Pepe Coin (PEPE) price action is southbound after a rejection from the 50-day Exponential Moving Average (EMA) at $0.00000082. It comes after aggressive selling from the supply zone, an order block marked in red in the daily chart below. This ranges between $0.00000083 and $0.00000077. For the frog-themed con to break past its current level, it must double its value and convert the supply zone into a bullish breaker.

On social media, the Pepe ecosystem has been inactive since the September hacking of its messaging platform, Telegram.

❌❌ $PEPE Announcement❌❌

The old telegram for $PEPE is hacked and no longer in our control. The “lordkeklol” account has been compromised. Whoever has gained access to this account is using it to push scams and deceive people and launch other coins. This person is lying and… pic.twitter.com/jxlYwoSP1Q

— Pepe (@pepecoineth) September 9, 2023

It came after a bad actor compromised the account “lordkeklol” and used it to push scams, deceive people, and launch other coins.

the Twitter account @lordkeklol has no association to $PEPE and should be reported as spam/impersonation as well pic.twitter.com/EMUZ0dF0P5

— Pepe (@pepecoineth) September 9, 2023

The Pepe ecosystem also had struggles in its leadership that have added to the headwinds still limiting its upside potential. Citing @thanos_pepe in a post on Crypto X, “Imagine becoming a dev for a project with true utility and real potential. Now imagine learning that the people who hired you lied and misled you as much as they did the entire community. This is where we come from. This is why there must be balance.”

Imagine becoming a dev for a project with true utility and real potential.

Now imagine learning that the people that hired you lied and misled you as much as they did the entire community.

This is where we come from.

This is why there must be balance.$SNAP will bring it. pic.twitter.com/KMGJA4zdeH

— ThanosPepe (@thanos_pepe) October 8, 2023

The balance in this respect is SNAP, a new token expected to contend against PEPE. It is touted as “the people’s token born out of anger of those taking advantage of holders’ hard-earned money.” It is now a question of quality over quantity between SNAP (Thanos) and Pepe (frog).

You ever been doubted? Told you ain’t good enough? Then come home to $SNAP

We are the #peoples #token! Born out of #anger at those taking advantage of #holders hard earned money. Get to know us and you’ll see we’re here for everyone to win.

Let the #chaos ensue. It is a… pic.twitter.com/iGhY8RkF3a

— ThanosPepe (@thanos_pepe) October 8, 2023

Meanwhile, the token has made it to Pancakeswap, which means users can trade it on the decentralized platform.

🐸 $FEPE is now officially live on PancakeSwap! 🚀

👉🏻 PancakeSwap: https://t.co/VTRjo4ljtS

📍 Contract Address: 0x97B939179e138D125eC725dbb5aaa95D10465533

🛡Audit: https://t.co/XXJyk286vo

🔒 0% Taxes
🔒Liquidity Locked pic.twitter.com/LleE7C7BjF

— Fighter PePe । FUN । BSC । Utility (@Fighter_PePe) October 7, 2023

Pepe Price Outlook With PEPE Contending Against Thanos

The outlook for Pepe coin remains bleak, with momentum indicators showing buyer power is waning. The Relative Strength Index (RSI) has recently flipped below the 50 level, indicating a weak price strength. Its move below the signal line (yellow band) activated a sell signal, with the frog-themed token falling 15% since then. Traders heeded the sell signal. Meanwhile, the Awesome Oscillator (AO) indicator is in negative territory, pointing to the bears’ strong presence in the market.

Based on the above, the odds favor the downside, and Pepe’s price could extrapolate south, likely testing the demand zone (green order block). This lies between the $0.00000065 and $0.00000060 range. Breaking below its midline, the mean threshold would be confirmation of the downtrend. This could mark the beginning of a new downtrend.

On-chain Metrics GIOM

On-chain metrics from blockchain aggregator IntoTheBlock’s Global In/Out of the Money shows that at current prices, 65.68% of PEPE holders are sitting on unrealized losses (out of the money). Meanwhile, only 13.19% are sitting on unrealized profit (in the money), and 21% are breaking even (at the money).

More broadly, the metric shows plenty of supply barriers that will prevent the frog-themed cryptocurrency from achieving its upside potential. Based on this on-chain metric, one major area of interest is filled by a high number of investors that had previously purchased PEPE around the $0.000001 level. Here, roughly 26,620 addresses are holding nearly 146.07 trillion PEPE tokens.

On the other hand, if late buyers or the sidelined ones come in, Pepe’s price could rise toward the supply zone. A break and close above the midline of that order block at $0.00000080 would confirm the uptrend, bringing PEPE to test the 50-day EMA at $0.00000082. In a highly bullish case, the gains could extend to the 100-day EMA at $0.00000100 psychological level.

While Pepe price works out its next move, consider TGC, a new crypto in the presale, so you have time to buy early. It will launch soon, so do not miss out.

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PEPE Alternative

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• Source: https://insidebitcoins.com/news/pepe-coin-price-prediction-is-pepe-set-to-double-its-value-with-tg-casinos-growing-popularity