The Pepe price dropped over 4% in the last 24 hours to trade at $0.00001944 as of 4:04 a.m. EST as traders decrease their exposure to the meme coin.
Following the 24-hour drop, the PEPE price is now more than 14% in the red on the weekly time frame as well.
Pepe Price Trapped In A Bearish Channel
4-hour chart for PEPE/USD (Source: GeckoTerminal)
The Pepe price is trapped in a medium-term descending price channel as it tries to hold on to the $0.00001951 support, according to data from GeckoTerminal. This comes after the third largest meme coin by market cap printed a series of lower highs and lower lows on the 4-hour chart over the past couple of days.
If the crypto fails to escape the descending price channel within the next 8 hours, the Pepe price could stand the risk of plunging all the way down to the $0.00001463 support in the short term. However, breaking through the upper barrier of the negative price channel could bring an end to PEPE’s price drop.
In a more bullish case, the Pepe price could attempt to flip the $0.00002428 resistance level into support. A 4-hour candle close above this technical barrier might then give the meme coin the space needed to keep climbing in the following 24 hours. Traders could subsequently look to push the Pepe price up to $0.00002868.
Bears Are In Control, But Bulls Can Still Take Control Of The Pepe Price
Technical indicators show that bears have a slight advantage over bulls. However, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) on PEPE’s 4-hour chart suggest buyers still have a chance to take back control of the Pepe price.
In the last couple of hours, RSI readings have started to rise toward the 50 benchmark. Should the indicator’s value break above 50 in the coming few hours, it could signal that bulls have gained the advantage. This might then be followed by an increase in the Pepe price. The positive slope of the RSI line suggests buyers could soon flip the script on PEPE’s charts.
Meanwhile, the MACD line has started to rise toward the MACD Signal line. This narrowing gap, with the current orientation of the two lines, is often indicative of a crypto’s negative trend nearing its end. A confirmation that PEPE has entered a new bullish period could be if the MACD line crosses above the MACD Signal line.
While traders keep shorting PEPE, the presale for layer-2 meme coin challenger Pepe Unchained (PEPU) has gone parabolic as investors FOMO buy the token before its listings on top exchange platforms.
A Meme Coin With Unprecedented Levels Of Utility
Pepe Unchained (PEPU) is a layer-2 project that will bring some much-needed utility to the booming meme coin space. To carry out its mission, Pepe Unchained will use its native blockchain to free the beloved PEPE from the congested and clunky layer-1 Ethereum mainnet.
By taking over PEPE’s computational workload from the legacy Ethereum blockchain, the project will unlock a 100-fold increase in transaction speeds while simultaneously slashing network fees for the meme’s loyal followers. This enhanced transaction experience will be easily accessible through Pepe Unchained’s PEPU token.
In addition to its goal to unleash Pepe’s true potential in the crypto space, the project also recently took a major step to enable the creation of the next generation of decentralized applications. Following the launch of its developer grant program, Pepe Unchained has paved the way for the next big app to enter its ecosystem.
To prove just how powerful and fast its network is, the project has unveiled its own token launchpad as well. Through this new platform, Pepe Unchained will compete directly with Solana’s Pump.fun meme coin launchpad.
All of the recent announcements have excited crypto experts. Among those is an analyst from the 99Bitcoins YouTube channel, which boasts more than 706K subscribers. According to the analyst, PEPU is poised for 100X growth after its launch in 22 days.
Speculation Of A Binance Or Coinbase Listing Grows As PEPU Gears Up For Tier-1 Listings
Pepe Unchained’s team also recently revealed that multiple tier-1 exchange platforms are ready to welcome PEPU to their respective lists of tradable assets. This has led to speculation of a Binance or Coinbase listing.
🐸INCREDIBLE!🐸$PEPU just crossed a massive milestone! 40M!!🎉💚
It was only 2 days ago we celebrated 35M and there's no sign of slowing down! 💚🐸
Don't miss out on your chance to get in by grabbing your chunk of the presale here: https://t.co/onpYoXlnyG pic.twitter.com/E2kr5sKxYf
— Pepe Unchained (@pepe_unchained) November 20, 2024
Adding to the optimism that either one of these platforms will list the token is PEPU’s presale success, which has seen the meme coin raise over $40 million already. Should PEPU score a Binance or Coinbase listing, or even both, it could lead to a massive rally for PEPU similar to the one seen with PEPE after its Coinbase listing.
Investors can position themselves ahead of this potential surge and Pepe Unchained’s listings by purchasing PEPU with either ETH, USDT, BNB or bank card via the widget on the project’s website.
Purchase PEPU here.
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