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Pepe Price Pumps 60% in 7 Days – Here’s Why it Can Only Go Down From Here

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The Pepe meme coin has surged over 60% in the previous seven days and 39% in 24 hours.

However, the price is currently trading below a long-term resistance, and considering its parabolic rally over the last week, bulls are likely becoming exhausted.

This is also evident because the relative strength index is currently in the over-bought region of 77.62.

The recent pump has generated significant hype in the Pepe community, leading many investors and analysts to give price targets around its previous all-time high (ATH). However, this presents a significant opportunity for whales to offload their Pepe at a profit, thanks to the extra liquidity.

Moreover, this enables short sellers to counter-trade the trend and short Pepe with much more market liquidity.

Also, zooming out on the Pepe price chart, the recent bullish momentum looks like a pullback on a bearish downtrend rather than the beginning of a new uptrend.

As seen on the chart below, the current daily candle is forming a “shooting star” candle, which is seen as a bearish signal following an uptrend.

Pepe currently has a market cap of $613,108,755 and a 24-hour trading volume of $777M. The trading volume is up 272% in the last 24 hours.

Increased activity shows that the higher price has awoken a lot of sellers, who are already in profit of over 60% in the past seven days. Therefore, the current price presents an opportunity for holders to sell and get back in at a lower price.

What Meme Coins Could Outperform Pepe?

As mentioned, Pepe already has a significant market cap of over $600 million, leaving little room for growth. However, the main issue with Pepe is that it is indifferent to other meme coins since it carries no intrinsic value.

On the other hand, the Wall Street Memes meme coin remains significantly undervalued, currently in its presale, having raised $9.2 million.

Wall Street Memes Racing Through Presale – Could it be the Next Pepe?

Wall Street Memes is a presale meme coin created by an online brand with over one million followers across all platforms. The Wall Street Memes team publish stock and crypto-related memes across social platforms like Instagram, Twitter and TikTok.

The project was inspired by the Wall Street Bets movement in 2021. According to the Wall Street Memes website, the new meme coin aims to “tokenise” the Wall Street Bets movement.

One of the reasons Wall Street Memes has significant potential is that despite the coin being brand new, its Twitter account has already received engagement from Elon Musk. This holds considerable importance for a meme coin since support from Elon can cause a project’s price to explode, as we saw with Dogecoin.

The presale has a $30,577,000 hard cap, with 50% of tokens available in its presale. This means Wall Street Memes has room for a 10X to reach Pepe’s market cap.

In celebration of its presale, Wall Street Memes is running a $50K airdrop and releasing an ultra-rare Bitcoin ordinals NFT collection with just 420 items available.

Currently, the $WSM token price is $0.0298. However, this will incrementally rise throughout the presale until its final stage, priced at $0.0337.

Visit Wall Street Memes Presale

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