Main navigation

PEPE Might Hit Floor as 8.27 Trillion Support Comes into View

Advertisement
Thu, 4/07/2024 - 13:36
PEPE Might Hit Floor as 8.27 Trillion Support Comes into View
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

PEPE is in the spotlight after carting away with a $4 million liquidation amid an unrelenting price slump. At the time of writing, PEPE has fallen by a massive 8.16% to $0.00000959, casting doubt on its recovery potential. This 24-hour slump has extended its losing streak with a monthly slump of 33.2%, per data from CoinMarketCap.

PEPE support zone

While the negative figure positions PEPE as one of the coins taking the brunt on the market, it also brings key metrics into proper focus. Per data from crypto analytics platform IntoTheBlock (ITB), at the current level, the ultimate support zone of PEPE is set at the $0.000009 price level.

Related

Per the data, at this price level, a total of 8.27 trillion PEPE are concentrated by volume. For the coin to fall below this level, these entire tokens will have to be sold off, a feat that might prove relatively tough for the bears to pull off.

Article image
In-Out Money Around Price. Source: IntoTheBlock

While PEPE is not known to fly solo in terms of price breakout, it is likely to hit its floor price faster than the majority of its peers. PEPE has an immediate target of $0.000012, which has formed its basic support zone for some time.

In the push toward a recovery, PEPE will bank on its whale action, which has proven to be a prominent factor driving its price action overall.

Market sentiment not aligning

Bitcoin was responsible for the market drawdown as the price fell to $58,000, bringing crypto liquidations to more than $294 million.

Related

As one of the altcoins that maintains a strong correlation with Bitcoin, PEPE has to fall in line with the broader market. Despite claims from critics, top proponents anticipate a rebound in the Bitcoin price soon. If this expectation aligns, it might drive the price of PEPE upward as well.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD