PEPE Price on the Brink: Short-Term Holders Spell Doom for Recovery
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.
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
Read more on cryptonews.com
