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The Pepe price surged more than 32% over the past 24 hours to trade at $0.00000268 as of 2:35 a.m. EST as investors scramble to ride the meme coin’s bullish momentum.
PEPE left competitors Dogwifhat (WIF), FLOKI and Shiba Inu (SHIB) in the dust with its impressive 24-hour performance. During the same period, WIF was able to achieve a 29% gain, while SHIB and FLOKI only managed 5% and 17% growth, respectively, according to CoinMarketCap.
Pepe Price Struggling To Break Resistance
4-hour chart for PEPE/USDT (Source: TradingView)
The Pepe price was able to break above the $0.00000209 resistance level over the past 24 hours, and attempted to do the same with the subsequent barrier at $0.00000282. Although it was able to break above this second resistance level, the accomplishment was short-lived as sellers were quick to force the meme coin’s value back down. The crypto has not been able to establish a position above the barrier since.
Should the meme coin get rejected by the $0.00000282 resistance in the coming 24 hours, it may be at risk of falling to the recently-breached $0.00000209 price point. Before it potentially drops to this level, it will, however, need to break below a positive short-term trend line that has emerged on its charts.
Continued sell pressure if the Pepe price reaches $0.00000209 could pull the crypto below the significant mark to clear a path for it to drop to $0.00000173. In an extremely bearish scenario, PEPE could fall to between $0.00000144 and $0.00000152 in the short term.
Technicals Point To A Pepe Price Correction
Technical indicators on PEPE’s 4-hour chart suggest the Pepe price may undergo a correction in the coming 48 hours. While the Relative Strength Index (RSI) is on the verge of triggering a major bearish technical flag, the Moving Average Convergence Divergence (MACD) also signals that PEPE’s positive trend has reached a peak.
The RSI on PEPE’s 4-hour chart shows that the crypto is currently overbought on the short-term timeframe. Traders generally see this as a sell signal since the crypto’s downside potential is greater than its upside potential. Investors seem to have already started acting on the signal as the RSI is falling towards its Simple Moving Average (SMA) line, which may be a sign that buyers are losing strength. An intersection between these two lines in the coming 24 hours could also signal a bearish shift in PEPE’s trend.
The gradient of the MACD Histogram has turned negative as well, which may be an early sign of an upcoming bearish trend reversal. Should these technical flags be confirmed and validated, the Pepe price could drop to $0.00000209 in the next couple of days.
As the Pepe price faces the risk of correcting in the next few days, investors are turning their attention to Smog and its upcoming airdrop that is rumored to be one of the biggest in crypto history.
Investors Rush To Get In On This Airdrop
No specific details regarding Smog’s airdrop have been disclosed yet. However, the new Solana meme coin’s tokenomics shows that 35% of the token’s supply has been set aside for airdrop events.
This substantial allocation has ignited a sense of euphoria amongst crypto investors, as they anticipate one of the biggest airdrop events in the history of the crypto market.
Join the #SMOG community on #Zealy and increase your points for the $SMOG #Airdrop. 🐲
Complete quests for extra points! 📊
Stay tuned for upcoming announcements. 📢🔗https://t.co/3EQxvQwsw3#CryptoCommunity #Altcoins #Memecoins #Binance #Crypto
— SMOG (@SMOGToken) February 21, 2024
There is currently a Zealy campaign running for anyone that wants to become eligible for Smog’s airdrop. By completing a variety of quests ranging from following Smog’s X page to trolling Binance posts, investors are able to earn points. These points will then determine the portion of the airdrop each investor will receive.
Poised For A Price Explosion In The Short Term
Smog looks to repeat the success of previous Solana meme coins such as BONK, WIF and MYRO. There are several factors that have investors and experts excited about the new altcoin’s potential to achieve such a feat.
Apart from riding the Solana meme coin wave, and the huge plan for airdrops, Smog’s strategic branding also appeals to the booming Asian crypto market. 2024 is known as the year of the Dragon in Asian countries, which aligns perfectly with Smog’s dragon-centric appearance. As such, Asian traders, renowned for their high levels of activity in the crypto market, may buy into the new meme coin.
With more listings rumored on top-tier exchanges, the best time to buy is before such developments, which often trigger parabolic pumps.
SMOG can be purchased here.
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