Pepe (PEPE) has made headlines with its explosive success in the recent meme coin frenzy. PEPE stood out as the lead gainer with a remarkable surge in its trading volume. The meme coin shows a meteoric 532% value appreciation on a monthly timeframe with high buying pressures.
Despite its brilliant performance in the meme coin race, PEPE is once again under speculations due to fading market hype and a declining price trajectory on the weekly chart. As investors begin to capitalize on profits, significant selling pressures are now driving the meme coin price downhill.
PEPE declines 19% weekly
PEPE has been trading in a highly bearish state since the third week of March, mirroring the correction phase of the broader meme coin market. Experiencing a notable 19% decline in price, alongside declining market capitalization, the meme coin is showing high liquidity pressures and a shift in investor focus.
With PEPE’s Relative Strength Index (RSI) dropping back to 55, a potential downturn is expected in the upcoming days. Currently, PEPE has lost momentum, with investors cashing out profits. The bearish divergence in the daily chart indicates a high price point above $0.0000075 despite the declining market strength.
Furthermore, the PEPE price chart on the 4-hour time frame has been disrupted. The recent selloff has rejected a critical support zone, pointing to the next support level at $0.0000064. If PEPE fails to persist above the crucial support zone, a breakdown may lead to a retracement to $0.00000488.
Why PEPE is underperforming
PEPE is encountering challenges since it failed to maintain its hype after remarkable success in the recent meme coin frenzy. Its unclear roadmap and no real-time utility have raised concerns among investors, leading to speculation that the momentum behind its price surge may have faded.
Despite PEPE’s meme-based popularity, investors find no use case for the token. Its inability to establish a distinct purpose is the main reason for its unsustainability. PEPE whales are selling their tokens, causing its market position to tremble, exploring other deFi projects like Algotech that can exhibit similar promising trends to PEPE’s earlier success
Algotech Steals Attention With $3M Presale
With investors shifting their focus from PEPE, Algotech (ALGT) is emerging as a stand-out choice for investors and traders. The project has shaken the market with the conclusion of stage 2 of its public presale, which raised a staggering $3 million.
Algotech (ALGT) offers the most exciting growth prospects to empower traders with unique market insights. For crypto enthusiasts, the decentralized intelligence technology and cutting-edge use cases are key features as demand for advanced trading tools increases. Community members are rewarded with profit shares and frequent giveaways.
Raising over $650K in a day, Algotech has made new records thanks to its deflationary tokenomics and high market traction. The project has sold over 75M ALGT tokens, reaching 8,500 unique holders. This expanding user base is pushing the token price to skyrocket above the current level of $0.06, marking an ideal time to enter the project.
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