As investors rushed to chase the bullish momentum of memecoins, Pepe prices surged by more than 32% in the past 24 hours to a trading price of $0.00000268. During the same period, according to CoinMarketCap data, PEPE far outperformed competitors Dogwifhat (WIF), FLOKI and Shiba Inu (SHIB), achieving impressive 24-hour gains. WIF achieved a gain of 29% in the same period, while SHIB and FLOKI only gained 5% and 17% respectively.
Pepe price struggles to break resistance
PEPE/USDT 4-hour chart (Source: TradingView)
Over the past 24 hours, Pepe price has managed to break above the $0.00000209 resistance level and is attempting to break above the subsequent resistance at $0.00000282. Although it managed to break above the second resistance level, the achievement was short-lived as sellers quickly pushed the meme coin’s value lower. The cryptocurrency has since failed to establish a foothold at this resistance level.
If the memecoin is repelled by the $0.00000282 resistance over the next 24 hours, it could face the risk of falling to the recently broken price point of $0.00000209. However, before potentially falling to this level, it would need to break below a positive short-term trendline that appears on its chart.
If the selling pressure continues after Pepe reaches $0.00000209, it could pull the cryptocurrency below important levels, paving the way for a drop to $0.00000173. In an extremely bearish scenario, PEPE could drop to between $0.00000144 and $0.00000152 in the near term.
Technical indicators suggest that Pepe prices may correct over the next 48 hours. While the relative strength index (RSI) is about to trigger a significant bearish technical signal, the moving average convergence/divergence indicator (MACD) also suggests that PEPE’s positive trend has peaked.
The RSI on PEPE’s 4-hour chart shows that the cryptocurrency is currently overbought on the short-term timeframe. Traders often view this as a sell signal as the cryptocurrency has more downside potential than upside potential. Investors appear to have begun acting on this signal as the RSI is declining near its simple moving average (SMA), which could be a sign of weakening buyer power. A crossover of these two lines in the next 24 hours could also signal a bearish shift in PEPE’s trend.
Furthermore, the slope of the MACD histogram has also turned negative, which could be an early sign of an impending bearish trend reversal. If these technical signals are confirmed and validated, Pepe price could drop to $0.00000209 in the next few days.
With Pepe’s price at risk of a correction in the coming days, investors are turning their attention to Smog and its upcoming airdrop, which is rumored to be one of the largest in cryptocurrency history.
Investors rushed to participate in this airdrop
No specific details about the Smog airdrop have been disclosed yet. However, the token economics of this new Solana memecoin show that 35% of the token supply has been reserved for the airdrop activity.
The massive allocation created a frenzy among cryptocurrency investors who were anticipating the largest airdrop in crypto market history.
Join the #SMOG community on #Zealy and increase your $SMOG #Airdrop points. Complete tasks to earn extra points! Stay tuned for upcoming announcements.
https://t.co/3EQxvQwsw3
#CryptoCommunity
#Altcoins
#Memecoins
#Binance
#Crypto
— SMOG (@SMOGToken)
February 21, 2024
There is a Zealy campaign going on right now where anyone can qualify for Smog airdrops by completing various tasks, from following Smog’s X page to trolling on Binance posts. Investors can earn points through these tasks, and these points will determine the proportion of the airdrop that each investor will receive.
There may be a price explosion in the short term
Smog hopes to repeat the success of previous Solana memecoins like BONK, WIF, and MYRO. Several factors have investors and experts excited about the new token’s potential to accomplish this goal.
In addition to following the Solana memecoin trend and its massive airdrop plan, Smog’s strategic branding also appeals to the booming Asian crypto market. 2024 is known as the Year of the Dragon in Asian countries, which fits perfectly with Smog’s dragon-centric look.
Therefore, Asian traders, who are known for their active participation in the crypto market, may buy this new memecoin.
The best time to buy is before more rumored listings on top exchanges, which often trigger parabolic rallies.
SMOG can be purchased here.
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