Pepe Price Drops 10%, Analysts Say Think This Olympic-Themed Gem Could Be Worth 100x More

Pepe’s price has dropped 10% over the past 24 hours, trading at $0.000007725 at 2:30 AM EST. Trading volume increased 92% to $1.5 billion.

Pepe Price Technical Analysis: Potential for a Bullish Reversal Within a Descending Wedge Pattern

The PEPE/USD trading pair on the daily timeframe is showing a continuation of the Falling Wedge pattern, which is generally considered as a bullish reversal signal.

The price is currently consolidating near the lower trendline of this pattern, indicating that it is preparing for a possible upward breakout.

The important support zone around the $0.0000007710 level has held, indicating that there is buying interest at this level and further decline is prevented.

PEPEUSD Analysis Source: Dextools.io

PEPE is trading below the 50-day Simple Moving Average (SMA) at $0.0000009522 and the 200-day SMA at $0.0000008725. The 50-day SMA is acting as a resistance level and the 200-day SMA suggests that the longer-term trend remains slightly bearish.

The Relative Strength Index (RSI) is at 42.56. This is below the neutral level of 50, but not yet oversold. This indicates that there is room for further decline or a possible reversal.

Meanwhile, the MACD (Moving Average Convergence Divergence) shows that the MACD average line is still below the signal line, which is a bearish sign. However, the shrinking histogram bars suggest that the bearish momentum might be weakening.

Pepe Price Prediction: Can the Bulls Regain Popularity?

While the chart suggests a cautiously optimistic outlook, a confirmed breakout above the wedge pattern and moving averages, accompanied by bullish signals from the MACD and RSI, is necessary for confirmation.

If the price stays above the $0.0000007710 support zone and shows signs of strengthening, there is potential for a breakout above the Falling Wedge pattern.

A move above the 50-day SMA of $0.0000009522 could spark further bullish momentum towards the target price of around $0.0000015031, which would mark a significant upward move.

However, if the price fails to hold this support, it could lead to further declines and possibly retesting lower levels.

Pre-sale of Olympics-inspired meme coins soars past $400,000 – which major cryptocurrency will explode?

Meanwhile, Olympics enthusiasts are pouring money into the new meme coin The Meme Games (MGMES), which has already raised over $400,000 through pre-sale.

This momentum has crypto analysts excited. YouTuber Jacob Bury says MGMES has the potential to rise 10x after launch.

MGMES positions itself as a major player in the crypto market, promising significant returns.

The innovative meme coin project introduces its unique play-to-earn (P2E) ecosystem by combining the thrill of meme coin speculation with the competitive spirit of the 2024 Olympic Games.

Investors who buy MGMES now can choose their favorite meme coin competitor avatar, inspired by five leading projects in the sector.

During The Meme Games pre-sale, participants can choose from avatars representing Dogecoin, Pepe, DogWifHat, Brett, and Turbo, and watch as they compete for a 25% bonus on their initial investment.

Stake MGMES tokens for a highly competitive APY

The project combines the competitive thrill of the Olympic Games with the dynamic world of meme coins, creating an exciting experience.

Investors can back their favorite meme character competing in a blockchain-based Olympic event. Successful characters reward their supporters with a 25% bonus.

69 people won a 25% bonus by choosing $PEPE at the #MemeGames!

Coincidence or fate? 🏆

Choose from 5 meme icons and you can get a 25% bonus on your $MGMES buy if they win the race! 🔥

Join Now! 👉 https://t.co/lbYNWg8iXr#Paris2024 #Presale #crypto #Alternatives photo.twitter.com/q4Tdbzkpo5

— The Meme Games (@MemeGames2024) August 2, 2024

Additionally, token holders can passively earn money by staking MGMES, gaining access to an impressive 481% Annual Percentage Yield (APY).

Currently, MGMES tokens are priced at $0.00935. With a price increase expected in three days, this is the perfect time to secure the token at the best price.

Buy MGMES on the official website here with ETH, BNB, USDT or a bank card.

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