The PEPE coin aims to overtake the dog’s meme-coin popularity. It has popular dApps like Gemini, Binance, Kucoin, Huobi, and many other popular digital applications. PEPE aims to become the king of memes and is trying to bring the meme coins into the trend again.
The coin can be bought by creating a wallet on various platforms or by buying Ethereum. Another alternative can be connecting to UNISWAP. The PEPE coin became popular as a meme coin that does not promise any financial return and has no intrinsic value. Being a meme coin, it has been introduced solely for entertainment purposes.
The current market cap of the coin is $242.126 Million and the fully diluted market cap of the PEPE coin is $259.986 Million. The derivative volume of the crypto has also declined by 14.98% in the last 24 hours. It resulted in a long liquidation of $160.63K. It means that the buyers have exited their position in the crypto.
PEPE Token Price Technical Analysis
After a huge advance in the price of the PEPE coin just after the ICO, the crypto changed its trend to negative. It is still following the same declining to lower levels with a falling wedge pattern. The price is trading at the lower edge of the pattern, which can lead to a breakdown in price.
The price of the crypto is trading below the 50-day EMA and the RSI for the same has declined below the oversold zones. It is leading to a lack of momentum and indicating a downtrend.
PEPE Derivative Volume Analysis
The PEPE coin had a very good volume in the days of its ICO, but since then there has not been any significant activity in the derivatives volume of the crypto asset. It shows the lack of interest of traders in the PEPE coin.
Conclusion
The PEPE coin does not work on any significant project and is just designed for entertainment purposes. Even the name of its creator is not clear. Those things make it a threat to the portfolio and also there has been no significant volume in the crypto for a very long time. The coin is also following a negative price action and the EMA and RSI are also bearish.
Therefore, the PEPE coin does not look good for investment based upon the current scenario and the price can decline to further lower levels.
Technical Levels
- Support levels for the PEPE Coin are: $0.000000150 and $0.00000010
- Resistance levels for the PEPE Coin are: $0.000000189 and $0.000000379
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/09/22/a-massive-dump-in-the-pepe-coin-are-whales-going-away/