Join Our Telegram channel to stay up to date on breaking news coverage
The Pepe price has slumped 13% in the past 7 days to trade at $0.00001270 as of 00:42 a.m. EST. on trading volume that plunged 22%,
In the past 24 hours, the price is up nearly 5%, CoinGecko data shows.
Traders have conflicting opinions on the next directional bias for the frog-themed token. Cognizant that the PEPE meme coin runs on the Ethereum blockchain, one trader underscores that the Pepe price will rally once the Ethereum price shows strength.
“I think $Pepe looks bearish here.”
Brother, I cannot for the life of me understand how you could be bearish this chart. Get off of the 5 minute time frame, sit back & enjoy the ride. $ETH isn’t even in price discovery yet… that’s when this next part happens. pic.twitter.com/Bb9MH5vYvj
— Max (@MaxBecauseBTC) June 9, 2024
Others say that the Pepe price rally is contingent on the $0.00001139 level holding as support, potentially going to a new all-time high.
If the white line holds as support this should go to new ATH’s pic.twitter.com/MBqrK9xm9m
— Crypto Michael (@MichaelXBT) June 9, 2024
Pepe Price Prediction
After a series of higher highs beginning mid-April, the Pepe price broke above this technical formation. However, the breakout was short-lived as the frog-themed token is now within a descending parallel channel.
While this is bearish, it is impossible to ignore that the Pepe price continues to hold within the ascending parallel channel as shown in the one-day chart for the PEPE/USD trading pair below.
Based on the outlook of the technical indicators, the market is leaning to the downside. The Relative Strength Index (RSI) is recording lower highs, signifying falling momentum. The Moving Average Convergence Divergence (MACD) is also below the orange band of the signal line, accentuating the bearish outlook.
A rejection from the centerline of the falling wedge pattern could see the Pepe price extend the fall to test the confluence between the lower boundary of the channel and the horizontal line of $0.00001139.
In a dire case where the bears have their way, an extended leg down to the $0.00000885 and effectively a break below it would invalidate the big-picture bullish outlook.
GeckoTerminal: PEPE/USD 1-day chart
On the other hand, if the bulls increase their buying pressure to overcome resistance due to the centerline of the falling channel, it would encourage more buy orders. Nevertheless, PEPE would only be attractive to buy above the $0.00001409 resistance level. This would effectively mean a flip of the centerline of the ascending parallel channel into a support floor.
To confirm the continuation of the uptrend, however, investors must wait for a stable candlestick close above $0.00001800, signifying a higher high.
With conflicting opinions on the outlook for PEPE, some investors are pivoting to PlayDoge (PLAY), a new Dogecoin derivative that just surpassed past $3.5 million in funds raised in its presale.
Crypto YouTuber Jacob Bury says it could be the next meme coin with the potential to 10X on launch.
Promising Alternative To PEPE
PLAY is the powering token for the PlayDoge ecosystem. The project advertises itself as the best play-to-earn (P2E) DOGE companion game. It is a mobile-based P2E game that transforms the iconic Doge meme into a Tamagotchi-style virtual pet.
#PlayDoge is bringing Tamagotchi into the 21st century. 🎆
There will be games on our App to earn $PLAY tokens that can be redeemed for #Crypto. ✅
We’ve given Tamagotchi the spec upgrade it deserves! 💫#Memecoin #PlayDoge #BNB #P2E pic.twitter.com/8negSBSmM1
— PlayDoge (@PlayDogeGame) June 9, 2024
PlayDoge brings the legendary Tamagotchi virtual pet concept into the new digital economy. Ecosystem participants play through classic 8-bit side-scrolling adventures while embracing the 90s nostalgia to earn crypto. You enjoy monetary incentives based on how well you can care for your pet.
Get in on the action early with our #Presale launch! 🚀#PlayDoge brings together gamers and #Crypto enthusiasts for a trip down memory lane. 💭
Grab your tokens now! $PLAY
#P2E #MemeCoin #BNB pic.twitter.com/BBUtS3eFqV
— PlayDoge (@PlayDogeGame) June 4, 2024
PLAY tokens are presently priced at $0.00505. This price tag will hold for only about another four hours, so buy soon if you are interested to get the best deal.
Also Read:
PlayDoge (PLAY) – Newest Launch On BNB Chain
- 2D Virtual Doge Pet
- Play To Earn Meme Coin Fusion
- Staking & In-Game Token Rewards
- SolidProof Audited – playdoge.io
Join Our Telegram channel to stay up to date on breaking news coverage
