PEPE, the King of Frog coins, has seen a massive influx of over $2 billion in trading volume in the past 24 hours. While technical analysis suggests a potential breakout, a closer look at PEPE’s price analysis reveals some concerning signs. Despite this, many believe that PEPE could be the best meme coin to hold during the flourishing meme super cycle.
Currently ranked as the 29th biggest cryptocurrency, PEPE holds the position as the third biggest meme coin by market cap. It surpasses its closest competitor, DogWifHat, by an astonishing $2 billion. The technical structure of PEPE is enticing to retail traders, as the price action seems poised for a major breakout that could potentially challenge Shiba Inu coin’s second-place position.
In terms of technical form, PEPE is trading at a market price of $0.00001055, with a 24-hour change of -3.58%. The price remains within a bullish pendant, with strong support at $0.0000085 and resistance at $0.000011. The current consolidation period suggests a potential break to the upside, supported by the successful retest of support earlier in the day. The moving averages also favor the bull case, with a corrective ‘golden cross’ pattern emerging between the 20DMA and 200DMA over the weekend. With solid defense at the 20DMA, a breakout to the upside is likely in the coming days, especially with the support of multi-billion trade volumes. The next price target for PEPE could be $0.000013, representing a 23.5% increase from the current level.
However, there are reasons to be cautious about PEPE’s price trajectory. The recent upside movement may be fueled by aggregate open interest, driven primarily by taker-buy positions. This raises concerns, as sell pressure has dominated PEPE’s volumes in the past week. If the price is increasing while spot holders are selling, it suggests unhealthy upward movements or, in the worst case, a correction as over-leveraged traders are flushed out. Additionally, there is a significant resistance level between $0.000013 and $0.000014 that has rejected PEPE’s price on multiple occasions since June 2024.
While PEPE holders grapple with uncertainty, retail traders may not find a +23.5% move enticing in the midst of a vibrant meme coin super cycle. Furthermore, despite its market success, PEPE is limited in growth due to its reliance on the ERC-20 token standard and lack of a real ecosystem. This is where Pepe Unchained comes in to revolutionize the frog coin game.
Pepe Unchained aims to create a standalone blockchain for Pepe, similar to Shiba Inu’s Shibarium layer-2. This project includes the launch of various dApps, such as a cross-chain bridge, a block explorer, and a developers grant fund called “Frens with Benefits.” Investors can participate in the near-viral $PEPU token presale, which has already raised an impressive $18.75 million. By investing in the presale, users can stake their tokens for an additional market-beating 116% APY.
Engaging with the Pepe Unchained community on X and Telegram can provide more information about this exciting project. However, it’s important to note that cryptocurrency investments carry high risks, and this article is for informational purposes only and does not constitute investment advice.
