL AI, Linq
- Tier One Crypto Exchange Listing In September To Watch – Wall Street Memes
- How To Buy Wall Street Memes Presale [Step-By-Step-Guide]
Most Searched Crypto Launch - Pepe Unchained
- Layer 2 Meme Coin Ecosystem
- Featured in Cointelegraph
- SolidProof & Coinsult Audited
- Staking Rewards - pepeunchained.com
- $10+ Million Raised at ICO - Ends Soon
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