The price of the leading meme coin Pepe ($PEPE), fell by nearly 4% yesterday – taking the coin’s value decline to 17% over the past five days.
This downturn means that last Thursday’s surprise gains have been all but erased, with the bulls now taking control.
However, Pepe’s downturn isn’t dampening the hype around Evil Pepe Coin ($EVILPEPE), which has just launched an eagerly-anticipated presale event for early investors.
$PEPE Plummets as Price Rejection Spells Trouble
Currently, $PEPE is trading at around $0.00000155 per token, showing declines in 3 out of the last five days.
This bearish momentum has followed $PEPE’s rejection of the resistance zone located at $0.00000190 last Friday – a zone that was also rejected aggressively two weeks prior.
Price is now trapped in a large range between $0.00000143 and $0.00000190, with bulls losing control of the token’s price movements.
A break above the nearby resistance zone would be crucial for $PEPE to regain upside momentum in the near term – but this appears unlikely based on the past week’s events.
Further dampening enthusiasm for a $PEPE comeback is that price has dipped below the 20-day and 50-day Exponential Moving Averages (EMAs) on the daily chart.
This indicates a weakening trend and raises concerns about the potential for further downward pressure.
Positive Pepe Momentum is Short-Lived as Bears Regain Control
Given the recent wave of bearish momentum, it appears that last Thursday’s pump was only temporary and nothing more.
The price pump was sparked by Ripple’s huge win in its ongoing legal battle with the SEC – a victory that prompted a notable uptick in crypto prices across the board.
Unfortunately, $PEPE’s technicals suggest that the pump was not sustainable, as the token has failed to maintain its upward trajectory.
According to CoinMarketCap, $PEPE trading volume over the past 24 hours has dipped by 10%, while the total number of “whale” holders has decreased slightly.
These metrics reflect the waning interest in $PEPE, further contributing to the bearish sentiment.
Thus, for $PEPE to stage a comeback, it would require a significant positive catalyst, such as announcing a new partnership or introducing unique use cases.
Unfortunately, such catalysts haven’t occurred yet – leaving $PEPE’s potential comeback on shaky ground in the short term.
Which New Meme Tokens Look Primed for Price Pump?
While $PEPE falters, a new meme token is emerging that could be poised for massive gains.
Evil Pepe Coin, which just launched its presale phase, puts a rebellious twist on the typical meme coin formula – and one that could resonate in today’s market.
Evil Pepe Coin Launches Presale & Seeks Meme Coin Market Domination
Evil Pepe Coin ($EVILPEPE) is a brand-new project that seeks to dethrone $PEPE and make its mark on the meme coin space.
Having just launched its public presale phase, Evil Pepe Coin offers a ground-floor opportunity for meme coin lovers to buy in at an attractive price of just $0.000333.
Evil Pepe Coin’s team describes the coin as “unapologetic and audacious” – leveraging edgy branding and a rebel ethos that helps it stand out in the saturated crypto market.
The timing of $EVILPEPE’s launch couldn’t be better, as it looks primed to absorb interest from disappointed $PEPE holders seeking the next hot meme coin.
Early members of the Evil Pepe Coin Telegram community believe that if the coin can capture even a fraction of $PEPE’s hype, massive gains could be in store once it makes its open market debut.
Another factor playing into the growing hype around $EVILPEPE is that 90% of the total token supply is reserved for presale investors.
Furthermore, 10% of the token supply will be used for DEX liquidity – with the liquidity pool locked for one month after the coin’s exchange debut.
This helps ensure investors avoid the “rug pulls” that have become all too common in the meme coin space.
With YouTube analyst Jacob Bury already speculating that $EVILPEPE could be the “next Pepe coin,” all eyes are on this emerging meme token as its presale phase begins in earnest.
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