Pepe Falls Hard as a $3.2 Million Rival Emerges
The top frog, Pepe, is in hot water as PEPE’s price falters, losing its stronghold above a crucial support level. With the price analysis predicting a further decline, a competitor is seizing the opportunity to make waves.
This article will provide an analysis of PEPE’s current price trends and look to see whether a viral new Pepe competitor represents a more promising investment opportunity at this time.
With new information coming to my eyes. I'm changing my opinion. $PEPE looks like shit.
– Lost key S/R
– Lost D100 MA
– Chart looks lackluster as fuck.
Send it back down to $0.0065. https://t.co/B4q7GKRnEY pic.twitter.com/BigspvkM5e
— VikingXBT (@VikingXBT) July 12, 2024
With prominent traders on Crypto X (formerly Twitter) now calling bearish sentiment on the PEPE chart, it seems likely that this downside move will continue to rinse holders.
As Pepe price battles downside trajectory, the coin is currently trading at a market price of $0.00000885 (representing a 24-hour change of -0.45%).
This comes as PEPE tumbled from it’s accumulation zone and attempted consolidation above $0.00009 – in a calamitous drop that has destroyed any remaining bullish chart structure for the top FROG.
Critically, losing the support of the 20DMA has left the price especially vulnerable to further free-fall – the last time this happened on July 2nd – PEPE dropped -33% before fighting back above the key MA.
Meanwhile, the RSI indicator has shifted to strong bullish divergence amid the downtrend, with huge upside capacity available – however, it’s worth noting this indicator can often stay decisive longer than traders can stay liquid – so don’t rely on this.
To the downside, the price might now be on course to drop down to lower support at $0.00000575
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