Pepe Nosedives 9.1% While New Competitor Scores $6.4 Million
Pepe (PEPE) is continuing to battle downside price action in recent days, as a new competitor – tipped as Shibarium on Pepe – has stolen the hearts and minds of retail investors.
Launched back in April 2023, the initial success of Pepe marked a major development in the market last year, with the remarkable rise of the much-loved frog meme coin inspiring a meme coin fever that’s still standing strong today.
$pepe lose this lvl n itz ded!
hold this lvl n v moon! pic.twitter.com/WhHO4X6kuL
— VΣGΣƬΛ (@VegetaCrypto1) July 31, 2024
Yet, in recent weeks, struggling upside growth has tumbled, leaving Pepe fighting to maintain its local structure – on the verge of a true breakdown move.
As Pepe fights to hold its position, PEPE is currently trading at a market price of $0.0000113 (representing a 24-hour change of +0.27%).
This comes following the tumultuous loss of supportive structure above $0.00001135, which saw Pepe critically fall below steady footing atop an ascendant 20DMA.
Now fighting to regain 20DMA support, price action is in a vulnerable position. A further tumble from here is expected to ruin the local technical structure, poising for more significant losses.
This perspective is muted, however, by comforting signals on the RSI indicator, which has cooled off substantially over the recent downtick—to read minor bullish divergence at 0.49.
Overall, then, a well-defended consolidation here could set the price back on the right course – and it’s not ‘over’ until the local technical structure is truly broken.
This leaves the price with an upside target at $0.00001140 (a possible +0.8%).
Meanwhile, downside risk could see a return of $0.0000105 (a potential -2%).
PEPE price analysis, therefore, suggests a risk: reward ratio of 0.35 – a
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