Defying the broader market correction, the world’s third-largest meme coin PEPE Coin has registered a 4% surge on the upside. As of press time, the PEPE price is trading at $0.0000114 with a market cap of $4.8 billion. Also, the daily trading volume for PEPE coin currently stands at $726 million. As per the technical chart, the meme coin is currently trading at a crucial juncture and in a make-or-break situation.
PEPE Coin Price – A Do Or Die
As per the technical chart, the PEPE coin is retesting crucial support levels at $0.000011. Meme coin PEPE is currently one of the strongest coins in the market showing a greater relative strength over top cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
PEPE is currently turning its previous all-time high into a support level after successfully retesting the 1-day 100 EMA. Traders are closely watching the potential breakout from the 1-day downtrend which would signal an ideal opportunity to long on PEPE, noted analyst Crypto Scient.
Courtesy: Crypto Scient
Another crypto analyst Crypto Patel highlights a pivotal moment for PEPE, noting that for the meme coin to resume its upward journey, it must hold the crucial support level of $0.000011. However, Patel stated that if PEPE fails to maintain this support level, it could face a significant downside move of up to 40%. As reported by CoinGape, the PEPE Coin Open Interest has also been on a decline suggesting the lack of a bullish momentum going ahead.
Courtesy: Crypto Patel
A Look Into Other Meme Coins
While PEPE Coin makes a move to the upside, its immediate competitor Dogwifhat (WIF) has tanked by a staggering 8% all the way to $1.77. This WIF price drop comes amid strong whale sell-offs happening over the past two days. Earlier today, a WIF whale deposited 12.66 million WIF coins worth $23.4 million to crypto exchange Binance.
A whale deposited 12.66M $WIF($23.4M) to #Binance in the past 2 days.https://t.co/gWcpd0gBOz pic.twitter.com/Fc6WayMjAO
— Lookonchain (@lookonchain) June 22, 2024
On the other hand, Shiba Inu has seen a notable surge in the burn rate with the burnt SHIB tokens rising by 1,100% in a single day.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
