The Pepe Coin price has risen by a strong 10% in the past 24 hours, reaching $0.000000932791 as the wider cryptocurrency market gains by 2% today. This surge now means that PEPE is down by 17% in the last seven days and by 40% in the last 30, with the new meme token being disproportionately affected by the past week’s SEC-caused selloff. Given that PEPE has been heavily sold in recent weeks, the meme token may be due for a recovery rally, a possibility heightened by the fact that its 24-hour trading volume has climbed from just over $50 million earlier in the week to more than $100 million today.
Of course, PEPE’s status as a meme token means that nothing fundamental is supporting its price, aside from a community of early holders who want to see it rally again. PEPE does show some signs that its rally today could continue over the weekend (if not longer), with its relative strength index (purple) having risen from 30 to 50 today.
This signals an early increase in buying momentum, as does the fact that the coin’s price has just risen above its 30-day moving average (yellow). It’s important to note here that it has only just overtaken the average, meaning that further gains in the coming days are possible before PEPE runs out of steam. In this respect, it will be interesting to see whether the meme token can pass the $0.000000960 resistance level (red), from which it fell back down earlier in the week.
If it can clear this price, then there’s no reason why it shouldn’t rise higher, perhaps returning to the 0.00000110 level it last saw over the weekend before a loss of market liquidity dampened investor sentiment. Of course, it’s worth pointing out to potential new investors that PEPE has lost an awful lot of steam in recent weeks, with the meme token now down by 78% compared to the all-time high (of $0.00000431) it recorded only a month ago.
A skeptic would argue that PEPE’s time in the sun is now over, and that other trending meme tokens and altcoins will sooner or later come to take its place. That said, data suggests that larger traders are still buying and selling PEPE in the hope of making profits, indicating that the meme token still has a market and a following.
For this reason, it would be premature to claim that PEPE won’t see any other big gains in the near future, although its status as a ‘pure’ meme token means any such gains can’t be guaranteed. For some investors, buying a token like PEPE might not be an attractive option, seeing as how the coin pretty much lacks any kind of utility.
More risk-averse traders may prefer to look at other new altcoins that have some kind of use case, with a handful of presale tokens currently having both thepotential for gains and promising fundamentals. This includes ecoterra, a recycle-to-earn platform that has impressively sold more than $5.1 million of its native ECOTERRA token since its presale began last month.
Running on the Ethereum blockchain, ecoterra’s platform aims to provide a decentralized and crypto-based ecosystem for encouraging more sustainable living. Due for launch in the next few months, it will reward users in ECOTERRA for recycling their household waste at participating recycling points. The platform will also provide NFT-based carbon offsets to users who generate their green energy, with these credits tradeable on the platform’s own NFT marketplace.
Together, such features show how ecoterra could help incentivize greener lifestyles, while they also explain why the platform’s presale has been so successful already. Investors can join its presale by visiting the official ecoterra website and connecting their software wallets, with 1 ECOTERRA currently costing $0.00925. This price will rise to $0.01 in just under a couple of weeks, although it could obviously rise much higher when the token lists on exchanges later in the year.
Source: Cryptonews
