PEPE Price Breaks Below a Multi-Week Support Level as Investors Dump Their Holdings in the Meme Coin

The Pepe price plummeted over 14% in the last 24 hours to trade at $0.00001894 as of 10:10 p.m. EST as investors flee their holdings in the meme coin.

Investors are fleeing their meme coin holdings as the Pepe price continues to plummet. The crypto dropped over 14% in the last 24 hours to trade at $0.00001894 as of 10:10 p.m. EST.

This recent drop has pushed the frog-themed token’s weekly performance deeper into the red zone. PEPE is now down more than 25% over the past 7 days.

Pepe Price Drops Below A Multi-Week Support

4-hour chart for PEPE/USD (Source: GeckoTerminal)

The Pepe price dropped below a crucial support level at $0.00001895, a level it has not traded under since Dec. 3, according to data from GeckoTerminal. As a result, the meme coin is now at risk of testing the subsequent support at $0.00001720 soon.

However, bulls could identify the crypto’s current price as an opportunity to buy the dip. If buyers decide to begin accumulating PEPE at its current level, the meme coin might attempt to reclaim the $0.00001895 support. A 4-hour candle close above this price point could then give the Pepe price the technical foundation needed to rise to the $0.00002070 resistance.

In an extremely bullish scenario, bulls might try to push the Pepe price above $0.00002070 to as high as the next major resistance level at $0.00002340.

Bears Still Seem To Have A Tight Grip On The Pepe Price

Technical indicators on PEPE’s 4-hour chart suggest bears will likely continue dominating the meme coin’s charts in the next 24 hours. More specifically, the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) both warn of a continued decrease in the Pepe price.

RSI readings have dropped into oversold territory below 30 in the last few hours. This is typically seen as a buy signal because low RSI readings suggest an asset’s upside potential is greater than its downside potential. However, it’s not unusual for RSI readings to remain low for sustained periods of time when a crypto is being dumped.

The current RSI reading suggests bears have a lot of strength over bulls, while the negative slope of the RSI line warns sellers show no intention of easing their pressure on the Pepe price.

Meanwhile, the MACD line has broken down away from the MACD Signal line in the last few hours. This expanding margin between the two lines is oftentimes interpreted as a sign of strengthening bearish momentum.

Overall, the MACD and RSI on the 4-hour chart indicate that bulls will have a tough obstacle to overcome if they want to take back control of the Pepe price. Should the current negative trend continue, the meme coin might end up falling to the aforementioned $0.00001720 support soon.

While PEPE clings onto support, a new frog-themed meme coin rival by the name of Wall Street Pepe (WEPE) is still selling like hot cakes in presale.

This strong ICO performance comes amid a series of bullish WEPE token predictions by several experts, including popular YouTuber ClayBro. In a recent video for his more than 133K subscribers, he said that WEPE will make millionaires.

A Meme Coin Project On A Mission To Empower The Little Guys In The Market

Up until now, the crypto trading scene has been at the mercy of whales, who buy and sell large amounts of crypto at a moment’s notice. Smaller retail traders are usually impacted the most by these major movements. Wall Street Pepe aims to shake things up and chip away at whales’ overpowering dominance in the market.

Central to the project is its rapidly-growing WEPE Army of degen traders and analysts, who share exclusive market insights and alpha trade calls that enable members to trade like a pro and compete with the crypto elites.

Anyone can join this group and unlock access to future trade ideas by simply purchasing WEPE through the simple widget embedded on the project’s website. Selling for $0.0003649, WEPE tokens can be bought using either crypto or debit card.

Once purchased, holders will just have to wait for the next trade opportunity that presents itself in the market to be flagged by the WEPE Army. Until then, investors can put their WEPE tokens to work through WEPE’s staking opportunity, which is currently offering a 41% APY.

WEPE Presale Explodes Past $31 Million In Less Than 2 Weeks

Wall Street Pepe’s ongoing ICO has recently zoomed past the $31 million milestone. What makes its total raise so far that much more impressive is the fact that it was achieved in less than 2 weeks.

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