PEPE Price Dips 30% – Here's Why You Should Avoid Buying This Dead Meme Coin

PEPE was a hot story in 2023 and the first part of 2024. This “was” is important here – it’s just not anymore.

The price of PEPE (CRYPTO:PEPE) has declined sharply in recent weeks, and it now appears to be preparing for further downside.

Here’s a technical analysis of the meme coin.

Key Takeaways

PEPE price hit a peak in May, but it has since retraced significantly.

The meme coin is now trading within a descending channel pattern.

RSI is indicating that there’s still room for more declines.

Technical Analysis

Ever since hitting that peak in May, PEPE has started trading in a descending channel pattern, which is marked with blue lines on the chart below.

PEPE bulls did try to help the meme coin break out of this channel a few times already, once in late July and once in late August, but as you can see on the chart, it was rejected at the upper trendline of this pattern both times.

RSI is at just 43. This means there’s still room for crashes, while the momentum is just weak.

The current price of PEPE is $0.0000077, and if the price continues to trade inside this channel, it might visit the $0.0000055 area in September (a potential drop of about 28.5%).

The price has already dipped over 30% this month.

Despite breaking all-time highs (ATH) multiple times this year, PEPE is trading below its 200-day moving average (MA), which is now around $0.0000087. This is the first resistance zone for PEPE if any breakout starts to happen.

Without any major market moves later this year, the price chart of PEPE doesn’t look good at the moment. In fact, it’s probably wise to look elsewhere.

Read also: Meme Coin Prices Crash – FLOKI, DOGS, and POPCAT Plunge

Best PEPE (CRYPTO:PEPE) Alternative?

We have a new meme coin on our radar, and it’s called PandaWorld.

Currently in presale, this project has already raised over $113,000 and it’s still going.

This meme coin tries to offer more than just speculative value by providing a revenue-generating ecosystem for its holders.

Here’s a brief overview of how it works.

Ecosystem Components

The revenue generated from games, casino, and content platform will be collected in a central pool.

Users who stake their PADW tokens will receive a share of this revenue, which will help them generate passive income.

All in all, this is a meme coin with utility, and not just speculation. If you are looking to avoid meme coins with weak performance recently like PEPE, PandaWorld could be an alternative going forward.

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