Altcoin 19 Sep 2023 09:06

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Pepe Coin evolved from being an unknown coin to becoming a crypto market sensation within a short time. PEPE’s launch in April 2023 will go down as one of the most sensational launches in the industry, delivering over 100,000% ROI to early investors and reaching over $1.5B market cap in a few days. However, this fame didn't last long, as it seems PEPE is in a free fall, reaching new lows by the day.

Over the last 24 hours, PEPE has fallen by 0.1%, following a decrease of 7% in the last seven days and 43% in the last 30 days. This selloff was triggered by many things. First, on August 24th, some of the team members who started Pepecoin moved a massive $16 million worth of PEPE tokens to exchanges. This spooked everyone, thinking it might be a rug pull, and the PEPE market dropped by 30%.

Then, on September 9, PEPE announced on their official Twitter/X account that their Telegram account had been hacked by someone named "lordkeklol" on their Telegram channel. These security breaches have undoubtedly shaken investor confidence and cast a shadow over Pepecoin's once-soaring journey.

Technical Analysis

Daily Timeframe

Source: TradingView

On the daily timeframe, PEPE has recently broken a major support zone around the $0.00000084 region and has been in a free fall since then. Also, PEPE is trading below the 50-day exponential moving average, which shows that Pepecoin is in a major downtrend. This is confirmed by the RSI: PEPE is trading below the 50% band, and it is currently oversold, a signal that the sellers are dominant. All these technical indicators confirm that PEPE price is currently bearish.

4 Hour Timeframe

Source: TradingView

On the 4-hour timeframe, PEPE is trading below both the 50-day EMA and the 200-day EMA. Similarly, the RSI is below the 50% band. This confirms the bearish state in the daily timeframe. All factors remain the same; PEPE might be heading to a new low around the 0.00000019 region. A further decline of over 50% from its current trading price of 0.00000063.

Is Pepe Coin (PEPE) Dead?

Source: IntoTheBlock

Currently, things don't look great for PEPE. Early investors are cashing in, and latecomers are hoping for any sign of improvement to get out without losing too much. Around 80% of PEPE holders are at a loss, which is a bad sign for the project. With the recent negative news about PEPE, the only way for it to recover is through big positive news like new features or huge partnerships.

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This article is intended for educational purposes and is not financial advice.