The Pepe (PEPE) price is on the brink of 30% drop if it falls below a key level of support, with short-term holders likely to dump the cryptocurrency, spelling doom for a recovery.
PEPE was last trading around $0.000011, barely above two-week lows and already 15% down from earlier monthly highs.
The PEPE price has been clinging onto its 50DMA, last at $0.0000114, for dear life in recent days.
PEPE Price – 30% Decline Inbound?
If this support level is lost, the door is open for short-term holders to dump their tokens, sending the price back to sub-$0.000008 levels.
That would mean a 30% decline and would mean that the PEPE price would be back to 55% below May’s record highs.
That could spell doom for Pepe’s attempt to recover. That said, if PEPE could hold above its 200DMA (at $0.0000077), the bull market that started in February could continue.
That said, the outlook is dire and traders will be avidly looking for alternatives that might be able to protect them from downside, or better yet, deliver some returns.
One Pepe alternative that has been generating a lot of buzz is a new Pepe-themed Ethereum layer-2 protocol called Pepe Unchained (PEPU).
That feeling when you are in the Pepe Unchained Presale
pic.twitter.com/2yzu5NnMJd
— Pepe Unchained (@pepe_unchained) July 30, 2024
Here’s why analysts at Cryptonews.com rank Pepe Unchained as one of their top crypto presales right now.
Pepe Unchained (PEPU) – Best Pepe Alternative?
Unlike most newly launched Pepe copycat tokens, Pepe unchained comes packed with utility.
Pepe Unchained is a new Ethereum layer-2 protocol that aims to become the go-to blockchain for meme coin trading.
Pepe Unchained’s token presale launched a few weeks ago, raising over $6.6 million so far.
Chain after chain is broken!
Pepe has raised $6M! The revolution continues! pic.twitter.com/555bPCkWdE
— Pepe Unchained (@pepe_unchained) July 28, 2024
Thirty percent of the token’s supply is dedicated to staking rewards, which presale investors can start earning immediately.
Priced at just $0.0088044, PEPU is valued at only around $70 million. Assuming it achieves its goals of becoming a major layer-2 protocol, it could easily 10x from here.
PEPU is also a passive income gem. The project’s website shows the current staking yield is around 291% for presale investors.
Investors who jump in now could potentially have added significantly to their PEPU bag by the time the token launches.
Pepe Unchained has the backing of dozens of well-known crypto influencers.
Clinix Crypto thinks PEPU is one of the best presales to buy now.
Crypto Gains is also a big fan of the coin.
The post PEPE Price on the Brink: Short-Term Holders Spell Doom for Recovery appeared first on Cryptonews.
#IndustryTalk #Memecoin #Pepe #PEPEPrice [Source: CryptoNews]