The top frog, Pepe, is in hot water as PEPE’s price falters, losing its stronghold above a crucial support level. With the price analysis predicting a further decline, a competitor is seizing the opportunity to make waves.
This article will provide an analysis of PEPE’s current price trends and look to see whether a viral new Pepe competitor represents a more promising investment opportunity at this time.
With new information coming to my eyes. I’m changing my opinion. $PEPE looks like shit.
– Lost key S/R
– Lost D100 MA
– Chart looks lackluster as fuck.
Send it back down to $0.0065. https://t.co/B4q7GKRnEY pic.twitter.com/BigspvkM5e
— VikingXBT (@VikingXBT) July 12, 2024
With prominent traders on Crypto X (formerly Twitter) now calling bearish sentiment on the PEPE chart, it seems likely that this downside move will continue to rinse holders.
PEPE Price Analysis: Is The Top Frog Heading for Zero?
As Pepe price battles downside trajectory, the coin is currently trading at a market price of $0.00000885 (representing a 24-hour change of -0.45%).
This comes as PEPE tumbled from it’s accumulation zone and attempted consolidation above $0.00009 – in a calamitous drop that has destroyed any remaining bullish chart structure for the top FROG.
Critically, losing the support of the 20DMA has left the price especially vulnerable to further free-fall – the last time this happened on July 2nd – PEPE dropped -33% before fighting back above the key MA.
Meanwhile, the RSI indicator has shifted to strong bullish divergence amid the downtrend, with huge upside capacity available – however, it’s worth noting this indicator can often stay decisive longer than traders can stay liquid – so don’t rely on this.
To the downside, the price might now be on course to drop down to lower support at $0.00000575 (a possible -35%).
While to the upside, PEPE could mount a move back above the 20DMA to $0.0000095 (a potential +7.34%).
This leaves Pepe with a risk: reward at 0.21 – a terrible entry into the weekend.
But despite downside for the top Frog, retail investor interest and buy-volumes show no signs of slowing down in the PEPU presale.
Why Are Retail Investors Flocking to Pepe Unchained (PEPU)?
It’s no secret that presales have caught flack in the 2024 market; scammy developers across the Solana space have made a killing in recent months – enticing investors to participate in meme coin presales – only to rug the projects.
This is a scourge that must be banished from the crypto space. At its heart, it is an issue driven primarily by coins lacking the utility needed to sustain strong buy pressure.
This utility aspect explains why a jaw-dropping $3.31M has already been raised for PEPU.
The best way to think of Pepe Unchained is Pepe 2.0, a highly scalable layer-2 solution that enables ultra-cheap deployment.
Sound familiar? That’s because the second-biggest meme coin, Shiba Inu, has already done something similar – with the deployment of Shibarium last year – to great success.
So don’t miss this chance to get in early on the next major play in the Pepe community.
Buy PEPU Here
The post Pepe Falls Hard as a $3.2 Million Rival Emerges appeared first on Cryptonews.
