Pepe Price Dives 16% In A Week, But The Layer-2 Alternative Pepu Unchained Has Just Blasted Past $3 Million
Release: 2024/07/10 16:50 Reading: 410
The Pepe price dropped 2% over the past 24 hours and 16% in a week, trading at $0.000009297 as of 01:02 a.m. EST. Despite this, the meme coin market increased 2% to reach a market capitalization of $43 billion. Top meme coins DOGE and SHIB both rose by 2%, suggesting a positive momentum in the broader market.
Pepe Price Analysis
According to data from GeckoTerminal, the Pepe price fell in July after encountering resistance at $0.0000117. The price has since formed a double bottom pattern at the support level of $0.000007409. The bulls are now attempting to capitalize on this pattern and trigger a bullish reversal.
PEPE is currently trading slightly above the 50-day Simple Moving Average (SMA), indicating support for a short-term price increase. If the bulls succeed in reversing the trend, PEPE could surpass the 200-day SMA, which serves as an immediate resistance zone at $0.000009543.
The Relative Strength Index (RSI) is hovering at 59 and approaching the overbought region of 70, suggesting that buyers are actively purchasing the token.
The Moving Average Convergence Divergence (MACD) is also bullish, with the blue MACD line crossing above the orange signal line. This bullish crossover could encourage further buying and propel the token higher.
The histogram's green bars are also forming above the neutral line, indicating that the Pepe price is gaining positive momentum.
Pepe Price Prediction
The Pepe price analysis on the 1-hour chart indicates that PEPE is poised for a bullish reversal, with the bulls aiming for a target of $0.000012 based on the double bottom pattern.
Key indicators like the RSI and MACD support the buyers' position and suggest that the token could rally towards its target.
However, a potential death cross at $0.00001178 could prompt the bears to regain some control. In this scenario, the price of Pepe may retrace to the $0.00000777 support level.
Pepe Unchained Update
As the Pepe price prepares for a possible rally, investors are also taking interest in a new upgrade of the meme coin called Pepe Unchained (PEPU). PEPU has raised over $3 million in early funding.
Pepe Unchained is designed to overcome the limitations of its predecessor PEPE, which has gained significant popularity but faced scalability and efficiency issues due to its reliance on the Ethereum Layer-1 blockchain. Pepe Unchained runs on its own proprietary Ethereum Layer 2 blockchain, aiming to address these concerns.
Token holders can earn passive income through PEPU's staking system, offering an annual percentage yield (APY) of 627%.
Investors can purchase $PEPU tokens for $0.0083591 each. A price increase is expected in less than two days, so early acquisition is recommended for the best deals.
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