Major cryptocurrencies had a turbulent week following the lawsuit filed by Securities and Exchange Commission (SEC) versus Binance. However, most meme tokens are doing well, while some of them have benefited from a new influx of capital.
Savvy investors may want to trade their BNB, SOL, ADA and MATIC for tokens that face less complex legal restrictions. The decision to Gary Gensler seems to be reviving a new meme token craze that many thought had faded.
Despite the influx of capital into the meme token sector, the Pepe coin ($PEPE) failed to benefit from this capital rotation.
Pepe Coin Price Analysis: $PEPE Misses New Economic Boost For Meme Tokens
$PEPE is currently trading at $0.00000108 (-10.37% 24-hour change). The resistance level at $0.0000014 continues to influence price action.
The appearance of a FUD feeling (Fear, uncertainty, doubt) prevalent in the crypto market seems to have slowed down the price development of $PEPE in the short term. This sentiment certainly stems from the SEC allegations against Binance
$PEPE is still in the consolidation phase. However, the lack of underlying support with the MA20 (20-day moving average) still well above current price levels is concerning.
The oscillators offer some hope to $PEPE holders: the token’s RSI indicates that it is in oversold zone at 41.99 (a bullish signal).
The MACD provides little contrast to this sentiment, closing on a minor bearish divergence at -0.0000000661.
Pepe Coin ($PEPE) price prediction: what will be the price of $PEPE?
The influx of capital into the meme token sector had a negligible impact on the altcoin. The short-term price action indicates that $PEPE is facing further consolidation.
On the upside, $PEPE holders are targeting a rally towards the MA20, with $0.00000140 forming a key resistance level to break above.
On the downside, $PEPE may slip to the lower support level of $0.00000085.
This leaves $PEPE with a risk/return ratio of 1.4. This suggests that the altcoin remains an investment to consider, characterized by reasonable gains in case of positive momentum.
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This article does not represent investment advice in any way. The information provided here should not be used as a basis for making financial decisions. Investing in cryptocurrency involves risk and can lead to significant losses. You should only invest what you can afford to lose and do your own research before making investment decisions.