After an explosive bull rally over the past week, Pepe coin is displaying signs of weakness today. The meme coin fell 16% from its weekly-high of $0.00000134, trading as low as the $0.00000112 price mark.
However, the token has regained some of its losses since then and is currently trading at the $0.00000119 price level. Nevertheless, Pepe coin has once again lost the crucial $500 million market capitalization, which could lead to further downside.
Pepe is not the only meme coin that is experiencing a retracement, with tokens such as Dogecoin, Floki and Bone ShibaSwap, all displaying short-term bearish tendencies.
After all, the top meme coins remain strongly correlated with Bitcoin, which has been unable to break the $34k resistance. In fact, BTC could display a slight depreciation over the coming days due to the upcoming FOMC meeting on the 1st of November.
Despite the short-term bearishness, experts remain bullish on Pepe in the long-term. A new meme coin – Meme Kombat – is also gaining traction in its presale and could display a strong bull rally after its launch.
Pepe Price Plummets – When To Buy Next?
The meme coin season has come to temporary halt, with top tokens experiencing a decline in the daily time frame. Pepe has fallen over 2% over the past 24 hours and is now trading below the $0.0000012 support.
The token’s 24-hour trading volume has also decreased by over 50%, possibly indicating an impending consolidation or retracement.
TradingView, a technical analysis platform, also reveals that Pepe’s short-term prospects are in the doldrums. The token receives a “Strong Buy” signal in the daily and the weekly time frames, thanks to its 75% bull rally over the past week. However, it is also underperforming a number of crucial moving averages in the lower time frames, which could signal an oncoming selling pressure on the token. Even in the daily time frame, oscillator indicators such as Stochastic %K and Commodity Channel Index have flipped to red.
This short-term weakness in Pepe could be attributed to its correlation with Bitcoin, which is also displaying bearish tendencies. Michael van de Poppe of MN Trading, who has close to 700k followers on X, believes that BTC could fall to the $32.8k price mark in the coming days.
The upcoming FOMC meeting on the 1st of November, where the Federal Reserve will decide on its monetary policy, will likely dictate the direction of the market in the short-term.
On the other hand, experts remain bullish on Pepe in the long-term, considering that it is one of the few meme coins listed on Binance. There is also speculation that Coinbase could list the meme coin on its platform in the coming months.
Even after the recent rug pull, in which Pepe devs sold $15.8 million worth of their holdings, the meme coin community remains squarely behind the token, even calling it one of the most decentralized meme tokens on the market.
In fact, popular trader @davidgokhstein, who has over 750k followers on X, believes that Pepe will easily surpass its $1.6 billion all-time high market cap during the next bull run.
Experts Bullish On Meme Kombat – Could It 10x?
Pepe is not the only meme coin set to dominate the next crypto bull market, with experts also backing a new cryptocurrency – Meme Kombat. The token is experiencing a strong demand in its ICO, raising over $812k in just over a month and even catching the attention of some crypto whales and smart-money traders.
For instance, the admin of the Crypto Whale Pumps group on Telegram – which has 25k subscribers – has purchased $MK tokens in the presale itself.
The surging interest in the token could largely be attributed to its wide-range of utility, considering that the Meme Kombat project capitalizes on some of the most in-demand trends in the crypto market such as artificial intelligence, gambleFi, and staking.
Meme Kombat is set to launch Play2Earn platform that will serve as a virtual battle arena between 11 different characters – each representing a popular meme coin such as Shiba, Doge, Pepe and Floki. The outcome of the battle will be decided on-chain using artificial intelligence, which will allow players to wager on the outcome of the game.
Investors can also earn passive income by staking their tokens, currently at an APY of 112%. This feature could provide a major bullish boost to the token, with experts such as Jacob Bury predicting a 10x price growth after its launch.
After all, the Floki meme coin saw an explosive price growth after announcing its staking program.
The Meme Kombat project has also revealed the identity of its founder Matt Whiteman – along with other key team members – to quell any fears of scams or rug pulls.