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The Pepe price soared over 8% in the last 24 hours to trade at $0.000008523 as of 7:30 a.m. EST as investors begin to accumulate the meme coin heading into the weekend.
Despite this recent gain, the PEPE price was unable to recover from the loss it suffered throughout the last 7 days. The meme coin is in the red by more than 17% on the weekly timeframe as a result.
The Pepe Price Testing A Key Support Level
4-hour chart for PEPE/USD (Source: GeckoTerminal)
The Pepe price is resting on the key support level at $0.000008480. Should it fall below this technical safety net within the next 12 hours, the meme coin could be at risk of plunging to the subsequent mark at $0.000005719 in the following 24 hours.
On the other hand, traders identifying PEPE’s current levels as a buy opportunity might push the crypto’s price higher in the short term. In this alternative scenario, the Pepe price could look to flip the immediate resistance level at $0.000010942 into support.
Technicals Warn The Pepe Price Could Pull Back Soon
Technical indicators on the meme coin’s 4-hour chart warn that the Pepe price could continue to fall in the next 24 hours. In addition to the Moving Average Convergence Divergence (MACD) showing negative signs, the Relative Strength Index (RSI) indicator indicates diminishing buyer strength.
Throughout the last couple of hours, the gap between the MACD and MACD Signal lines has narrowed. Although the current orientation of the two technical indicators is bullish, the MACD line collapsing towards the MACD Signal line suggests PEPE’s positive trend might be coming to an end. An intersection between the two lines could indicate a bearish shift in momentum.
Meanwhile, RSI readings have fallen from just above 60 to the mid 50s. Traders usually see falling RSI values as a sign of buyers weakening against sellers. With the RSI still above the critical 50 benchmark, it seems bulls still have an upper hand against bears. However, the negative slope of the RSI line warns that this might not be the case for much longer.
While technicals flash bearish for PEPE, investors continue to pour capital into layer-2 meme coin Pepe Unchained (PEPU) for potential 100X gains.
Unlocking PEPE’s Full Potential
PEPE has managed to climb the crypto ranks to become one of the largest meme coins by market cap. However, the crypto’s potential has hit a ceiling. This is mainly due to the high fees and slow processing times of the congested Ethereum network, which is the blockchain PEPE currently calls its home.
Pepe Unchained (PEPU), with its own layer-2 network, aims to empower PEPE and give the meme coin the processing power needed for it to reach its full potential. Not only will investors enjoy transaction speeds 100 times faster than that of Ethereum, they will be able to transact at a fraction of the cost as well. Pepe Unchained also has the potential to play host to future meme coins whose developers seek a fast and affordable network for their tokens.
YouTuber Zach Humphries told his 149,000 subscribers in one of his latest videos that he has high expectations for the project.
Investors Bet Big On PEPU’s Future
Pepe Unchained has managed to raise over $7.8 million through its ongoing presale, signaling strong investor confidence in the project’s future. In addition to the layer-2 network and the project’s mission to supercharge PEPE, the 248% APY on offer to anyone who buys and stakes PEPU at this early stage could be a possible reason for this investor frenzy.
Pepe is gearing up to surf his own Layer 2 blockchain – the first of its kind! 🐸🌊 pic.twitter.com/T41V8wNDBh
— Pepe Unchained (@pepe_unchained) August 8, 2024
Presale buyers can put their crypto to work from the moment they purchase and stake Pepe Unchained tokens. To get started, the token will need to be acquired through the simple buy widget embedded on Pepe Unchained’s website. Selling for $0.0089461, PEPU can be bought using either ETH, BNB, USDT or bank card. Once purchased, the tokens can be locked up via the staking page on the website for investors to gain access to the 248% APY.
Anyone looking to get in on these rewards might want to act fast, because PEPU’s price is scheduled to increase during the upcoming stages of its presale.
Purchase and stake PEPU here for up to 248% in annual rewards before its price increases.
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