Is Pepecoin the best meme coin to hodl in Q3 2024? Despite a shockwave through meme coin markets this week, PEPE price remains resilient.
Pepe has had exponential growth this year, reaching an explosive 1300% gain in the first 6 months. Since then, it has retraced 35% from its highs. But will it be the best meme coin hodl in Q3 2024? Let’s take a look!
In the last year, Pepe has been the subject of a lot of controversy. For example, some of the members allegedly stole $15 million from the Team’s treasury.
an announcement to the $PEPE community:
Yesterday on August 24th, 2023, a series of unexpected transactions took place from the $PEPE multisig CEX
Wallet in which ~16 Trillion $PEPE tokens (worth roughly $15m USD) were transferred to various crypto exchanges (OKX, Binance,… pic.twitter.com/iZmXV1TAvw— Pepe (@pepecoineth) August 26, 2023
That being said, it has also been one of the strongest coins in crypto. Maybe because it is one of the biggest memes on the internet, and everyone can relate to the memes or find them hilarious.
PEPE Price Analysis: Pepecoin Hodlers Mount Major Defense
Pepe reached an astonishing $7B market cap on May 27 amid all meme coins increasing exponentially.
Since then, it has been cooling off with the rest of the market. By looking at the chart, we can notice that it touched the previous all-time high at $0.000010849 and bounced.
Following this reaction, we can establish that this is what we call a support and resistance area.
(PEPEUSDT)
Looking at the blue line, which is the 30-day moving average, we can see on the chart that it will act as support for price if Pepe is in an uptrend and as resistance if it’s cooling off or in a downtrend.
Currently, the price is testing the 30-day moving average. Closing above would be very bullish, and we could expect PEPE price to revisit the highs again.
RSI, the lower box with the white line, has also cooled off and is bouncing off the middle area around 45-50.
Coins that are able to hold the 45-50 RSI area generally mean they’re showing strength, and this is seen as super bullish and indicative of upcoming upside moves.
Simply put, the coin is in a very strong uptrend and will continue to show great strength for the next quarter of the year!
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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.
