Pepe Price Among Top Losers On Coinmarketcap With 10% Drop As Analysts Say Consider This Olympic Gem That Could 100X
Release: 2024/08/28 16:39 Reading: 228
Pepe Price Plummets 10%
In a 24-hour downturn, Pepe's price has fallen 10% to $0.000007725 as of 2:30 a.m. EST. Trading volume has surged by 92% to $1.5 billion, placing PEPE among the top 100 losers by market capitalization (as per CoinMarketCap).
Technical Analysis: Bullish Reversal Potential
The PEPE/USD pair on a daily time frame continues to exhibit a Falling Wedge pattern, which suggests the potential for a bullish reversal.
- The price consolidates near the lower trendline, hinting at an upcoming upward breakout.
- Support holds steady at $0.0000007710, suggesting buying interest and preventing further decline.
- PEPE trades below the 50-day SMA ($0.0000009522) and 200-day SMA ($0.0000008725), indicating a bearish trend.
The Relative Strength Index (RSI) stands at 42.56, below the neutral 50 mark but not yet in oversold territory, suggesting room for further downside or a possible reversal.
Meanwhile, the MACD (Moving Average Convergence Divergence) shows the MACD average line beneath the signal line, a bearish indicator. However, shrinking histogram bars hint at weakening bearish momentum.
Price Prediction: Can Bulls Regain Momentum?
While the chart suggests cautious optimism, a confirmed breakout above the wedge pattern and moving averages, along with bullish signals from the MACD and RSI, is crucial before making trading decisions.
If the price sustains above $0.0000007710 and shows signs of strengthening, a breakout above the Falling Wedge pattern is possible.
- A move above the 50-day SMA could trigger further bullish momentum towards a target price of $0.0000015031.
- Failure to hold the support could lead to further declines and retests of lower levels.
Olympic-Inspired Meme Coin Surges
The Meme Games (MGMES) has raised over $400K in presale funding. Crypto analysts deem it as a potential 10X growth after launch.
MGMES offers a unique play-to-earn (P2E) ecosystem inspired by the 2024 Olympics.
- Investors can choose avatars representing popular meme coins, including Pepe.
- Successful characters reward supporters with a 25% bonus on their initial investment.
- MGMES holders can also stake their tokens for an impressive APY of 481%.
Currently, MGMES tokens are priced at $0.00935. The price is expected to increase in three days, making this an opportune time for acquisition.
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