PEPE has witnessed a sharp decline triggered by scandals that point to insider dumping scams from its creators. The meme coin saw a massive loss of over 80% in its value within the past few weeks.
However, PEPE has shown signs of a bullish trend during the trading hours of today, September 13, as its price surged to $0.000000000248. Some technical indicators suggest a bullish trend for the meme coin. Could PEPE be preparing to double its value?
PEPE Still Caught in a Bearish Trend
As of 6:40 AM EST on September 13, PEPE is trading at $0.0000000002436, indicating a decrease of 2% over the past 24 hours. Pepe Coin has been maintaining a sharp plummeting trajectory in its value within the past few weeks. PEPE plummeted by 5% over the past seven days.
The price trend of the meme coin took a downward slide after the saga surrounding the scam from the project’s developers. According to a tweet from Global Rashid, a crypto influencer, PEPE creators sold off about $16 million worth of the tokens in late August from a designated developer wallet.
PEPE DEVS DUMPING 🚨🚨😱😱
In the past few hours, @pepecoineth devs have sold over 16T #PEPE tokens, worth over $15.6M.
They still hold around 2.5% of the total supply, so keep an eye on their wallet.
Their wallet address 👇
— Global Rashid (@globalrashid007) August 25, 2023
The move from the creators brought down the value of PEPE by over 20% within a single day, triggering fear in the minds of investors. Subsequently, several PEPE holders started selling their tokens, causing a selling pressure on the meme coin.
Technical Indicators Suggest Increase in Bullish Activities
The chart shows that PEPE trades below the 50-day Simple moving average (SMA), indicating a short-term bearish price momentum.
Also, the MACD is slightly above the signal line with green histogram bars, suggesting a bullish price movement for PEPE. The relative strength index value of 25 shows that PEPE has reached the oversold zone, and a possible trend reversal could soon follow.
The combination of the following indicators points towards a positive price trajectory for PEPE in the coming weeks following a significant increase in bullish activities for the asset.
PEPE Bulls Pushing for Price Rally on Daily Chart
As shown on the chart, PEPE is trading in a channel with the price of the asset showing strength for a possible rally into its previous resistance zone. This rally would indicate about a 90% gain for traders who buy at this price level.
Also, if PEPE fails to trade into its resistance zone of $0.000001017, a possible price decline could follow for the asset, leading to a retest of the $0.0000057 support level. However, with the recent slight market uptick, investors are optimistic about a bullish price movement for PEPE.
PEPE Selling Pressure Continues
The selling pressure on PEPE continues with more investors disposing of their holdings. The meme coin still glows with elements of fear and doubt for crypto enthusiasts and investors.
According to data from CoinMarketCap, the coin recorded a whopping 164% surge in its trading volume over the past 24 hours.
The increasing sales pressure caused the coin to slip below its support level. Moreover, the prevailing bearish trend within the broader crypto market over the past few days added to the drastic decline of the meme coin.
The sharp nosedive has distorted the stability of PEPE’s community as many question the meme coin’s survival and longevity.
Although some market indicators predict a potential price rally for PEPE, there is still no certainty of a bullish trend reversal. Investors should be cautious as they trade the meme coin.
PEPE Best Alternative
Considering PEPE’s uncertainty, investors could opt for Bitcoin BSC (BTCBSC), PEPE’s best alternative.
Distinguishing Features of Bitcoin BSC
Bitcoin BSC comes with some unique features that support its sustainability. The token is developed on the BNB Smart Chain as a Proof-of-Stake crypto model.
The project currently runs its presale at a low price of $0.99 per token. Already, BTCBSC has witnessed increased adoption as more investors join its community of users. The project has raised over $1.52 million from its presale, signifying the growing trust of crypto enthusiasts and its sustainability in the long run.
You can visit the Bitcoin BSC official website to purchase the token using ETH, USDT, or BNB. Additionally, BTCBSC offers users real-life utility through its staking program. By staking their tokens, holders would earn passive income up to 500% APY.
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