Pepe Price Declines as Traders Exit Meme Coin

The Pepe price has dropped over 4% in the last 24 hours, trading at $0.00001944 as of 4:04 a.m. EST. Traders are reducing their exposure to the meme coin.

The 14% weekly price decline has trapped Pepe in a descending price channel, according to data from GeckoTerminal. If the cryptocurrency fails to break out of this channel within the next 8 hours, it may fall to the $0.00001463 support level. Conversely, a breakout above the channel could end the price decline.

In a bullish scenario, Pepe could flip the $0.00002428 resistance level into support, potentially leading to a rise to $0.00002868.

Technical Indicators Suggest Bearish Advantage

Technical indicators suggest bears have a slight advantage over bulls. However, the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) hint at a potential shift in momentum.

RSI is rising towards 50, indicating potential buyer strength. If it breaks above 50, bulls may gain control of the price. The MACD line is also narrowing with the Signal line, suggesting the negative trend may be nearing an end.

Pepe Unchained Presale Surges

While traders continue to short Pepe, the presale for layer-2 meme coin challenger Pepe Unchained (PEPU) has gained traction. Investors are eagerly purchasing tokens before its listings on major exchanges.

Pepe Unchained: Utility and Potential

Pepe Unchained aims to bring utility to the meme coin space by offering a layer-2 blockchain to free Pepe from the congestion and high fees on Ethereum. This will significantly increase transaction speeds.

Moreover, Pepe Unchained has launched a developer grant program and its own token launchpad. The project has also revealed plans for tier-1 exchange listings, including Binance and Coinbase.

The success of the presale, raising over $40 million, has fueled speculation of a massive rally similar to the one experienced by Pepe after its Coinbase listing. Investors can purchase PEPU with ETH, USDT, BNB, or bank card via the project's website.