Pepe Price Prediction: PEPE Soars 28% In A Month, But Investors Are Flocking To This Layer-2 Alternative For Exponential Potential
Release: 2024/10/11 16:04 Reading: 231
Pepe Price Surges amid Technical Bullishness
Over the past month, the Pepe price has experienced a remarkable surge of 28%, with a further 1% gain in the past 24 hours. At the time of writing (11:32 p.m. EST), Pepe is trading at $0.000009358.
This strong monthly performance has contributed to an impressive 1,355% increase in Pepe's value over the last year.
Pepe Breaks Out of Bearish Channel
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4-hour chart for PEPE/USD (Source: GeckoTerminal)
Pepe has successfully broken out of a descending price channel in recent hours. The meme coin is now attempting to overcome the resistance level at $0.000009905. If it succeeds, the crypto's price could continue rising towards $0.000010878.
However, failure to maintain a position above the descending price channel within the next 12 hours could hinder any bullish momentum in the short term. Pepe may then drop back within the negative channel, potentially losing the immediate support level at $0.000008972. In a more bearish scenario, it could fall as low as $0.000008294 within the following 48 hours.
Technical Indicators Hint at Bullish Shift
From a technical perspective, sellers still appear to have control. However, there are indications that bulls are regaining the advantage. The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing positive signs.
The MACD line, which has been below the MACD Signal line, is starting to rise towards it. An intersection between these indicators could signal a reversal of Pepe's bearish trend.
The RSI readings have also gradually increased, with the RSI line remaining positively sloped. Although the indicator's current reading is below the 50 benchmark, suggesting that sellers have the edge, the recent increase in RSI values could indicate an impending shift in power.
Pepe Remains Under Pressure, Layer-2 Alternative Gains Momentum
While Pepe faces bearish pressure, its layer-2 counterpart, Pepe Unchained (PEPU), has exhibited significant momentum in its ongoing presale.
Pepe's growth has been hampered by high network fees and slow processing times on the Ethereum network. Pepe Unchained aims to address these issues by moving the token to its own layer-2 chain, providing a 100-fold increase in transaction speeds and reduced costs.
PEPU's ICO Draws Interest, Projects Future Potential
Pepe Unchained has raised over $18.6 million in its ICO, with experts optimistic about its potential. The project's utility, including its developer grant program for decentralized applications (dApps), has garnered attention within the meme coin space.
Whales have also expressed interest in PEPU, as evidenced by recent Twitter updates. The token can be purchased through the buy widget on the project's website using ETH, USDT, BNB, or a bank card. PEPU currently sells for $0.00996, with a 117% APY available for early investors.
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