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Pepe (PEPE) has recently experienced a shift in sentiment towards a more bullish outlook, resulting in a price rally.
Even so, over the past 24 hours, the token has seen a 2% drop, and it is currently trading at $0.0000006260 as of 4:58 a.m. EST.
However, will this upward momentum persist or signal a potential bull trap within an ongoing bearish trend?
PEPE’s price signals a bullish reversal after interacting with a support zone. This specific support zone has led to the formation of a double-bottom pattern, effectively halting any further advancement by the bearish side.
Despite a brief pullback from the support zone, the bears persist and continue to apply downward pressure on the price, targeting the support area. However, if the support zone remains resilient, the bulls can push the price higher, potentially recovering their earlier losses.
PEPE Price Prediction: Will The Support Level Hold?
The bulls will require additional buying support to surpass the 50 and 200 simple moving averages.
The double-bottom pattern provides crucial support, and if the price rises above these averages, it could confirm a bullish rally that might lead to new highs exceeding $0.0000007201.
The 50 and 200 simple moving averages are currently positioned above the price at $0.0000006370 and $0.0000006464, respectively.
Moreover, the relative strength index is trending downwards at 36, heading towards the oversold region. This shows significant selling pressure for PEPE’s price. However, this might be short-lived, as a rebound around the 30 level could trigger a bullish rally, pushing the RSI above the 50 mark and into the overbought region at 70.
PEPE’s overall sentiment is bearish, supported by the moving averages. Nonetheless, this downward move could be temporary, as the support zone at $0.0000006209 may prove resilient, potentially driving the price upward.
This will enable the bulls to target the $0.00000072 resistance and potentially higher price levels. Conversely, if the bearish momentum continues, a candlestick opening below this level could cause further losses for the bulls, possibly retracing to the support zone at $0.0000006156.
The recently launched Meme Kombat token has attracted significant attention in the meme coin space, as its presale offering has surpassed the $500,000 milestone. Traders are expressing confidence in the potential for substantial returns.
Buy Meme Kombat (MK) Presale Edging Conclusion
Meme Kombat is edging closer to its $1 million target, with only $400,000 left to achieve this significant milestone. This achievement follows a successful presale campaign.
Launched just a few weeks ago, the MK presale has already more than half its target to reach $588,732. This shows the high investor interest in the token presale, which has enticed more investors to notice this opportunity.
The next few months are going to be big for crypto. But they're also going to be huge for #MemeKombat ⚔️ pic.twitter.com/tYh2ycc4Fd
— Meme Kombat (@Meme_Kombat) October 17, 2023
Additionally, during the presale phase, along with a diverse range of betting options, users can invest their tokens on the MK platform in competitions that showcase the best of the meme world and stand a chance to win rewards.
Join Season 1 MK Warriors, Earn Rewards
Meme Kombat transcends being just a gaming platform; it represents a community-driven ecosystem where blockchain enthusiasts, gamers, and stakeholders can unite to delve into, compete, and relish an elevated gaming experience.
You can now participate in Meme Kombat’s staking-to-earn and play-to-earn programs, offering a substantial annual yield (APY) of 112%. 30% of the token supply is allocated for staking and battle rewards.
Staking dashboard will be live soon fighters 🥳🎉#MemeKombat $MK pic.twitter.com/sCSG17bfOb
— Meme Kombat (@Meme_Kombat) October 18, 2023
You can also engage in collaborative betting with others and share in the winnings. The first battle season (Season 1) was launched earlier this month, shortly after the platform’s inception. It features confrontations involving 11 well-known crypto memes, including DOGE, SHIB, and PEPE, with leaderboards and more.
This season will create the foundation for ongoing gameplay, drawing on users and nurturing community involvement.
In December 2023, Meme Kombat will introduce Season 2, offering new confrontations, rewards, and opportunities to solidify its presence in blockchain gaming.
Cilinix Crypto, a prominent YouTube personality with 34.2K subscribers, expresses great optimism about Meme Kombat. He explains how Meme Kombat operates and how you can benefit from its staking feature.
Invest in the Meme Kombat Tokens’ presale by visiting the official Meme Kombat website, where you can buy tokens using ETH, BNB, or USDT (ERC-20 and BEP-20).
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