Pepe Coin (PEPE), the third most valuable meme coin in the crypto space which exploded onto the scene earlier this year, has come under heavy selling pressure on Monday.
PEPE was last trading at one-month lows in the $0.0000013s, having slumped over 12% in the last 24 hours, as per CoinGecko.
The meme coin is coming under pressure amid a broader downturn in the crypto market that has seen the likes of bitcoin (BTC) dip back to $29,000 and ether (ETH) dip under $1,850.
Crypto investors/traders are likely locking in profit across the market on Monday amid a lack of fresh positive news to drive further drive up this year’s gains.
Fresh negative reporting relating to Binance, the world’s largest cryptocurrency exchange, has also likely soured the tone.
Pepe Coin’s latest drop means the token has now pulled back around 30% from its earlier monthly highs and is now trading to the south of both of its 21 and 50-Day Moving Averages.
Price Prediction – Here’s Where Pepe Coin (PEPE) Is Headed Next
Monday’s drop has not only seen Pepe Coin break to the south of its major moving averages but has also seen it break convincingly below an upwards trend channel that had been in play for around one month.
Recent price developments suggest that PEPE’s near-term technical outlook has taken a substantial turn for the worse.
Price predictions have thus, unsurprisingly, turned drastically more negative.
The next major area of support is at $0.00000084, which is a double bottom from early June.
With Pepe Coin’s 14-Day Relative Strength Index (RSI) suggesting that the cryptocurrency is still some way off having entered oversold conditions, there is a lot of scope for further near-term downside.
A drop to the June lows would mark a further 37% decline from current levels.
June Lows a Nice Area for Longer-term Dip Buyers?
However, the $0.00000084 June lows could be a nice area for longer-term dip buyers to get involved once again.
As per DEXTools, there are currently over 134,000 individual wallets holding PEPE.
That’s up around 20,000 in the last two months, which suggests that, while the rate of accumulation by new buyers is slower, broader interest in the token remains.
Despite still subdued broader crypto market conditions for much of 2023, Pepe Coin continues to demonstrate its staying power.
As the broader crypto market transitions from recovery from 2022’s brutal bear market into a fully-fledged new bull market, Pepe Coin is a great candidate to pump, given it sits at the vanguard of a new wave of novel meme coins.
Alternative Coins to Consider
With the broader cryptocurrency market in a broader malaise that could last for the rest of summer, traders looking to turn a quick profit might want to look to more speculative corners of the crypto market, such as the coins being issued by new projects.
Here is a new crypto project that has been getting a lot of hype recently, and could deliver decent returns to early investors.
BTC20 (BTC20)
Billed as “Bitcoin on Ethereum’ and as an opportunity for members of the cryptocurrency community to purchase bitcoin at its 2011 price of $1, a new token called BTC20 has been garnering a lot of hype.
The tokenomics are designed to mimic bitcoin – a 21 million BTC20 token supply cap, with tokens to be released to BTC20 stakers (rather than miners) according to the exact same issuance schedule as bitcoin.
Some are claiming BTC20 is even better than bitcoin, given it runs on an ecofriendly, low energy consuming Proof-of-Stake Ethereum blockchain, rather than on an energy-guzzling Proof-of-Work chain like bitcoin.
As per the project’s whitepaper, BTC20 is looking to raise a minimum of $3 million, though this could rise to $6 million, via the sale of BTC20 tokens for $1 each.
With the project having already raised $1.6 million in just a few days, traders need to move quickly to secure their spot.
Buy BTC20 Here
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