PepeCoin Price Prediction: PEPECOIN Surges 8% As This Layer-2 Meme Coin Closes On $4 Million
Release: 2024/07/17 23:55 Reading: 705
PepeCoin Surges, Attempts to Overcome Resistance
The PepeCoin price has witnessed a significant increase of over 9% within the last 24 hours, reaching $2.99 as of 7:30 a.m. EST. This surge has contributed to a weekly gain of over 13%.
Technical Analysis Reveals Potential for Further Growth
A 4-hour chart analysis suggests a positive trend line for PepeCoin. It is currently attempting to overcome a major resistance level at $3.007. Surpassing this threshold could provide the necessary technical foundation for a rise to as high as $3.3563 in the short term.
However, failure to breach $3.007 could result in a reversal, potentially leading to a drop to the immediate support level at $2.5785 within the next 48 hours. Continued selling pressure may push PepeCoin down to $2.2026.
Bullish Momentum Weakening
Technical indicators indicate a potential loss of bullish strength for PepeCoin. The MACD and RSI indicators suggest that the crypto's momentum is cooling off.
The RSI line has plateaued above 74 as PepeCoin approaches the $3.007 resistance, indicating buyer dominance. However, this high reading could also signal a sell signal, as it suggests limited upside potential.
Meanwhile, the MACD Histogram has also started to level off, indicating a potential end to the bullish trend.
Consider Diversifying into Pepe Unchained (PEPU)
Until PepeCoin clears the $3.007 resistance, traders and investors may consider diversifying into the layer-2 meme coin Pepe Unchained (PEPU).
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