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The Pepe price pumped 12% in the last 24 hours to trade at $0.000009942 as of 7:06 a.m. EST.
The surge by the PEPE price coincided with a more than 4% jump in the total crypto market’s capitalization over the last 24 hours, according to CoinMarketCap.
Pepe Price Trying To Break Out Of A Negative Channel Again
Daily chart for PEPE/USD (Source: GeckoTerminal)
The Pepe price is nearing the upper barrier of a medium-term descending price channel, according to data from GeckoTerminal. This is the second time the meme coin is trying to escape this negative range after a failed attempt earlier this month.
If PEPE succeeds in breaking above the upper boundary of the descending channel, the meme coin could end up flipping the resistance level at $0.000010723 into support. Traders might identify this specific development as a bullish indication, and could therefore start to push PEPE up to the next major resistance level at $0.000013565.
However, another rejection from the upper boundary of the descending channel might cause impatient traders and investors to dump their holdings in the crypto. This could cause the Pepe price to fall to the closest support level at $0.000007649.
Cautious Optimism As Pepe Price Technicals Start To Turn Bullish
Looking at technical indicators on the daily chart, a bullish scenario seems to be more likely to play out. However, traders appear to be waiting for confirmation that the Pepe price has escaped the negative channel.
The MACD line is rising towards the MACD Signal line, which suggests cooling bearish momentum. If the MACD crosses above the MACD Signal line in the next 48 hours, it could indicate that the Pepe price has entered a positive trend.
With PEPE’s previous attempt to overcome the upper boundary of the channel, the MACD displayed similar behavior, but the MACD line was rejected by the Signal line. This caused a continuation of the meme coin’s drop.
RSI readings have also risen in the last couple of days, which is a classic sign of strengthening buyer power. While this might be bullish, traders will want to note that the current RSI reading is a lot lower than the indicator’s value at the previous breakout attempt. As such, the weaker buyer power might not be enough to flip the script on PEPE’s bear-dominated charts.
As the Pepe price tries to break out of the descending channel, investors are turning to a meme coin rival with utility that’s called Snorter Token (SNORT).
According to influential YouTube channel 99Bitcoins, which has over 723K subscribers, SNORT has the potential to soar 10X after its launch.
A New Trading Bot That Helps Users Outsmart Whales
The crypto market is dominated by crypto whales who share their next moves in secretive insider groups, leaving smaller retail traders at risk. This is where Snorter Token, with its trading bot offering, aims to make a difference.
Snorter Bot seeks to take over market share from competitors such as BonkBot, Maestro and Trojan. Unlike many of these rivals that usually require users to download a browser-based tool, Snorter Bot functions directly within Telegram.
That means users can snipe new tokens, perform sub-second swaps, copy other top traders and monitor their portfolios in real-time all from the popular messaging app.
Additionally, the bot comes with MEV protection as well as honeypot scam and rug pull detection capabilities. All of these features also come with low fees, with SNORT holders only charged 0.85%.
SNORT Presale Races Toward $1.5 Million
There is already strong demand for SNORT during its ongoing presale stage. So far, investors have pumped more than $1.2 million into the ICO.
With the bullish predictions by experts like 99Bitcoins, its low fees and all of the functionality the Snorter Bot offers, it’s easy to see why an investor frenzy has erupted around the meme coin’s presale.
Anyone that wants to join the presale can acquire SNORT via the simple buy widget embedded on the project’s website. Selling for $0.0963, SNORT can be bought with both crypto or bank card.
Investors also have the opportunity to stake tokens for a 265% APY, meaning they can see their holdings grow even while the project’s presale is still live.
Interested investors will, however, want to act fast in order to lock in the best presale deal. In less than 3 days, SNORT’s price will undergo its next presale price hike.
Check out SNORT on its official website.
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