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Pepe Coin

Pepe Coin Price Risks Sell-Off As Death Cross Looms Ahead of NFP Report

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2 months ago

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Pepe coin price slid further in the last 24 hours as Bitcoin price dropped once more below $56,000. This happens against the backdrop of the highly anticipated Non–Farm Payrolls (NFP) report to be released on Friday, September 6, at 8:30 ET. The price of PEPE hangs at a dangerous position at a historic support level, risking a 26% drop if the data underperforms expectations. 

Non–Farm Payrolls Impact on Pepe Coin Price

The U.S. Non–Farm Payrolls (NFP) report provides valuable insights into the health of the economy by shedding more light on the U.S. job market. Market analysts and economists anticipate the report showing that the U.S. created 130,000 to 200,000 new jobs, with a net average of around 164,000 new jobs over August. In contrast, the July Jobs report came in at 114,000, lower than 206,000 in June. 

U.S. Non–Farm Payrolls (NFP REPORT)U.S. Non–Farm Payrolls (NFP REPORT)
U.S. Non–Farm Payrolls

If tomorrow’s NFP report comes in lower than the expected 164,000 or the unemployment rate remains elevated, the Fed will focus more on reducing unemployment and creating more jobs and resort to a 50 bp rate cut that is bearish since it may suppress economic growth and increase unemployment.

Bitcoin price often reacts to NFP data, and depending on how tomorrow’s report goes, the price of BTC may rise or drop lower. If it tanks, Pepe coin price may break below a key support level that could sink it 26% lower.

Escalating Death Cross Risks

Pepe coin price continues to trend lower as sell pressure overwhelms the entire market. The price of PEPE dropped by 3.2% over the last 24 hours to trade at $0.00000709. This price also coincides with the bottom of a range the meme coin has been in for the last 33 days.

If the PEPE price breaks below this support level, it may drop 26% lower to $0.00000520, a new yearly low following the August 5 crash. Additionally, the 50-day Exponential Moving Average (EMA) is approaching the 200-day EMA from the top, which is a classic sign of an impending Death Cross. 

If this indicator completes forming, it may signal a prolonged downward movement for PEPE price. 

Pepe coin price analysis chart Pepe coin price analysis chart
Pepe coin price analysis chart

On the other hand, if tomorrow’s NFP report meets expectations, the Bitcoin price could rally, boosting the entire market. In this scenario, Pepe Coin price may avoid the looming bearish signal and surge 27% to $0.00000900. This move would push the asset above both EMAs, shifting the outlook from bearish to bullish.

Ultimately, the PEPE price is closely tied to the Ethereum price and, by extension, the Bitcoin price. Tomorrow’s report will likely determine the direction for Pepe Coin and the broader crypto market.

Frequently Asked Questions (FAQs)

The NFP report provides insights into the U.S. job market, influencing market trends, including cryptocurrency prices.

A Death Cross occurs when the 50-day EMA crosses below the 200-day EMA, signaling potential prolonged downward price movement.

If the NFP report meets expectations and Bitcoin rallies, Pepe Coin could rise 27%, shifting its outlook from bearish to bullish.

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Evans Karanja

Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Pepe Coin

Pepe Price Explodes 37% In A Week, Bullish Sign or Hype?

Published

4 months ago

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July 20, 2024

By


Pepe, an Ethereum-based meme coin, has experienced notable activity in the past day. Pepe price has shown signs of significant market movement over the past week, trading in an ascending trend, indicating a potential bullish breakout. 

As of the reporting time, PEPE price hovered at $0.00001211 during the European trading session, making a slight surge of 3%. The trading volume for Pepe has also risen sharply by 32% in the last 24 hours, reaching $1 billion.

According to CoinMarketCap data, Pepe’s current market capitalization is approximately $5 billion, ranking it #22 among all cryptocurrencies. The circulating supply of Pepe is entirely out, with 420 million PEPE tokens in circulation, mirroring the total supply cap. 

Pepe Price Sees Bullish Surge: What’s Next?

Over the past week, Pepe price has seen a significant rise in value, with an increase of 42.%. The meme coin has been trading in a relatively bullish trend, showing strong upward momentum that reflects a growing interest among investors. 

Pepe Price Explodes 37% In A Week, Bullish Sign or Hype?Pepe Price Explodes 37% In A Week, Bullish Sign or Hype?
Pepe Price

The meme coin has been trading in a notably bullish pattern, particularly evident in its rapid ascent on the charts from July 16th to July 19th. Pepe has traded between $0.00001175 and $0.00001299 in the past day, reflecting a fluctuating yet positive trend. This movement marks a notable recovery, although it is still below its all-time high of $0.00001718, reached on May 27, 2024.

Binance Promotions Add to Pepe’s Appeal

Binance has recently announced a special promotion for its Pepe (PEPE) Simple Earn Flexible Products. During this limited-time event, subscribers to these products can gain an additional bonus Annual Percentage Rate (APR) of 8%. 

This is in addition to the regular Real-Time APR that users normally receive. This unique offer will enhance returns to those investing in PEPE through Binance’s flexible product options.

Is a New Resistance Level on the Horizon?

Pepe coin is currently showing signs of a bullish market trend. If this momentum continues, it may reach a resistance level of $0.000013, signaling a possible market turnaround. 

Stabilizing at this point could further boost its value to around $0.000015 by the end of the month. A stronger bullish influence could push it past the $0.000005 mark.

Conversely, if bearish trends persist, the cryptocurrency could decline to a support level of $0.000012. If negative trends continue, a further dip to $0.000011 is possible. With ongoing market adjustments, Pepe’s price might fall to $0.00001, suggesting an oversold condition.

Pepe Price Explodes 37% In A Week, Bullish Sign or Hype?Pepe Price Explodes 37% In A Week, Bullish Sign or Hype?
Pepe Price Chart: Source| TradingView

The daily technical indicators for the PEPE highlight significant trading activities.  The Moving Average Convergence Divergence (MACD) exhibits a slight convergence towards the signal line, suggesting a potential reversal.

The Relative Strength Index (RSI) is at 57, indicating a relatively neutral position. This level suggests the asset is neither overbought nor oversold, providing strong momentum.

Frequently Asked Questions (FAQs)

Yes, the additional 8% APR could attract more investors to PEPE, potentially driving up its price.

Pepe Coin reached its highest price on May 27, 2024, when it traded at an all-time high of $0.00001717.

Pepe Coin is primarily used as a collectible digital asset within the cryptocurrency community. Its main appeal lies in its status as a meme coin, allowing holders to buy, collect, and sell the token.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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