Pepe Price Prediction: Is $PEPE Recovering from Its Early August Downturn? 

With Bitcoin price surpassing the $60K mark, the entire meme coin ecosystem has once again started trading in the green. Pepe, the world’s third-biggest meme coin by market capitalization, has experienced a daily surge of 3% on the price charts.

However, with the market becoming increasingly volatile due to ongoing geopolitical conditions, is there a chance for Pepe to retest its all-time high?

Pepe Price Action Since the Beginning of August

Pepe’s entry into August was marked with a large red candle. On August 5, 2024, also known as “Black Monday”, which saw the collapse of the entire stock market, the meme coin reached new lows when it dropped to $0.00000585.

A panic rally did help the frog-themed token recover. However, its performance so far has been extremely volatile due to the conditions in the broader market.

Pepe’s market capitalization is just above $3.3 billion and is trading around the $0.0000079 mark at press time.

Pepe Price Analysis: Short-Term

Even though the zoomed-out look at the monthly charts shows Pepe trading inside the red zone, daily charts reveal a different picture of the token.

At the time of writing, the Pepe Coin’s 50-day SMA (Simple Moving Average) is approximately $0.0000097. That said, the token is constantly moving above and below this MA trendline. A continuous stream of red candles will likely push its value down below the $0.0000070 mark.

This drop remains possible since the token’s relative strength index is right around the middle at 43. However, if the market conditions turn bullish enough, Pepe, like other top meme coins, will see a bigger bounce that may probably take its price above the $0.0000090 level.

Pepe Price Analysis: Long-Term

Pepe’s long-term performance will depend on the overall market conditions and how the community continues to respond to Pepe’s price action.

The daily chart on CoinGecko shows that the token is currently oscillating between $0.000007 and $0.000008. The Fibonacci Retracement chart shows that the token is currently above its support level of $0.0000078.

For Pepe to retest its all-time high, it has to cross the crucial resistance points at 0.00000972, $0.00001132, $0.00001244, and $0.00001355, which will require a surge of more than 100%. However, current market conditions don’t look optimal for that to happen.

Due to the uncertain market, investing in tokens available on presale is more beneficial. These offer a chance to generate profits from their listing pumps and have unique use cases that could become vogue within the crypto ecosystem. One such asset is Playdoge.

PlayDoge ($PLAY) – Potential Alternative to Pepe Under Current Market Conditions

PlayDoge is a P2E meme coin that attempts to revive the old days of Tamagotchi games by giving them a blockchain-driven spin.

Tamagotchi titles were games involving digital pets and their owners who took care of them. They lost their novelty after a few years as the pets died continuously, and there were no incentives to invest in them anymore.

PlayDoge addresses these shortfalls by introducing an earning mechanic into the mix. Caring for digital pets not only establishes an emotional relationship between these pets and the pet owners, but PlayDoge also rewards the owners who take care of their “playdoges” the best.

PlayDoge has also introduced mini-games in which these digital pets act as player characters to make things even more interesting. Another cool attribute that has been added is that failure to properly care for the digital pet will lead to that pet leaving the owner.

This has introduced an interesting risk factor into the mix, making taking care of the digital parts a necessity and a rewarding experience.

Participating in the PlayDoge presale and staking the tokens can elicit more value from the ecosystem, further enhancing player rewards.

The end of the #presale is getting nearer…👀

Will you be spraying $PLAY bottles with the rest of us degens?! 🍾

Last calls 🚨 👇 https://t.co/JT0VEofqf2 pic.twitter.com/AhCqRKMxKO

— PlayDoge (@PlayDogeGame) August 18, 2024

These factors have bolstered support for PlayDoge during its presale, which has led to the token raising more than $6 million to date.

Many crypto analysts have also stood behind PlayDoge.

The likes of CryptoNews have discussed the token’s potential to explode after its presale concludes on August 26th, 2024:

 

Most importantly, PlayDoge has undergone a full audit from the renowned blockchain security firm, SolidProof, underscoring its commitment to investors’ safety.

With such an interesting premise, PlayDoge can be a better investment than Pepe. The 2D imagery, combined with the gaming utility, could cause PlayDoge to flip Pepe someday.

To stay updated about its future listings and upcoming P2E games, follow PlayDoge on X.

You can also visit PlayDoge website.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Sponsored