PEPE Loses One Zero as Sell-Off Grows, but There’s Twist

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As a seasoned crypto investor with battle-scarred fingers from countless market fluctuations, I must admit that watching PEPE‘s rollercoaster ride has been nothing short of exhilarating. The latest dip, though disheartening at first glance, is not entirely unexpected given the meme coin’s penchant for unpredictability.

Although there are indications that the market might be rebounding, PEPE’s price trend has shown a decline instead. At this moment, the latest figures from CoinMarketCap show that PEPE is trading at $0.000009054, representing a decrease of 6.59% over the past 24 hours.

PEPE metrics melting, twist expected

Over the last 24 hours, the price decrease in PEPE is an extension of the significant decline seen in the previous week. In fact, within the past seven days, PEPE has experienced a drop of over 15%, demonstrating a steeper fall compared to the wider market.

Apart from cost, several other indicators suggest that the drop in the PEPE system could be an overreaction by short-term investors. Key factors such as trading volume and significant transactions are increasing, which may lead to a recovery for the token.

The trading value of the digital currency has increased by 48%, reaching $773.18 million, indicating a significant surge in activity within its ecosystem. Additionally, data from IntoTheBlock suggests that whale activity is also high, with a metric of 51.23% and a daily cumulative volume of $40.22 million being moved.

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

A significant change to anticipate is that this price fluctuation could actually be beneficial for PEPE in the long run. The recent drop in price serves as an opportunity for the meme coin to reduce excessive gains, with a solid foundation or bottom expected soon. This projected PEPE price floor is estimated at approximately $0.0000086.

The Relative Strength Index (RSI) value of the token is showing 43, which is just below the neutral zone. If this downtrend continues, it may eventually reverse due to bear exhaustion. Once the bears have sold off enough, PEPE supporters will take advantage and start accumulating the token in preparation for a potential price surge.

In simpler terms, we aim for the token’s value to regain what it lost and potentially increase by a factor of 10 in the short term.

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2024-10-26 17:20