Pepe Price Plunges 7% In A Week As Traders Pivot To This Layer-2 Derivative And Its 596% APY

Pepe Price Prediction

The Pepe price has plunged 7% in the past seven days and 2% in the past 24 hours, trading at $0.000009107 as of 00:15 a.m. EST on falling trade volume of 10%.

Meme coins, often driven by broader market sentiment, continue to struggle as the Bitcoin price hovers around $57,000. However, some traders remain optimistic, anticipating a recovery, particularly for large-cap meme coins like PEPE.

Technical Analysis

The Pepe price is trading with a bearish bias, confined within a descending parallel channel, indicating potential for further losses in the short term. Resistance at the channel's centerline is suppressing buying pressure.

Indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) support this bearish outlook, showing weakness below the neutral level.

A rejection from the centerline could push the Pepe price to test the 78.6% Fibonacci retracement level at $0.000006960, with a potential drop to the $0.000004159 support level if the decline continues.

Bullish Case

Conversely, if bulls overcome the resistance at the channel's centerline, a stable candlestick close above the 61.8% Fibonacci retracement level at $0.000009159 could trigger more buy orders.

A bullish breakout above the 50% Fibonacci retracement level at $0.000010704 could provide an entry point for long positions.

Pepe Unchained (PEPU)

Meanwhile, the Pepe Unchained (PEPU) presale continues on a parabolic trajectory, raising over $3.1 million. PEPU is considered a promising alternative to Pepe, as it operates on its own proprietary Ethereum Layer 2 blockchain, addressing scalability and efficiency issues.

Conclusion

The Pepe market sentiment leans towards selling in the short term. Traders should exercise caution or consider short positions until a clear reversal or bullish breakout is confirmed.

However, the Pepe Unchained presale offers a promising alternative with high growth potential. PEPU holders can stake their tokens for an APY of 596%, although rewards decrease as participation increases.