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Pepe Coin (PEPE) Price Action Faces Resistance at 50-Day EMA
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The price of Pepe Coin (PEPE) has been on a downward trajectory after being rejected at the 50-day Exponential Moving Average (EMA) of $0.00000082. The decline was triggered by aggressive selling in the supply zone, marked in red on the daily chart between $0.00000083 and $0.00000077. To break through this level, PEPE needs to double its value and turn the supply zone into a bullish breaker.
However, the Pepe ecosystem has faced challenges recently. In September, its messaging platform, Telegram, was hacked, leading to an inactive presence on social media. Additionally, there have been leadership struggles within the project, which have further limited its potential for growth.
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Introducing SNAP: A Contender Against PEPE
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SNAP is a new token that aims to compete against PEPE. It is described as “the people’s token” and was created out of frustration with projects that take advantage of investors’ money. The balance between quality and quantity is now being questioned between SNAP and Pepe.
SNAP has recently been listed on Pancakeswap, allowing users to trade it on the decentralized platform.
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Pepe Price Outlook: Downside Momentum
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The outlook for Pepe coin remains negative, with momentum indicators indicating weakening buyer power. The Relative Strength Index (RSI) has fallen below the 50 level, signaling weak price strength. The Awesome Oscillator (AO) indicator is also in negative territory, suggesting a strong presence of bears in the market.
Based on these indicators, it is likely that Pepe’s price will continue to decline and test the demand zone between $0.00000065 and $0.00000060. Breaking below this level would confirm a new downtrend.
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On-Chain Metrics: PEPE Holders Facing Unrealized Losses
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According to on-chain metrics, the majority of PEPE holders are currently facing unrealized losses. Only 13.19% are sitting on unrealized profits, while 21% are breaking even. This suggests that there are significant supply barriers preventing Pepe from reaching its upside potential.
One area of interest is a group of investors who purchased PEPE around the $0.000001 level. There are approximately 26,620 addresses holding nearly 146.07 trillion PEPE tokens in this price range.
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Looking Ahead: Potential Upside for PEPE
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If late buyers or sidelined investors enter the market, Pepe’s price could rise towards the supply zone. A break and close above the midline of the order block at $0.00000080 would confirm an uptrend and potentially bring PEPE to test the 50-day EMA at $0.00000082. In a highly bullish scenario, the price could reach the 100-day EMA at the $0.00000100 psychological level.
While waiting for Pepe’s next move, consider investing in TGC, a new cryptocurrency in presale that offers an exclusive platform for online anonymous gambling.
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Hot Take: TGC Presents an Alternative to PEPE
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TGC is a new project that aims to provide users with a dedicated space for online anonymous crypto gambling. The presale tokens for TGC have been selling quickly, reaching almost 65% of their soft cap target of $1,000,000. With $647,558 already raised, now is the time to buy TGC at a price of just $0.125 per token using Ethereum (ETH) or Tether (USDT).
Don’t miss out on this opportunity to get involved in the action at a great price during the presale phase.
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.