The PEPE price has taken a significant hit, plummeting 29% in the past 24 hours to $0.00001218. This drop comes after the meme token reached a new ATH on May 27, and it's left many wondering if it's time to buy the dip.

A Chance to Buy the Dip

PEPE's recent falls come in a context of medium- and long-term growth, making today's fall an opportunity to buy the token at a discount. The coin has actually gained by nearly 1% in the past hour, with its relative strength index (purple) showing renewed momentum after hitting 30 last night.

Chart Analysis

PEPE's chart tells us that the coin has bottomed out in the past 24 hours and looks ready to recover again soon. The coin's 30-day moving average (orange) is beginning to flatten out, as if preparing for a rebound. Additionally, PEPE's resistance (red) and support (green) levels are slowly converging on each other, implying that the meme token is preparing for a big move.

Whale Activity

A whale deposited 365.96B $PEPE($5.3M) into #Binance for profit just now. This significant move highlights the potential for PEPE to rebound and grow in the near future.

Market Outlook

The upcoming launch of recently approved Ethereum ETFs is likely to boost demand and bullishness across the board. Additionally, modest rate cuts in the US and elsewhere could also boost demand for PEPE.

Alternative Meme Coins

PEPE will almost certainly see renewed rallies in the near future, yet traders may be interested to hear that it isn't the only high-potential meme coin in the market at the moment. WienerAI (WAI) is one of the best, with a strong fundamentals and a promising future.

Conclusion

PEPE's recent falls provide an opportunity to buy the token at a discount, and its chart analysis suggests that it's ready to recover again soon. With the upcoming launch of Ethereum ETFs and potential rate cuts, PEPE is likely to see renewed rallies in the near future.