WEPE Rebounds from Support Zone, Eyes Resistance Retest at $0.0001249
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Following bullish price strength associated with the news of the project adding the Solana string to its bow, Wall Street Pepe (WEPE) meme coin has succumbed to the market-wide dip in prices in sympathy with the downward slide of the stock market.
While the market pullback is beyond the control of WEPE/USDT trading pair market participants, the technical setup suggests a deepening of the retracement is unlikely because of strong support at current price levels ($0.00008752).
On the relative strength indicator reading, WEPE is still sitting comfortably below overbought territory, providing another signal that buyers are probably waiting on the sidelines to pounce.
Currently trading in a zone of support established in mid-June, with its baseline confirmed in July in the $0.000070 region, WEPE token’s solid positioning has been doubly confirmed today by buying interest, which can be discerned more clearly on the two-hour chart below.
Looking at the 50- and 100-day moving averages, there is further encouragement for bullish WEPE token holders, and for those seeking to re-enter the market.
While the price has lost the 50-day MA (blue line), crucially, it is holding above the 100 MA (white line) of $0.00007970 at the $0.00008724 price level.
Multiple Signals Suggest It’s Time to Begin Accumulating WEPE
Recent burgeoning buying interest in WEPE is reflected on social media, where the project’s X account has now racked up 55,300 followers, together with its extensive bank of user-generated meme content.
WEPE’s lasting appeal for savvy crypto degens is its “choosing rich” narrative to beat Wall Street at its own game – a theme attractively expressed through the WEPE character, with his Jordan Belfort The Wolf of Wall Street vibes.
User-generated meme content, collaborations with other Web3 communities, an Alpha Chat trading community that has a knack for serving up winners (see X post above), keen interest surrounding its coming NFT launch, are all creating pent-up demand for the token.
Don’t let WEPE be the one that got away. The technicals are shouting ‘STRONG BUY’, so keep your powder dry and start averaging into this amphibian beauty.
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