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The Pepe price plunged more than 7% over the past 24 hours to trade at $0.00001185 as of 12:00 a.m. EST as investors dump their holdings in the meme coin.
The PEPE price is now down more than 17% in the past week, although it’s still in the green by more than 18% in the last month.
The Pepe Price Loses A Key Support
4-hour chart for PEPE/USD (Source: GeckoTerminal)
The Pepe price dropped below the key support at $0.00001282 over the past 24 hours. PEPE is now at risk of falling to the subsequent mark at $0.00000953 as a result. Continued sell pressure if the meme coin falls to this point might then lead to the Pepe price plummeting to as low as $0.00000738 in the short term.
However, this bearish thesis could be invalidated if PEPE is able to close a 4-hour candle above $0.00001282 within the next 24 hours. Traders might then look to enter into a long position for the meme coin, which could boost the Pepe price to the next major resistance level at $0.00001535.
In an extremely bullish scenario, PEPE might attempt to flip the $0.00001535 resistance into support. This could then give it a strong technical foundation to rise off from and potentially climb to $0.00001889.
Technicals Warn That The Pepe Price Might Keep Falling
Technical indicators on PEPE’s 4-hour chart suggest the Pepe price might keep dropping in the next 24 hours. More specifically, the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators are flagging bearish.
The RSI is positioned below 50, which traders usually see as a sign that bears have the upper hand against bulls. Should sellers choose to capitalize on this advantage, it will be easier for them to pull the Pepe price down in the next 24 hours than it will be for buyers to push it up during the same period.
Meanwhile, the MACD line is positioned bearishly below the MACD Signal line to indicate that PEPE is in a negative short-term cycle. With the MACD line breaking away below the MACD Signal line, it seems that the bearish momentum is growing stronger as well.
If these technical flags are validated, the Pepe price could soon drop to the $0.00000953 support.
With PEPE at risk of dropping even more in the upcoming 24 hours, traders might want to consider presale meme coins that are not yet trading on the open market for safety.
One such crypto is PlayDoge (PLAY), which has rocketed past $4 million in funds raised in slightly more than 2 weeks since its ICO went live.
Distributed Ledger Technology Combined With A Touch Of ’90s Nostalgia
PlayDoge is a play-to-earn meme coin project that is introducing a modern version of the viral Tamagotchi game to the market.
In the ’90s, over 82 million Tamagotchi units were sold worldwide. Now, PlayDoge is looking to reignite the global obsession with these virtual animals by introducing a new iteration of the game with more interesting gameplay.
Through the use of blockchain and crypto technology, the project gives players access to a tokenization element that rewards them for taking care of their virtual pets. Unlike the legacy version of the game, PlayDoge is also mobile friendly. This means that players can interact with their digital animals on the go to potentially earn more rewards.
A Possible 100X Opportunity
An analyst from the Cryptonews YouTube channel recently analyzed PLAY. In the video, he said PlayDoge has “huge” potential and could generate 100x returns for buyers.
Investors are betting big on PLAY at this early stage, and have sent more than $4.2 million to its ICO so far. In addition to its speculative potential, anyone who buys the token through its ICO will also gain access to a lucrative staking opportunity offering a 201% annual yield.
To become eligible for these rewards, investors can purchase PLAY through the easy-to-use buy widget embedded on the project’s official website. ETH, USDT, BNB or bank cards can be used to buy the token, which is selling for $0.00507.
Investors might want to act fast because the meme coin’s price is set to increase in slightly more than four hours.
Purchase and stake PLAY here before its next price increase.
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