The Pepe price pumped more than 4% in the last 24 hours to trade at $0.000007668 as of 2:05 a.m. EST as investors go long on the meme coin.

PEPE’s latest gain comes as the overall meme coin market gained 1% in the same period to hit a market capitalization of $63.8 billion, according to CoinMarketCap.

The Pepe Price Gets Rejected By Resistance

4-hour chart for PEPE/USDT (Source: TradingView)

The Pepe price got rejected by the $0.00000791 resistance level in the last 24 hours, causing the meme coin to fall out of a short-term positive price channel that had formed on its charts as well. If the crypto fails to close a 4-hour candle above this threshold within the next 12 hours, it might be at risk of testing the immediate support level at $0.00000693 in the coming 48 hours. Continued selling pressure should PEPE reach this point could then push it down to the subsequent mark at $0.00000623.

On the other hand, the Pepe Price closing a 4-hour candle above $0.00000791 within the next 12 hours could invalidate the bearish thesis. PEPE might then look to re-enter the ascending price channel, which could lead to it attempting a challenge at the $0.00000859 barrier in the short term.

Technicals Warn That Bears May Gain Control Over The Pepe Price

Technical indicators on PEPE’s 4-hour chart are still flagging bullish despite the recent rejection. There is, however, a notable reduction in the meme coin’s positive momentum from a technical perspective. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are both on the verge of potentially triggering major bearish technical flags.

Buyers still have a slight advantage over sellers, which is represented by the RSI line’s position above its Simple Moving Average (SMA) line on the 4-hour chart. However, the former collapsing towards the latter warns that bears may soon take control of the Pepe price. This could be confirmed when the RSI line crosses below the SMA line.

Meanwhile, PEPE’s positive momentum also seems to have reached a peak and is subsequently cooling down. The MACD line breaking down towards the MACD Signal line corroborates this. These two lines intersecting in the upcoming couple of days could indicate a shift in momentum that favors bears.

PEPE’s recent rejection could be the result of several traders taking profit from the meme coin’s rally. Given the spare cash on hand, these traders will most likely look to allocate their funds towards another crypto with higher growth potential.

With its launch less than 2 weeks away, Dogecoin20 might be the main recipient of this capital as the meme coin marks the first major upgrade to the DOGE brand and its underlying technology.

Continuing The Original Meme Coin’s Legacy

Since its launch in December 2013, Dogecoin underwent a meteoric rise to become the largest meme coin by market cap. Its dedicated community of loyal followers and its lighthearted nature inspired a cultural movement within the crypto space and formed the foundation of the meme coin sector.

However, Dogecoin’s original developers abandoned the meme coin shortly after its launch. This is one of the main reasons that the original meme coin never really developed from a technology standpoint.

Dogecoin20, which raised over $10 million much earlier than its developers expected, is looking to modernize the beloved crypto through a series of much-needed upgrades.

$10M Raised and Counting: Why Dogecoin20 is Going Viral Ahead of Doge Day?https://t.co/Op6F4Gbeol

— John Morgan (@johnmorganFL) April 1, 2024

The most notable difference between Dogecoin and Dogecoin20 is that the new meme coin is launched on the Ethereum network, which relies on the Proof of Stake consensus.

This is not only more eco-friendly than the Proof of Work mechanism that Dogecoin employs, but also allows Dogecoin20 (DOGE) holders to stake their tokens through a native solution. By staking tokens, investors can earn an annual yield of 51%, with 55.3 billion tokens already staked.

Dogecoin20 also has a fixed supply, while the older Dogecoin does not. This, according to the team, has hindered Dogecoin’s growth potential, and is the reason DOGE has not exploded past $1 even with the large following it has amassed over the years.

One Last Chance To Buy Before Launch

Given the success of Dogecoin20’s presale, the team behind the meme coin have decided to give investors one last chance to buy the crypto before launch. On Apr. 20, which is also International DOGE Day, investors who purchased the meme coin during its current presale phase will be able to claim their tokens. 

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This historic day has led to DOGE price surges in the past. Now, investors are gearing up for a potential explosion in Dogecoin20’s price, as the meme coin tries to continue DOGE’s legacy.

Anyone interested to buy DOGE20 before its launch can do so on the project’s website. DOGE20 tokens are selling for $0.00022 each, and can be bought using either ETH, USDT, BNB or a bank card.

DOGE20 can be purchased here.

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• Source: https://insidebitcoins.com/news/pepe-price-prediction-pepe-pumps-4-but-investors-are-flocking-to-this-2-0-dogecoin-for-parabolic-gains