Despite some signs of recovery within the cryptocurrency market, $PEPE continues to experience downward price pressure. As of the latest data from CoinMarketCap, PEPE is trading at $0.000009054, reflecting a 6.59% decline over the past 24 hours.
PEPE’s Price Drop and Key Metrics
The recent price decline extends a week-long downturn for PEPE, which has dropped over 15% in the past seven days, showing more aggressive losses than the broader crypto market. The sell-off appears driven in part by short-term holders exiting their positions. However, other significant metrics hint at potential support for the token’s recovery.
PEPE’s trading volume has surged by 48%, reaching $773.18 million, indicating a spike in activity and interest within the ecosystem. Additionally, data from IntoTheBlock reports a rise in large transactions by 51.23%, with whales moving a total of $40.22 million in a single day. This increased trading volume and whale activity may help bolster a potential price rebound for PEPE in the short to mid-term, particularly as open interest remains elevated.
Potential for Price Floor and Recovery
Despite current volatility, PEPE’s price action might ultimately benefit its overall stability. Analysts anticipate that this downward trend may lead PEPE to hit a price floor around $0.0000086, creating a foundation for potential upward movement. The Relative Strength Index (RSI) for PEPE currently reads 43, placing it just below the neutral zone. This metric suggests that while bearish pressure continues, a reversal could occur as sellers begin to subside, allowing buyers to step in and support a price boost.
Outlook: PEPE’s Path to Recovery
In the mid-term, PEPE may recover recent losses as the price floor strengthens. With potential increased demand following this consolidation, PEPE could regain momentum and potentially "clear a zero" in its price. However, continued monitoring of market trends and key metrics will be essential to gauge the timing and strength of any rebound.
