PEPE Might Hit Floor as 8.27 Trillion Support Comes into View
Release: 2024/07/04 21:39 Reading: 535
PEPE: Facing Market Headwinds
After a significant $4 million liquidation, PEPE has come under scrutiny. As of writing, PEPE's price has plummeted by 8.16% to $0.00000959, raising concerns about its recovery prospects. This 24-hour decline extends PEPE's monthly losses to 33.2%, according to CoinMarketCap data.
PEPE Support Zone
Despite the bearish sentiment, PEPE's current situation highlights key metrics. According to IntoTheBlock (ITB), PEPE's ultimate support zone is established at $0.000009. At this level, 8.27 trillion PEPE are held by volume. For the token to fall below this threshold, these tokens would need to be liquidated, which could be challenging for bears. src="/uploads/20240704/17201017056686ab49ca92f.png">
Price Movement and Whale Activity
Historically, PEPE's price trajectory has been influenced by market trends. It is likely to reach its floor price faster than its peers. PEPE's immediate target is $0.000012, which has served as a pivotal support level.
Whale activity has been a significant driver of PEPE's price action. Its recovery will depend on the actions of whales in the market.
Market Sentiment
Bitcoin's recent decline to $58,000 has triggered a broader market sell-off, resulting in crypto liquidations exceeding $294 million.
As an altcoin closely correlated with Bitcoin, PEPE is expected to follow the broader market trend. If Bitcoin recovers, as some proponents believe, it could positively impact PEPE's price.
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