New Pepe Competitor Gains Traction Among Crypto Whales – The Next Big Thing?
Meme coins, led by favorites like Pepe (PEPE), have become the must-trade category in the 2024 market.
Notably, in the first half, they outperformed the entire financial market with an average return of +1,834% for investors.
But now, a new competitor is gaining traction among crypto whales – Pepe Unchained (PEPU)
$PEPE ATH next week is programmed. pic.twitter.com/Lk5louvlzP
— Plazma (@Plazma0x) June 26, 2024
But, with the crypto market on the ice this week, how will the PEPE price shape in the weeks ahead? Let’s dig in.
As Pepe fights to stay afloat under suppressive moving average resistance, the coin is currently trading at a market price of $0.00001035 (representing a 24-hour change of -8.3%).
This comes amid an impressive, ongoing defense by holders, with the price seemingly caught between a rock and a hard place at present.
To the upside, the suppressive resistance of a down-trending 20DMA (now at $0.00001155) has prevented any meaningful price growth for 26 days since June 7.
Meanwhile, a rock-solid support layer has been continually defended around $0.00001 – suggesting a potential accumulation zone underpinning the volatility.
In a further bullish signal, the RSI indicator has shifted to an attractive 40, suggesting consolidation may well shift into a bounce in the near-time frame.
This leaves Pepe in seemingly bullish poise. Bulls are currently targeting a push above the 20DMA to $0.00001150 (a potential +10.25% gain).
While downside risk could see the price hammer back down into accumulation at $0.00000970 (a possible -7% loss).
Therefore, pepe has a risk: reward of 1.47 in the short term, suggesting a reasonable entry but mediocre gains.
However, it’s also worth considering whether the meme coin can truly supercharge your
Read more on cryptonews.com
