While many top cryptos have experienced a flat week, Pepe has been on a tear, up 4.61% in the last day and 14.5% in the previous seven days.
However, many investors are still exercising caution given the recent debacle where supposed ex-team members stole $15 million from the project’s multi-signature wallet.
This raised security concerns about the project, causing a drastic sell-off in August and early September. However, buyers have seemingly taken control, with the price bottoming at $0.000000594 and currently trading at $0.0000007878.
Pepe Rejects Crucial Resistance Level but Still Shows Strength, Can It Break Out?
Besides the recent issues regarding the transparency and security of Pepe Coin, another notable concern is that its price is currently trading at an important resistance level.
So far, Pepe is respecting the resistance level, with the price chart showing that momentum is decreasing. This same level acted as support in August and then resistance once it broke below.
If the price cannot break above, Pepe remains in a downtrend, and new lows are likely on the horizon. Ultimately, its direction remains to be seen, and technical indicators paint a convoluted picture of where it could be headed.
For instance, Pepe has just crossed the 200-day exponential moving average (EMA). Although this is a bullish signal, the relative strength index (RSI) says Pepe is oversold.
As such, the RSI indicator points to a pullback ahead. If this occurs, it would break below the 200-day EMA.
If so, it could first be headed for the $0.0000006985 level before a potential move to its recent lows.
Yet if bulls take control due to Pepe reclaiming the 200-day EMA, we could see a substantial leg up, breaking the $0.0000008824 resistance. This would likely be followed by a pullback to stabilize the RSI and would be a retest of the current resistance, then acting as support.
Despite Pepe’s recent gains, the broader market sentiment is bearish. TradingView Analyst TH57Trader has identified the recent pump as an opportunity to open Pepe shorts.
Meanwhile, Trader CryptoNiche highlights that the old support level has become resistant, proposing that the price will retest and sell-off.
While Pepe’s future remains uncertain, a new meme coin has taken a stance and looks ready to overthrow the bear market phenom.
This project is Meme Kombat, a new presale token kicking up a storm, raising $140K within days of launching.
P2E Coin Meme Kombat Hits $140K As Investors Seek 112% Staking APY
Meme Kombat (MK) is a new gamefi project offering an immersive betting experience where users can wager on battles involving their favorite meme characters. Last week, the project launched as a presale and became an instant hit, already raising over $140K.
However, the project is more than just a compelling P2E game. It boasts carefully engineered tokenomics designed to foster a loyal, long-lasting community, which could indicate significant upside potential.
Its game is based on traditional betting mechanics, making for a fair, realistic, and engaging gambling experience with predetermined outcomes in player vs. computer matches. Moreover, the platform enables users to enter competitive player-vs-player matches, bolstering the project’s community element.
Meme Kombat holds numerous benefits over Pepe. One example is its staking mechanism, empowering users to earn passive rewards while holding a high-potential meme coin. The project offers a 112% annual percentage yield (APY), way above the market average, with Ethereum staking offering just 4%.
Moreover, staking will remove lots of $MK from circulation, improving supply and demand dynamics.
Another advantage is that its team is fully doxxed, with their experience and social media accounts linked on the Meme Kombat website. This adds a degree of transparency and accountability that Pepe lacks, ultimately leading to its demise.
With this in mind, it is no surprise that the presale is selling out, with market participants lining up to buy Meme Kombat. Therefore, potential investors should act quickly or face missing out.