The price of PEPE, the frog’s Cryptocurrency, is trading at 0.000009854 USD with daily losses of 3.02% and weekly losses of 6.23%. Although At a monthly level, the price is at gains of 20.92%.
In the last week, this memecoin tried to conquer and maintain a minus zero to its left, that is, the level of 0.00001 USD. But the battle is not over yet and PEPE bulls continue to fight for this level.
It should be noted that PEPE declines while the cryptocurrency market experiences simultaneous declines.
Bitcoin returned to the $66,000 level and ETH to $2,500. Most of the top 100 cryptocurrencies in market capitalization face daily losses.
The stagnation of the main crypto assets results in setbacks in more volatile themes such as memecoins and PEPE is no stranger to these bearish influences.
Thus, the top 10 largest memecoins are in daily losses, with only POPCAT and MEW in gains.
Although it should be noted that the decline is not as pronounced as we normally see and the biggest loss of the top 10 is found in BRETT, which has fallen 5% in the last 24 hours.
At the media level there is not much news about PEPE, but there is good news and that is that the Upbit exchange included it in its list. Although this fact has not immediately boosted memecoin, it is good news, as this exchange is usually conservative when it comes to including meme coins in its trading.
In this way and in this context, we only have to use technical analysis to understand what the next levels could be for this token.
PEPE Price Analysis: Key Levels
Some analysts believe that the current movements in the price of PEPE are signs of a possible breakout, which could even lead to a new all-time high:
«PEPE is preparing for a possible breakout as it approaches the trend line. If the bulls continue ahead, we could be seeing another rally: new ATH soon.
However, in our analysis we interpret that PEPE is in the middle of a medium-term rebound after the drop to $0.00000586 on August 5. Today the price is struggling to recover the $0.00001 level, a psychological resistance. However, the real challenge in the short term is the resistance of 0.000011 USDa level from which the token has corrected several times.
The next resistance lies around $0.000012 and $0.000013, a break of the latter resistance would likely mark the start of a recovery trend.
Regarding supports, it is worth noting the level of the 200 EMA or $0.00000967, a clear sign of a reversal. Further down, the price would find a floor at $0.00000835, the loss of which could take the price as low as $0.000007.
The RSI at 39.2 points and in this context shows that the price is tending towards neutrality and a rebound is even feasible. Although this outlook could be nullified if the price loses the 200 EMA level.
Memecoins are volatile again
Although most of the memecoins in the TOP 10 show drops of less than 5% (as we already said), this theme today tends to move towards volatility and is also experiencing a correction.
After reaching $59.3 billion in market capitalization, today the memecoin sector falls to $56.3 billion.
Although it is worth noting that Since May, this theme has recovered its market capitalization from 36 billion to current levels.
The drive for this capitalization is led by the appearance of several large-cap projects and the emergence in recent months of a large number of memecoin launching platforms such as Pump.fun and SunPum.
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