The price of Pepe (PEPE) is on the verge of a 30% decline if it falls below a critical support level. Short-term holders may soon offload their cryptocurrency, which would hinder any chances of recovery.
Currently, PEPE is trading around $0.000011, slightly above its two-week low and already down 15% from its monthly peak.
Critical Support Level in Jeopardy
PEPE’s price has been desperately holding onto its 50-day moving average (50DMA) at $0.0000114. If this support is breached, short-term holders might dump their tokens, pushing the price below $0.000008.
This would result in a 30% drop, placing PEPE’s price 55% below its record highs in May. Such a decline could severely impact Pepe’s recovery efforts. However, if PEPE manages to stay above its 200DMA at $0.0000077, the bullish trend that started in February might persist.
Traders Seek Alternatives
Given the bleak outlook, traders are looking for alternatives that might safeguard them from losses or offer potential gains. One such alternative gaining traction is Pepe Unchained (PEPU), an Ethereum layer-2 protocol themed around Pepe.
Pepe Unchained (PEPU) – A Promising Alternative
Unlike many new Pepe-themed tokens, Pepe Unchained offers substantial utility. It aims to become the primary blockchain for meme coin trading. The token presale, launched a few weeks ago, has already raised over $6.6 million.
Attractive Investment Opportunity
Thirty percent of PEPU’s supply is allocated for staking rewards, which presale investors can start earning immediately. Priced at $0.0088044, PEPU’s market cap is about $70 million. If it meets its goals, its value could increase significantly.
PEPU also presents an attractive opportunity for passive income. The current staking yield for presale investors is around 291%. Early investors could potentially see significant gains by the time the token officially launches.
Influencer Backing
Pepe Unchained has garnered support from numerous well-known crypto influencers. Clinix Crypto and Crypto Gains are among those who consider PEPU one of the best presales to invest in right now.
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