PEPE Loses One Zero as Sell-Off Grows, but There's Twist
Release: 2024/10/27 01:29 Reading: 547
Pepe Eyes Rebound Amidst Price Dip
Despite promising signs of market recovery, PEPE has experienced a decline in its price action. At the time of writing, data from CoinMarketCap shows PEPE trading at $0.000009054, a 6.59% decrease over the past 24 hours.
PEPE Metrics Decline, Signaling Potential Rebound
The price drop over the last day is a continuation of the meltdown witnessed over the past week. Within the trailing seven-day period, the token has plunged by over 15%, exhibiting a more pronounced decline compared to the broader market.
While the price has fallen, other metrics suggest that the sell-off in the PEPE ecosystem may be a short-term reaction. Key indicators like trading volume and large transactions have surged, potentially fueling a rebound for the token.
Trading volume has increased by 48% to $773.18 million, indicating heightened activity within the ecosystem. Moreover, IntoTheBlock's data shows that large transactions account for 51.23% of total volume, with a cumulative value of $40.22 million shuffled in a single day.
These positive metrics could aid PEPE in reversing its decline in the near term, particularly as Open Interest remains elevated.
Potential Floor and Buying Opportunity
Interestingly, the current price action could ultimately benefit PEPE. The price slump provides an opportunity for the meme coin to shed excess gains, with an imminent support level pegged around $0.0000086.
The token's Relative Strength Index (RSI) is currently at 43, slightly below the neutral zone. While the sell-off may continue, it is expected to reverse once bears have reached their desired level of profit-taking, allowing buyers to accumulate at a discounted price and potentially drive a rebound.
Ultimately, the goal for PEPE is to regain its lost value and clear the next zero in the midterm.
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