In the last 24 hours, the value of Pepe has experienced a significant drop of 17%, bringing its price down to $0.000007162, alongside a trading volume decrease of 20% to $1.54 billion.
This decline follows a period of gradual growth for Pepe, which hit a new all-time high (ATH) on March 14, before facing a sell-off in the meme coin sector.
After achieving a sharp increase that exceeded its prolonged consolidation range, Pepe’s price formed a bullish pennant pattern, usually indicative of potential continued upward momentum.
However, the price has recently seen a downturn within this pattern.
This was after hitting resistance at its ATH of $0.00001086, leading to bearish pressure that pushed the price toward Pepe Coin’s support level at $0.0000066.
Technical analysis shows Pepe’s price dropping below the 50-day simple moving average on the 4-hour chart, while bulls strive to maintain it above the 200-day SMA, now a key resistance level.
The Relative Strength Index (RSI) suggests a possible turnaround from the oversold condition, signaling a bullish outcome if momentum increases.
READ MORE: Hong Kong’s SFC Adds MEXC to Warning List Amid Crackdown on Unlicensed Crypto Exchanges
Despite facing resistance at its ATH, the presence of a bullish pennant hints at a potential price rebound and another bull run.
Nonetheless, if bearish trends persist, Pepe could fall to the pennant’s lower boundary at $0.00000661, or even further to a support zone at $0.00000389.
In parallel developments, the new virtual reality project, 5thScape, is nearing its $2.5 million funding target, with $1.45 million already secured.
This pioneering VR/AR mixed-reality platform aims to bring together leading minds and has promised to release several VR games compatible with popular headsets.
The project’s staking feature allows investors to earn rewards and access special features, supported by a liquidity pool that’s expected to grow with increased player engagement.
Crypto analyst Michael Wrubel has expressed optimism about 5thScape, predicting significant growth potential post-launch.
With the 5SCAPE token priced at $0.00215, investors are encouraged to act quickly before the price increases to $0.00248 in just over six days.
To participate in the presale, transactions can be made with ETH, MATIC, USDT, BNB, or directly with a bank card on the official website.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
