The price of Pepe (PEPE) saw a 5% drop in the last 24 hours, sinking from a daily high at $0.0000074 to the nearest support level at $0.0000068.
Following the drop, Pepe saw a slight recovery to $0.0000070, although the level now seems to act as a resistance, preventing the Pepe price from moving back up.
April Pepe Coin Volatility
The recent daily drop comes after a period of growth between April 5 and April 8. During this period, the PEPE price rose from $0.0000065 to a resistance level at $0.0000080. The price rejection there then sent PEPE spiraling down back to $0.0000068.
The correction also ensured that Pepe token would continue trading in the red on a weekly chart. However, Pepe’s recent poor performance is in correlation with the rest of the market, which has been seeing shifts between bullish and bearish dominance over the past few weeks as the market grows increasingly unstable.
The increased volatility may have been caused in anticipation of Bitcoin’s upcoming block rewards halving. But, the fact that even the meme coin market — typically among the most resilient ones — is struggling right now shows the uncertainty in the crypto industry.
$Pepe is slowly returning to the levels we saw a few weeks ago. The number of holders has surpassed 200K and is increasing every hour. The market cap is currently $3.2B, and the price is consolidating while moving upwards.Study memesStudy $pepe pic.twitter.com/MInx2nCriu
— Pebre.eth (@P3bR3) April 9, 2024
On the positive side, PEPE has seen the number of holders go beyond 200,000 according to data from DexTools, and it continues to grow. Meanwhile, its market cap is just below $3 billion due to the 5% drop over the last 24 hours.
Pepe Price Prediction
The Pepe price recently formed a strong bull pennant, only to correct after reaching a strong resistance. Now, traders throughout the market look to technical indicators to determine what will happen next, but even here, the signs are unclear.
Pepe coin’s Bollinger bands, for example, recently saw a sudden narrowing, as seen in the chart below. The bands have widened slightly since, but they have not reached previous levels.
Wider bands are typically a bullish signal, so while the current situation is not ideal, the fact that the bands managed to put some distance between them over the past several hours is encouraging.
Pepe price chart – 30-min timeframe
Meanwhile, the Pepe Relative Strength Index (RSI) shows that the popular meme coin was recently oversold, leading to its price down 5%. The RSI value dropped to 20.00 at its lowest point, although it did recover to a more neutral zone at 51.58 since.
At the time of writing, the selling pressure has started to increase again, pushing the RSI further down, suggesting that the traders are not waiting for the RSI to reach an overbought zone but instead trying to take profits from any recovery.
This, in turn, suggests that PEPE is unlikely to amount to the necessary buy pressure to recover from the previous day’s drops unless the wider crypto market turns bullish and pulls the frog meme coin with it.
New Dogecoin Themed Token Starts ICO – Next Pepe?
As the crypto market struggles, many opportunity seekers have turned to new and promising ICOs.
This provides investors with the opportunity to buy new tokens with strong potential, but it also lets them invest in cryptos that are currently not affected by volatility.
One of the best examples of this is Dogeverse (DOGEVERSE) — the world’s first chain-traveling Doge, which launched on six different chains. Originally developed on Ethereum, Diverse is also present on BNB Chain, Polygon, Avalanche, Solana, and Base. Its goal is to create an interconnected universe of Doge lovers where community, rewards, and creative fun are constantly present.
The #DOGEVERSE sets a new standard for #Crypto #Tokens! 🌟Buying and #Trading $DOGEVERSE across six major #Blockchains, amplifying Cosmo’s vision of a unified crypto verse. 🚀From #DEXs to #CEXs, join our #Memecoin enthusiasts and explore #Blockchain adventurers worldwide! 🌐 pic.twitter.com/lYgZszersR
— DogeVerse (@The_DogeVerse) April 10, 2024
The Dogeverse ICO has already raised $1 million after just over 48 hours from being launched on April 8. Currently the DOGEVERSE token sells for only $0.000291.
Interested investors can buy it in exchange for ETH or USDT and store it using wallets such as MetaMask, Wallet Connect providers, or Coinbase Wallet. Alternatively, they can also purchase DOGEVERSE tokens via credit/debit card.
Apart from being the first meme coin to become a multichain crypto, Dogeverse also offers staking, granting token holders the ability to win passive rewards simply by locking up their tokens.
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