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- 1 Pepe coin is currently trading at $0.00000165 while witnessing a decrease of -0.60% at the time of writing.
- 2 The 24-hour volume of Pepe is $251,962,617.
- 3 Pepe coin started its sale on May 4, which lasted till May 7.
Pepe, a deflationary meme coin of Pepe the Frog created by Matt Furie, is launched on Ethereum. It was created as a tribute to the Pepe the Frog internet meme, which gained popularity in the early 2000s.
The max supply of Pepe coin is 420,690,000,000,000 and the current circulating supply of Pepe is 391,790,000,000,000, approximately 93.13% of the total supply. Pepe coin has become one of the top 50 most traded crypto-currency very quickly.
Pepe’s price formed a high at $0.00000439 on May 5, 2023, since the coin price seems to be in a bearish trend. The Pepe coin has fallen approximately 75% from an all-time high forming a low of $0.00000105.
Recently, Pepe’s price has formed a support at the $0.00000138 level and started to show bullish strength. The price bullish momentum was halted by the bears at the $0.00000208 level and the move was seen as a pullback for the price. The past four days’ candles are exhausting and give a perception that bears are losing volume.
Where Pepe Coin Might Head?
The candles are short, which shows that bulls have started to jump in the market to protect the price from further falling. There is a possibility that the price might form a support at $0.00000160 level to rise above the recent high of $0.00000208 if bulls are able to stop the price from breaking below the $0.00000160 level.
While on the other hand, the coin price is headed toward the recent support and is more likely to reach if there is less participation from bulls. The current market capitalization of Pepe coin is approximately $646 Million, which puts it third in the market after Dogecoin and Shiba Inu. Dogecoin and Shiba Inu both started as memes and now possess a market cap of $10 Billion and $5 Billion, respectively.
What Do Technicals Say On Hourly Time Frame For Pepe Price?
Chaikin money flow score is 0.13, indicating the presence of bullish strength in the market. Although, Pepe coin price is currently trading below all the major EMAs – 20,50,100 and 200 days. The price action on hour basis shows higher probability of the price reaching down to recent support. RSI trades at 39.29 and dipping at a higher pace indicating increasing bearish momentum. The longs/shorts ratio is 0.9060, with 47.56% longs and 52.44% shorts indicating more bearish sentiment in the market in the last 24 hours.
Conclusion:
The market structure and price action are currently bearish for Pepe coin. Candles are showing exhaustion on a higher time frame, while on an hourly basis, Pepe price is on the verge of breakout. The technical indicator also shows bearish signals for the price on lower time frames.
Technical levels:
Major support: $0.00000138
Major resistance: $0.00000190
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
