The trending “most-memeable” coin inspired by the Pepe the Frog meme, Pepe Coin, plunged by 20% after token holders started booking profits. It seems like the speculation about the coin is getting over.
The downward momentum started after a two-week-long bullish trend, which soared its price by over 2000%, making it the third largest memecoin following after Dogecoin and Shiba Inu. Currently, it holds a $430.8 million market cap by trading around $0.00000101.
Why Price is Dropping?
As no intrinsic value holding with it, the speculation was expected to fade away. The overhype of the Pepe coin has resulted in the retracement phase.
Price action draws a lower-high structure below the descending trendline (mentioned above the chart) from its all-time high. Specifically, the double-top price structure could attract short-term sellers to drag Memecoin down to the $0.0000080 immediate support.
Moving Forward/ Whats next for Pepe Coin
Amid the roller-coaster ride, PEPE coin is facing selling pressure after hitting its all-time high at $0.00000136, according to CoinGecko data. Currently, PEPE price is trading at $0.00000101 with a 12.3% intraday loss.
The make-or-break situation for the Bulls is seen on the chart above. In order to protect themselves against a sudden collapse, buyers maintain the PEPE coin just above the 20 simple days moving average on the 4-hour time frame. If there is a breakdown of the 20 SMA in either case, altcoins may plunge around 20% from their current trading price.
Additionally, the hourly RSI, which reversed from the overbought zone, is showing potential decline as its peak is slowly declining. A slight further retracement is being seen in PEPE coin price.
Also read: PEPE Coin Enters into Top 100 Coins with 2,000% Surge
