Despite an incredible surge of over 50,000% between April 15 and May 5, Pepe Coin (PEPE) is experiencing a significant decline of more than 60% from its peak, with 15% of the drop occurring in the past week. Uncertainty looms over the meme coin’s future potential, causing market participants to question how much further the crypto prices may fall. Currently, technical indicators present a mixed outlook for Pepe Coin.
A look at the EMAs on the 4-hour chart spells trouble for the Pepe coin price. The fact that shorter-term EMAs are below the longer-term ones indicates a continued downtrend. The bearish pattern is supported by the RSI at 46.88, slightly higher than yesterday’s 39.09 but still below 50, showing the presence of sellers. Similarly, the MACD histogram is less negative than yesterday but still signals upward momentum challenges that could lead to further price declines.
In contrast, trading volume over 24 hours shows an optimistic scenario with a 27.00% increase to $241 million. The market cap also looks slightly bullish, with an impressive jump of 20.23% to $492 million. However, these positive signs should be treated cautiously as the Pepe coin price faces strong resistance at the Fib 0.786 level of $0.000001258.
Pepe Coin’s support is between $0.000000981 and $0.000001007. Failure of these levels could see the Pepe Coin price retest lower support, near the previous horizontal support on May 3. Although some bullish elements have emerged, bearish undertones remain. Traders should exercise caution and closely watch support and resistance levels to determine the crypto asset’s next move.
Amid the chaos surrounding Pepe Coin, Launchpad XYZ offers stable ground. The promising web3 crypto startup has reached a key fundraising milestone, racking up $918,000 so far in its presale funding. Launchpad XYZ is channeling the funds into realizing its vision — an all-inclusive portal to web3 trading. While other cryptocurrencies experience volatility, Launchpad XYZ maintains a steady course.
Launchpad XYZ intends to offer its users a comprehensive array of tools necessary for trading, investing, and analyzing NFTs, fractionalized assets, utility tokens, and web3 presales through its decentralized exchange and trading terminal. The anticipation surrounding Launchpad XYZ is mounting due to its potential to provide the requisite tools to spot the next 100x Web3 asset.
An educational section for beginners and an informative newsletter for seasoned traders are also planned features of the platform. Launchpad XYZ also plans to include a gateway to the metaverse and play-to-earn web3 gaming for its users. With Launchpad XYZ’s proprietary web3 wallet, users can take immediate self-custody of their crypto assets.
In conclusion, the path of least resistance appears to be downward for Pepe Coin’s price for now. Significant support and resistance levels should be closely monitored in the immediate future. However, stability offered by projects like Launchpad XYZ could provide an alternative focus for crypto enthusiasts as they navigate this unpredictable market.
Source: Cryptonews
