Pepe Coin (PEPE), the third most valuable meme coin in the crypto space that surfaced earlier this year, has come under heavy selling pressure on Monday.
According to CoinGecko, PEPE was last trading at a one-month low of $0.0000013, down more than 12% in the last 24 hours.
MIME coin is coming under pressure amid a broader bearish trend in the crypto market, with bitcoin (BTC) falling below $29,000 and Ether (ETH) below $1,850.
Crypto investors/traders are likely to book profits across the market on Monday amid a lack of fresh positive news to further extend this year’s gains.
Fresh negative reporting concerning the world’s largest cryptocurrency exchange, Binance, has also raised the prospect of a bleak environment.
Pepe Coin’s latest decline means that the coin is now about 30% back from its previous monthly high and is now trading south of both its 21- and 50-day moving averages.
Price Prediction – Pepe Coin (PEPE) Is Next Up
Monday’s decline not only saw Pepe Coin breaking south of its key moving averages, but also saw it break below an upward trend channel it has been in for nearly a month.
The recent price action suggests that the near-term technical outlook for PEPE is significantly bearish.
Thus, unsurprisingly, price forecasts have turned overwhelmingly negative.
The next major area of support lies at $0.00000084, which is a double bottom since early June.
The 14-day Relative Strength Index (RSI) of Pepe Coin shows that the cryptocurrency is still some distance away from entering oversold conditions, with considerable scope for further near-term downside.
A drop to the June low would result in a further decline of 37% from current levels.
Is June a good zone for long term dip buyers?
However, the June low of $0.00000084 could be a good area for long-term bearish buyers to re-enter.
According to DEXTools, there are currently over 134,000 individual wallets holding PEPE.
It has grown to around 20,000 in the last two months, which suggests that, although the rate of accumulation by new buyers is slowing, there remains widespread interest in the token.
Despite the broader crypto market condition still being weak in 2023, Pepe Coin continues to demonstrate its durability.
As the broader crypto market transitions from the brutal bear market of 2022 into an entirely new bull market, Pepe Coin is a great candidate to pump up, as it sits at the vanguard of a new wave of novel meme coins.
alternative coins to consider
With a widespread malaise in the broader cryptocurrency market that could last through the rest of the summer, traders looking to make quick profits may want to look into the more speculative corners of the crypto market, such as coins being issued by new projects.
Here’s a new crypto project that’s been getting a lot of hype lately, and could offer decent returns to early investors.
Billed as “Bitcoin on Ethereum” and as an opportunity for members of the cryptocurrency community to buy bitcoin at the 2011 price of $1, a new token called BTC20 is receiving a lot of hype.
Tokenomics is designed to mimic bitcoin – a 21 million BTC20 token supply cap, in which tokens are issued to BTC20 stakeholders (rather than miners) according to an issuance schedule similar to bitcoin.
Some are claiming that BTC20 is even better than bitcoin because it runs on the eco-friendly, less energy-consuming proof-of-stake Ethereum blockchain instead of the energy-consuming proof-of-work chain like bitcoin.
According to the project’s whitepaper, BTC20 plans to raise a minimum of $3 million through the sale of BTC20 tokens for $1 each, though this could grow up to $6 million.
Since the project has already raised $1.6 million in just a few days, traders need to act quickly to secure their spot.