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Despite the signs of possible recovery in the market, PEPE has recorded a negative push in its price action. As of writing, data from CoinMarketCap pegs the price of the PEPE at $0.000009054, down by 6.59% in the past 24 hours.
PEPE metrics melting, twist expected
The drop in the price of PEPE over the 24 hour period is a continuation of the meltdown from the past week. Within the trailing seven-day period, the token has dropped by over 15% as PEPE showcased a more aggressive dump-off than the broader market.
Godfrey BenjaminBeyond the price, a number of other metrics showcase the sell-off in the PEPE ecosystem might be a knee-jerk reaction from short term holders. Other key metrics like the trading volume and large transactions are on the rise, potentially set to fuel rebound for the token.
The digital currency’s trading volume is up 48% to $773.18 million, a figure that proves there is heightened activity within the ecosystem. Beyond this, the large transaction data from IntoTheBlock pegs this whale metric at 51.23% with a cumulative volume worth $40.22 million shuffled in a day.
These positive metrics might help PEPE reverse its growth in the short to mid-term especially as Open Interest has remained relatively elevated.
PEPE to hit floor soon
Another major twist to expect is that this price action might be positive for PEPE overall. This is because the price slump is an avenue for the meme coin to shed off excess gains with a floor imminent. This PEPE price floor is pegged around $0.0000086.
Tomiwabold OlajideThe token’s Relative Strength Index (RSI) metric is flashing a 43 reading, slightly below the neutral zone. Even if this sell-off persists, it will reverse course as when bears are satisfied with the dumping, PEPE bulls can then swoop in to stack the token in push for a price boost.
Ultimately, the goal is for the token to recover its price losses and push to clear one zero in the midterm.
Yuri Molchan
Vladislav Sopov
Dan Burgin
Alex Dovbnya