Pepe Coin Attempts to Recover from Downtrend
The price action of Pepe Coin (PEPE) in the one-day timeframe indicates an effort to bounce back from a steady downtrend. In July, the price consolidated within a descending parallel channel, causing PEPE to drop to $0.00000061. However, after finding support at this level, the meme coin has shown potential for 15% gains.
Pepe Coin Price Forecast with 15% Gains in Sight
Currently, Pepe’s price is $0.00000071, experiencing a 2% decrease in the last 24 hours. Nevertheless, it remains 15% higher than the critical support level of $0.00000061, which was last tested on September 22. Despite the possibility of achieving 15% gains, overhead pressure is hindering its progress.
The upside potential for Pepe Coin is limited by the 50-day Exponential Moving Average (EMA) at $0.00000083. A breakout and close above this level would initiate a new rally as PEPE holders aim to regain lost ground. However, the presence of the 100-day EMA at $0.00000101 presents additional obstacles to its upward potential.
Technical indicators further support the downside movement, with the Relative Strength Index (RSI) indicating falling momentum and being positioned below the 50 level. Additionally, the Awesome Oscillator (AO) histograms remain in negative territory. With this outlook, Pepe Coin could potentially break below immediate support at $0.00000070.
In a worst-case scenario, if Pepe Coin’s price slides, it could reach the support floor at $0.00000061, resulting in a 10% decline from current levels. A breakout and close below this level could trigger a fresh downtrend, as it represents the last lower high.
On-chain Metrics: GIOM
Data from the on-chain aggregator IntoTheBlock supports the bearish outlook. The Global In/Out of the Money (GIOM) metric reveals a significant supply barrier that may prevent Pepe Coin from reaching its upside potential.
Several major areas of interest around the $0.000001 zone are visible on the chart, indicating a high concentration of sellers. One particular area is populated by 26.01K addresses holding approximately 145.77 trillion PEPE tokens. These addresses would likely exert selling pressure if there were attempts to push the price above this level in order to secure profits.
If you’re a PEPE holder seeking portfolio diversification, it’s worth considering the token behind the Meme Kombat ecosystem. Analysts have expressed optimism about this token.
Pepe Coin Alternative: Meme Kombat
Meme Kombat is gaining popularity in the meme coin ecosystem and has the potential to replace Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE).
Meme Kombat is a stake-to-earn project that offers an innovative platform for gaming enthusiasts to earn while having fun. It includes features like staking, betting, and rewards earning. Engage in epic daily battles with your favorite meme tokens in the first season of Meme Kombat.
The project’s presale is performing well, already raising over $320,000. Currently, investors can purchase one MK token for only $1.667, but prices may increase if you wait longer due to high demand. The current soft cap for sales is set at $1,000,000.
Furthermore, the MK community offers multiple income-earning opportunities, starting with the staking function. By staking your MK tokens in Meme Kombat and participating in battles, you have the chance to win big. The project also plans to hold larger battles with more significant prizes for participants.
Hot Take: Diversify Your Portfolio with Meme Kombat
If you’re looking to diversify your portfolio, consider investing in Meme Kombat. With its stake-to-earn model and exciting features like staking, betting, and rewards earning, it offers a unique opportunity to earn while having fun. Meme Kombat aims to replace popular meme coins like DOGE, SHIB, and PEPE. Its presale has already raised over $320,000, indicating strong investor interest. By buying MK tokens now, you can take advantage of the current low price before it potentially increases. Don’t miss out on the chance to be part of the Meme Kombat ecosystem and potentially earn significant returns.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.