Over the past 24-hours more than $2bn in trading volume has flooded into Pepe, yet, while technical analysis points to a breakout – closed PEPE price analysis reveals worrying signs.
In this article, deep-dive into the latest Pepe price trends and discover whether it could be the best meme coin to hold amid the flourishing meme super cycle.
As Pepe sits proudly as the King of Frog coins, it is currently ranked as the #29th biggest cryptocurrency, with a strong position as the 3rd biggest meme coin (by market cap).
Indeed, PEPE currently dwarfs its nearest rival, DogWifHat, by a staggering $2Bn. The technical structure is alluring to many retail traders, with price action seemingly poised for a major breakout that could see Pepe aim for Shiba Inu coin’s second-place position.
The Bull Theory: Could Pepe Be On The Verge of a Breakout?
Pepe trades in strong technical form, as PEPE currently stands at a market price of $0.00001055 (representing a 24-hour change of -3.58%).
This comes as the PEPE price remains in a bullish pendant, formed between well-defended support at $0.0000085 and a tough area of upside resistance at $0.000011.
At present, PEPE price is teasing a break to the upside, following a much-needed consolidation, which has seen Pepe cement position above the 20DMA following a successful retest of support earlier this morning.
Moving averages back the bull case, following a corrective ‘golden cross’ pattern that emerged between the 20DMA and 200DMA over the weekend.
The solid defense of the 20DMA earlier this morning left price squeezed between the descendant upper trendline and support, which is likely to trigger a breakout to the upside in the coming days, especially if price is continually bolstered by multi-billion trade volumes.
This could see the PEPE price ascend to its next price target at $0.000013 (a +23.5% move from here).
The Bear Theory: Is PEPE’s Price About to Get Flushed Out?
But while many are hopeful of an upside breakout on the horizon, there are tangible reasons to be fearful about the trajectory of Pepe price in the coming weeks.
At the heart of fears is the idea that much of Pepe’s recent upside has been fuelled by aggregate open interest, which has surged amid talk of a meme coin super cycle powered primarily by taker-buy positions.
This is concerning, as it explains why PEPE price has been able to climb, despite sell pressure dominating Pepe’s volumes over the past week (representing 52% of transactions).
If the PEPE price is increasing while spot holders are selling, this, in the best case, suggests unhealthy moves to the upside and, in the worst case, suggests a mighty correction is well on its way as market makers seek to flush out over-leveraged traders.
Further concerns emerge regarding the high-time frame, with bullish hopes of breaking up to the $0.000013 price level, forgetting the serious ceiling of resistance that hangs over the chart.
Indeed, PEPE price has rejected from resistance between $0.000013 – $0.000014 on three occasions since June 2024 – adding to the fear of holders that Pepe could have reached its limit unless Bitcoin makes a new all-time high/
Pepe Unchained Is About to Smash $20M In the Biggest Raise of Q4 2024
But while PEPE holders battle the FUD, side-lined retail traders aren’t likely to appetize by a meager +23.5% move in the midst of such a juicy meme coin super cycle.
Indeed, with Pepe already hovering above the $4bn market cap mark, it stands to reason that an entry at this point in the cycle would field relatively small returns.
Yet, PEPE crypto isn’t the only frog in the meme coin ecosystem. Despite its market success, Pepe is limited in growth—it is stuck on the clunky ERC-20 token standard with no real ecosystem to speak of.
That’s where Pepe Unchained is stepping in to step up the frog coin game.
What’s Pepe Unchained and How Will PEPU Token Supercharge the Pepe Ecosystem?
The idea is simple; Pepe is the third biggest meme coin – it needs its own blockchain – but not a slow an expensive chain like Ethereum; it needs something cheap and scale that can stimulate high-octane meme coin development alongside quick, cool dApps.
It needs a Pepe Layer-2.
In fact that’s the simplest way to understand this project, you can think of Pepe Unchained as a standalone version of Shiba Inu’s Shibarium layer-2.
Another massive milestone hit!
— Pepe Unchained (@pepe_unchained) October 14, 2024
Builders ready? We've got something exciting coming!pic.twitter.com/yD516Iys3G
At the heart of this is some serious planning and development, namely through the launch of a plethora of planned dApps, including a critical cross-chain bridge, a block explorer, and perhaps most excitingly of all, a new developers grant fund (humorously named ‘Frens with Benefits‘).
To top it off, you can profit from this venture, with the Pepe Unchained team offering early-bird access to a near viral $PEPU token presale – which has currently raised a jaw-dropping $18.75M.
Better yet? When you invest in the $PEPU presale using Ethereum, USDT, or a simple VISA card, you can instantly stake your $PEPU presale tokens for an additional market-beating 116% APY.
So don't miss out. Stay current by engaging with the Pepe Unchained community on X and Telegram.
Find Out More About Pepe Unchained Here
The post $2 Billion Floods Into PEPE – Could a $1 Whale-Driven Pump Be Closer Than You Think? appeared first on Cryptonews.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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