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Last updated: July 12, 2024, 12:46 EDT | 2 min read

The top frog, Pepe, is in hot water as PEPEs price falters, losing its stronghold above a crucial support level. With the price analysis predicting a further decline, a competitor is seizing the opportunity to make waves.

This article will provide an analysis of PEPEs current price trends and look to see whether a viral new Pepe competitor represents a more promising investment opportunity at this time.

With prominent traders on Crypto X (formerly Twitter) now calling bearish sentiment on the PEPE chart, it seems likely that this downside move will continue to rinse holders.

As Pepe price battles downside trajectory, the coin is currently trading at a market price of $0.00000885 (representing a 24-hour change of -0.45%).

This comes as PEPE tumbled from its accumulation zone and attempted consolidation above $0.00009 in a calamitous drop that has destroyed any remaining bullish chart structure for the top FROG.

Critically, losing the support of the 20DMA has left the price especially vulnerable to further free-fall the last time this happened on July 2nd PEPE dropped -33% before fighting back above the key MA.

Meanwhile, the RSI indicator has shifted to strong bullish divergence amid the downtrend, with huge upside capacity available however, its worth noting this indicator can often stay decisive longer than traders can stay liquid so dont rely on this.

To the downside, the price might now be on course to drop down to lower support at $0.00000575 (a possible -35%).

While to the upside, PEPE could mount a move back above the 20DMA to $0.0000095 (a potential +7.34%).

This leaves Pepe with a risk: reward at 0.21 a terrible entry into the weekend.

But despite downside for the top Frog, retail investor interest and buy-volumes show no signs of slowing down in the PEPU presale.

Its no secret that presales have caught flack in the 2024 market; scammy developers across the Solana space have made a killing in recent months enticing investors to participate in meme coin presales only to rug the projects.

This is a scourge that must be banished from the crypto space. At its heart, it is an issue driven primarily by coins lacking the utility needed to sustain strong buy pressure.

This utility aspect explains why a jaw-dropping $3.31M has already been raised for PEPU.

The best way to think of Pepe Unchained is Pepe 2.0, a highly scalable layer-2 solution that enables ultra-cheap deployment.

Sound familiar? Thats because the second-biggest meme coin, Shiba Inu, has already done something similar with the deployment of Shibarium last year to great success.

So dont miss this chance to get in early on the next major play in the Pepe community.

Buy PEPU Here

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Read the original post:
Pepe Falls Hard as a $3.2 Million Rival Emerges - Cryptonews