Pepe Coin (PEPE), the third most valuable meme coin in the crypto realm, is facing a heavy selling storm amidst a broader downturn in the digital currency market. The trading pressure has pushed PEPE down to one-month lows. Now, this meme coin isn’t alone, as bigger players such as Bitcoin (BTC) and Ether (ETH) also submit to the market’s whim, dipping back to $29,000 and under $1,850 respectively.
This downturn seems to indicate a tendency among crypto investors and traders to safeguard their earnings due to a paucity of positive news to further amplify the year’s gains. The gloomy reporting related to Binance, the world’s biggest cryptocurrency exchange, has added to the overall pessimism.
Pepe’s recent tumble implicates a drop of roughly 30% from its previous monthly peak, trading south of both its 21 and 50-day moving averages. The slide below significant moving averages combined with the breach of an upward trend channel signals a drastic shift for the worse in the short-term technical outlook of PEPE.
PEPE’s 14-Day Relative Strength Index (RSI) indication, suggesting it hasn’t entered oversold conditions yet, hints at a high potential for more short-term slump. The next substantial zone of support is at $0.00000084, the double bottom from early June.
However, it’s worth exploring the possibility of the June lows providing an attractive platform for dip buyers to delve deeper for long-term gains. Over the past two months, PEPE’s individual wallets holders increased by 20,000, signalling continued interest despite the subdued broader market conditions.
Into the broader crypto market transition from recovery to a full-fledged bull market, Pepe Coin could showcase its resilience and potential for growth, standing at the forefront of a wave of innovative meme coins.
But as the broader cryptocurrency market dwells in a potential summer-long slump, traders may need to venture towards more speculative corners of the crypto market, like new project-issued coins for quick profits.
One such fresh project, BTC20 (BTC20), dubbed as “Bitcoin on Ethereum,” has been generating ample buzz recently. BTC20’s tokenomics, designed to emulate bitcoin with a 21 million token supply cap, and its eco-friendly, low energy-consuming Proof-of-Stake Ethereum blockchain offer a compelling proposition. According to the project’s whitepaper, BTC20 aims to raise at least $3 million, though this could go up to $6 million. Consider moving quickly to secure your spot in BTC20, which already raised $1.6 million in mere days.
Source: Cryptonews
