Amid a turbulent week for major cryptocurrencies following the wide-reaching lawsuit by the SEC against Binance, memecoin markets are enjoying a healthy week – with key memecoins being invigorated by new influx of capital.
As prudent investor wise to exchange their BNB, SOL, ADA, and MATIC for coins facing less legal headwinds, the enforcement move by Gary Gensler appears to be rebooting a meme season many thought had faded.
Pepe coin ($PEPE) Price Analysis: Side-lined by Memecoin Boost?
$PEPE is currently trading at $0.00000108 (-10.37% 24-hour change) as tough resistance at $0.0000014 continues to capstone price action.
The wider onset of FUD in the crypto market stemming from the SEC v. Binance case seems to have afflicted $PEPE price action in the short-term.
Worse still, while in a solid consolidation pattern, there is little underlying support for $PEPE here with the MA20 still sat high above current price levels.
Oscillators provide some hope for $PEPE holders, with Pepe coin’s RSI sat oversold at 41.99 (a bullish signal).
The MACD offers little contrast to this sentiment, almost on the fence with minor bearish divergence to -0.0000000661.
Pepe coin ($PEPE) Price Prediction: How High Can $PEPE Go?
With the influx of capital into the meme coin vertical driving little growth for Pepe coin, price action on the short-time frame still seems to be facing further consolidation.
On the upside, $PEPE holders are targeting a push up back towards the MA20, with $0.00000140 forming a key resistance level to break.
Looking towards downside risk, a further slide from here would likely fall to the $0.00000085 lower support level.
This leaves $PEPE with a risk: reward structure of 1.4 – an attractive entry characterised by reasonable upside reward if traction grows.
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