Pepe Price Plunges 7% In A Week As Traders Pivot To This Layer-2 Derivative And Its 596% APY
Release: 2024/07/11 16:44 Reading: 761
Pepe Price Plunges 7% in the Past Week
Over the past seven days, the price of Pepe has dropped by 7%, and in the last 24 hours, it has further declined by 2%, as of 00:15 AM EST. Currently, it trades at $0.000009107 with a trading volume that has decreased by 10%.
Meme Coins Struggle as Bitcoin Hovers Around $57,000
As Bitcoin price remains within the $57,000 range, meme coins like Pepe, which are often influenced by broader market sentiment, have continued to decline in value. However, some traders remain optimistic and anticipate a recovery, especially for large-cap meme coins such as PEPE.
Pepe Price Prediction
Pepe's price is currently exhibiting a bearish bias and is confined within a descending parallel channel. This technical formation indicates potential for further losses in the short term. As long as Pepe remains within this channel, holders may experience further declines.
The price faces immediate resistance at the centerline of the channel. Selling pressure at this level appears to be overpowering buying pressure.
Technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) suggest a bearish sentiment, reinforcing the downward trend.
Given these conditions, the market sentiment leans towards selling or a downtrend in the short term. Traders should exercise caution and consider potential short positions until a clear reversal or breakout occurs above the resistance level.
If resistance holds, Pepe's price could drop to $0.000006960, the 78.6% Fibonacci retracement level. In a worst-case scenario, it could reach $0.000004159, levels not seen since mid-April.
Bullish Scenario
On the other hand, if bullish momentum increases, buyers could overcome resistance at the channel's centerline. A stable candlestick close above the 61.8% Fibonacci retracement level of $0.000009159 would encourage buying.
In a highly bullish case, gains could extend to $0.000010704, flipping the 50% Fibonacci level into support. A decisive candlestick close above this level on the one-day timeframe would provide an entry point for long positions.
Pepe Unchained (PEPU) Presale
Meanwhile, as Pepe's price falls, the presale for Pepe Unchained (PEPU) continues to gain traction, raising over $3.1 million.
YouTube channel 99Bitcoins, with over 705K subscribers, has highlighted PEPU as one of the best cryptos to buy now, predicting its potential to soar 100X after launch.
Alternative to Pepe
Pepe Unchained is a meme coin project that mirrors its predecessor, Pepe. PEPU is a unique derivative as it operates on its own proprietary Ethereum Layer 2 blockchain.
This Layer-2 solution addresses the scalability, speed, and efficiency issues commonly faced by meme coins on the Ethereum Layer-1 blockchain.
As a Layer-2 blockchain meme coin, Pepe Unchained offers increased efficiency for investors to capitalize on market opportunities.
PEPU holders can also stake their tokens to earn an annual percentage yield (APY) of 596%. However, rewards decrease as more investors stake, so early participation is recommended.
The distribution of $PEPU token rewards will occur at a rate of 608.82 $PEPU tokens per ETH block over 2 years.
$PEPU tokens are currently available for purchase at $0.0083591 each. A price increase is expected in 18 hours; early investment is advised to secure the best deal.
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