While the crypto market has enjoyed a much-needed uptick, Pepe’s (PEPE) price has been unable to keep pace, falling 3.49% in the last 24 hours. This follows a brief rally where Pepe climbed from $0.0000006171 to $0.0000006952. Could its decline be a mere pullback, or is Pepe headed for further downside movements?
While PEPE continues to struggle, the trending meme coin Meme Kombat ($MK) looks bullish, having raised over $540K in its opening weeks of its presale.
Pepe Shows Strong Macro Chart Pattern, but Buyer Interest Dwindles
PEPE has endured one of the most treacherous performances of prominent cryptos since reaching its all-time high (ATH) on 6 May. Since then, the project is down 84%, continually creating lower lows and lower highs on the price chart.
With that in mind, market participants are trying to determine its next move.
Ultimately, the recent sell-off does not seem to be triggered by any fundamental issues so much as it is a correction after an uptick in price from its lows on 13 Oct.
TradingView analyst CryptoAnalystSignal just posted a bullish trade idea, which is gathering notoriety. The analysis points out that Pepe has formed a falling wedge on the daily timeframe and noted it found support at its 22 Sept. level of $0.00000061. This has created a double bottom, a strong indication of a reversal.
That said, there has yet to be a reversal confirmation. This will occur if PEPE makes a higher high, breaking and holding above $0.000000815.
Zooming into the PEPE price chart, we can see that Pepe strongly rejected its $0.000000815 lower high before retesting its support.
While the price initially bounced after the support retest, it has since shown strong rejection, forming an inverted hammer that signals strong seller interest.
Furthermore, it is trading below the 50-day EMA and the monthly VWAP; these factors also point to continued downward movement.
Pepe’s social and on-chain metrics also indicate growing disinterest in the project. Data from Santiment shows that the number of active addresses and Pepe’s social volume is declining.
Overall, while Pepe’s recent pump injected a sense of optimism back into the project, investors must remain aware that it is continuing to display notably bearish signals.
Yet, while Pepe looks bearish, traders are showing significant interest in the new Meme Kombat project, which is currently enjoying a successful presale.
Meme Kombat Provides 112% Staking APY and Surges to $550,000 at Presale
Meme Kombat is a new project seeking to capitalize on the meme coin, Play-to-Earn, and crypto gambling trends which have all exploded recently.
The presale launched three weeks ago and has already raised over $550K, with some of the industry’s most prominent traders rallying behind it.
One of those in support of the project is Jacob Bury, who predicts that Meme Kombat could hold 10x potential.
YouTuber Oscar Ramos also supports the project and noted it is one of the top P2E projects in a recent video.
While there are several reasons for Meme Kombat’s early success, the most prominent is that it boasts real utility while benefiting from the virality of meme coins. Users can gamble on AI-generated meme battles using the MK token, and there are multiple game modes available, including player vs. player.
This provides a compelling way for users to earn crypto. Furthermore, its one-of-a-kind use case and token utility provide significant upside potential.
The project has also established trust and transparency by doxxing its team, which comprises numerous experts well-versed in tech, blockchain, and gaming. Meme Kombat has also received a smart contract audit from Coinsult, attesting to its robust security.
Yet, such accolades are indicating a fast presale sellout. Therefore, those looking to secure the lowest $MK price must act quickly.
Visit Meme Kombat Presale
The post Pepe Price Struggles Despite Crypto Market Rebound, But Traders Are Bullish on This New Meme Coin appeared first on BeInCrypto.