Top meme coin Pepe is facing several crucial tests heading into September. Despite rallying nearly 10% today, the PEPE price failed to flip the key 200-day Exponential Moving Average, which is currently hovering at $0.0000083.
The bulls need to reclaim this level before the monthly close to pave the way for a new all-time high.
The Pepe price is currently trading at $0.0000078, with a market capitalization of $3.28 billion.
Some smart money investors are already pivoting to new meme coins such as Pepe Unchained (PEPU). That new crypto ICO has raised nearly $10 million, with its first exchange listings like to take place in September.
Pepe Price Prediction - New All-Time High Possible in September?
The Pepe price saw a 10% uptick today, sparked by the bullish recovery in Bitcoin. Additionally, the popular South Korean crypto exchange Upbit listed the meme coin on its platform, adding to its bullish strength.
Indeed, PEPE’s daily trading volume is up by over 60% today, at over $750 million as per the CoinMarketCap data.
The meme coin is now trading nearly 30% above its monthly lows. And yet, TradingView is giving it a “Sell” signal in the daily and weekly time frames, considering it is underperforming most moving average indicators.
As previously mentioned, the 200-day Exponential Moving Average at $0.0000083 remains the key resistance to breach, followed by the 10-week EMA at $0.0000094.
On the flip side, the bulls must avoid a monthly close below $0.0000066, which would trigger a larger price crash, potentially to as low as $0.0000022.
$PEPEHere's a possible scenario that would trigger if we see a monthly close below $0.000006669Potential upthrust if that level is lost.I've added the $ADA monthly chart in for comparison of similar structure during a previous run. pic.twitter.com/fdJLcivWQb
— Nebraskangooner (@Nebraskangooner) August 19, 2024
The meme coin should receive a boost from the Fed’s rate cuts in September, particularly if the central bank surprises the market with a 50 bps cut. Similarly, the improving odds of a Trump presidency is bullish for Pepe and the rest of the crypto market.
However, the Pepe coin remains mired in uncertainty for the time being, making some of the newer meme coins more attractive investments in the short term.
New Meme Coin Pepe Unchained
The strong demand for new meme coins isn’t surprising. They show little correlation to the broader bearish sentiment. On the flip side, they can often deliver outsized returns during the bull market euphoria.
Pepe Unchained (PEPU) is one of the low-cap meme tokens that have caught the attention of smart money investors. Despite the broader market uncertainty, PEPU has raised nearly $10 million in its presale.
We’ve just hit $9.5M!So close to the next big milestone! Pepe Unchained is unstoppable and we’re only getting started. Huge thanks to everyone on this journey with us! 🐸🚀 pic.twitter.com/l5SOUSpkJF
— Pepe Unchained (@pepe_unchained) August 20, 2024
As such, frog-themed meme coins are in high demand as investors hunt for the next Pepe. Tokens such as PeiPei, PONKE and PepeCoin have all seen substantial growth.
However, Pepe Unchained has separated itself from the crowd of Pepe copycats. It is launching its own Layer-2 chain on Ethereum, with the aim of offering low trading costs and high staking rewards. Presale PEPU buyers are already earning high staking rewards, currently at an APY of over 200%.
While new Ethereum meme coins typically struggle with retail investments due to the high trading costs, experts believe that Pepe Unchained could shine in this area.
It is not without any reason that some smart money investors are suggesting 100x gains for the early PEPU buyers.
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