Pepe Coin is Going to Zero as PEPE Price Drops 15% and New Meme Coin Evil Pepe Becomes the Next Crypto to Explode
Leading meme coin $PEPE has seen a dramatic -15% fall so far this week, in a critical downside move that has seen the loss of a key support level - can Pepecoin survive? Find out in this $PEPE price analysis.
Pepecoin ($PEPE) ignited a magnificent meme coin season in May 2023, as the new market entrant posted a seismic +785% gain in less than a week.
But in the two months since the market moon-shot, Pepe coin holders have endured a tough period of cascading price action - with top buyers now -70% underwater, leaving some to ask the question, is Pepe coin going to zero?
Pepecoin ($PEPE) Price Analysis: Meme Coin Plummets -15%
Following the dramatic -15% downside move since markets opened Monday, Pepecoin is currently trading at $0.00000132 (representing a -1.60% change over the last 24 hours).
Monday witnessed a significant failure of support as technical consolidation failed, leaving the price tumbling down past the local support level at $0.0000014.
The slide was triggered by the failure of six-consecutive days of consolidation to break high back above the descending 20DMA.
With this key support level lost, Pepecoin finds few areas of localized support below - including the lower trendline at $0.000001167 and an additional lower support at $0.0000010.
On the upside some reasons to be hopeful emerge from Pepecoin's RSI which has cooled off significantly to a strong oversold signal at 39, indicating there could be sufficient bullish interest in price structure at this level to stop the bleed-out.
However, the MACD casts a looming shadow, continuing to showcase bearish divergence at -0.0000000035.
$PEPE therefore faces a tough risk: reward profile, with the ratio currently sat at 0.61 - a bad entry characterized by serious downside risk.
Despite the collapsing price action for the top meme coin, traders remain undeterred with growing traction for leading pepe alternative Evil Pepe now threatening to steal the limelight.
Best Pepecoin Alternative: $EVILPEPE Steals Thunder
Evil Pepe Coin ($EVILPEPE) stands out not as a mere imitator but an innovator with exponential growth potential as the moonshot presale breaks $750,000.
The audacious cousin of 2023’s best-performing meme coin, Pepe Coin, $EVILPEPE is set to ride the wave of its predecessor's success with a twist of its own.
The initial valuation of this promising token is at a measly $2 million, presenting a ground-floor opportunity for potential investors.
With proven teams behind it that brought us Thug Life Token ($THUG) and SpongeBob ($SPONGE), $EVILPEPE is expected to replicate or even surpass the success of these meme coins which saw gains of up to 100x.
But $EVILPEPE's prospects do not rest solely on its team's pedigree - its marketing approach, leveraging influencer partnerships and strategic promotion across social media and crypto news outlets, ensures wide visibility, an essential ingredient for growth in this space.
The success of $THUG and $SPONGE attest to the efficacy of this strategy.
How $EVILPEPE Tokenomics Beat Out $PEPE
Moreover, $EVILPEPE's commitment to the community reflects in its initial token offering.
With 90% of its supply up for grabs during the presale and a one-month lock on 10% for DEX liquidity, the coin reassures investors about stability and fairness.
It sidesteps pump-and-dump pitfalls and instills confidence in its serious commitment to long-term value generation.
The $EVILPEPE team has an ambitious market cap goal of $100 million, a near 50x from its initial valuation.
This, coupled with the team's dedication to pushing boundaries in the meme coin space, underlines the immense growth potential of this new entrant.
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.