On September 30, 2024, Pepe has shown an interesting price dynamic in the cryptocurrency market. In the past week, Pepe has increased by 36%, and in the past 24 hours, it has also increased by 0.9%, and as of 12:40 am EST, it is trading at $0.00001126. However, the trading volume has decreased by 8% to $2.2 billion.
From a technical analysis perspective, the PEPE/USD price action is showing some key signs. Among them, the falling wedge is a bullish reversal pattern that stands out, suggesting that prices may rise after a period of consolidation. The wedge seems to be narrowing, and the price is approaching a possible breakout point, which is expected to trigger a sharp rise. At the same time, the support zone has been established, and the price has repeatedly tested and rebounded from this level, showing strong buying pressure and preventing further declines.
Looking at the moving averages, the 50-day simple moving average (SMA) is currently below the 200-day SMA, reflecting the previous bearish trend. However, a moving average crossover is possible near the current price, and if the 50-day SMA crosses above the 200-day SMA, it will form a bullish crossover.
Technical indicators:
The MACD has crossed above the neutral level into the positive zone and the histogram is also showing green bars, suggesting that the upside momentum is building. However, the Relative Strength Index (RSI) is trading at 76.42, above the overbought threshold of 70, which while indicating that Pepe prices are experiencing strong buying activity, also increases the possibility of a short-term pullback or correction.
Overall, there is a potential bullish breakout setup that could see the price break out of the wedge and head towards new resistance with a target of around $0.00001500. However, investors should proceed with caution as the RSI is overbought as a short-term retracement is likely before further gains.
Meanwhile, the high-performance Layer 2 meme coin Pepe Unchained (PEPU) has attracted much attention in its presale, with the price soaring to over $16.4 million, making it one of the fastest-growing presales this year. Well-known YouTuber ClayBro has also expressed his concern, believing that once the PEPU token is launched, it may create a new batch of millionaires. A huge investor invested $53,000 in the project on Friday.
Pepe Unchained has made strides in the saturated memecoin space, launching its own layer 2 blockchain to address the technical challenges facing blockchains like Solana and TON. Processing transactions on a separate chain reduces the load on traditional layer 1 networks, providing a smoother, more efficient experience. It is designed to free PEPE from old, clunky Layer-1 server rooms, providing up to 100x transaction speeds and significantly reduced transaction costs.
Conclusion:
PEPU's layer 2 solution allows users to easily transfer value between the secure Ethereum network and the high-speed Pepe Unchained blockchain, making it a strong competitor in the memecoin market. Developers can also build decentralized applications (dApps) on the Pepe Unchained network and promote platform innovation through the "Frens With Benefits" developer rewards program. PEPU also offers investors a 130% annual yield. The current price is $0.00989, and payment methods include ETH, USDT, BNB or bank cards, and the price increase will come in less than 2 days.
