The Pepe price plummeted over 14% in the last 24 hours to trade at $0.00001894 as of 10:10 p.m. EST as investors flee their holdings in the meme coin.
This recent drop in the PEPE price has pushed the crypto’s weekly performance deeper into the red zone. The frog-themed token is down more than 25% over the past 7 days as a result.
Pepe Price Breaks Below A Multi-Week Support
4-hour chart for PEPE/USD (Source: GeckoTerminal)
The Pepe price dropped below the support level at $0.00001895, which is a level it has not traded under since Dec. 3, according to GeckoTerminal data. As a result, the meme coin is now at risk of testing the subsequent support at $0.00001720 soon.
Bulls could, however, identify the crypto’s current price as an opportunity to buy the dip. If buyers decide to accumulate PEPE at its current level, the meme coin might try to reclaim the $0.00001895 support. A 4-hour candle close above this price point could then give the Pepe price the technical foundation needed to rise to the $0.00002070 barrier.
In an extremely bullish scenario, bulls might try to push the Pepe price above $0.00002070 to as high as the next major resistance level at $0.00002340.
Bears Still Seem To Have A Tight Grip On The Pepe Price
Technical indicators on PEPE’s 4-hour chart suggest bears will likely keep dominating the meme coin’s charts in the next 24 hours. More specifically, the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) warn of a continued decrease in the Pepe price.
RSI readings have dropped into oversold territory below 30 in the last few hours. This is typically seen as a buy signal because low RSI readings suggest an asset’s upside potential is greater than its downside potential. However, it’s not unusual for RSI readings to remain low for sustained periods of time when a crypto is being dumped.
The current RSI reading suggests bears have a lot of strength over bulls, while the negative slope of the RSI line warns sellers show no intention of easing their pressure on the Pepe price.
Meanwhile, the MACD line has broken down away from the MACD Signal line in the last few hours. This expanding margin between the two lines is oftentimes interpreted as a sign of strengthening bearish momentum.
Overall, the MACD and RSI on the 4-hour chart indicate that bulls will have a tough obstacle to overcome if they want to take back control of the Pepe price. Should the current negative trend continue, the meme coin might end up falling to the aforementioned $0.00001720 support soon.
While PEPE clings onto support, a new frog-themed meme coin rival by the name of Wall Street Pepe (WEPE) is still selling like hot cakes in presale.
This strong ICO performance comes amid a series of bullish WEPE token predictions by several experts, including popular YouTuber ClayBro. In a recent video for his more than 133K subscribers, he said that WEPE will make millionaires.
A Meme Coin Project On A Mission To Empower The Little Guys In The Market
Up until now, the crypto trading scene has been at the mercy of whales, who buy and sell large amounts of crypto at a moment’s notice. Smaller retail traders are usually impacted the most by these major movements. Wall Street Pepe aims to shake things up and chip away at whales’ overpowering dominance in the market.
Central to the project is its rapidly-growing WEPE Army of degen traders and analysts, who share exclusive market insights and alpha trade calls that enable members to trade like a pro and compete with the crypto elites.
Anyone can join this group and unlock access to future trade ideas by simply purchasing WEPE through the simple widget embedded on the project’s website. Selling for $0.0003649, WEPE tokens can be bought using either crypto or debit card.
Once purchased, holders will just have to wait for the next trade opportunity that presents itself in the market to be flagged by the WEPE Army. Until then, investors can put their WEPE tokens to work through WEPE’s staking opportunity, which is currently offering a 41% APY.
WEPE Presale Explodes Past $31 Million In Less Than 2 Weeks
Wall Street Pepe’s ongoing ICO has recently zoomed past the $31 million milestone. What makes its total raise so far that much more impressive is the fact that it was achieved in less than 2 weeks.
$30M raised. Memes run the internet. Wepe runs the memes. 🐸 ⚔️ pic.twitter.com/scMZmwEfKv
— Wall Street Pepe (@WEPEToken) December 18, 2024
This early presale success is reminiscent of that seen with Pepe Unchained (PEPU), which has gone on to set multiple new all-time highs in the last couple of weeks after its launch.
But WEPE is already outperforming PEPU and is on track to claim the title of the top ICO in 2024. Interested investors should buy WEPE before a price hike in less than 10 hours.
Visit WEPE Token here.
Related Articles:
Solaxy (SOLX) Presale Races Past $2.2 Million In Only 4 Days
Pudgy Penguins Token PENGU Sinks More Than 50%
New Meme Coin Flockerz Raises $7M in Presale
