PEPE Might Hit Floor as 8.27 Trillion Support Comes into View

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As a seasoned crypto investor, I’ve seen my fair share of market volatility and price swings. The recent downturn of PEPE, with its $4 million liquidation and 8.16% dip in just 24 hours, is a reminder that even the most promising coins can’t escape the market’s wrath. With a monthly slump of 33.2%, PEPE has become one of the hardest hit in the crypto realm.

PEPE is making headlines following its $4 million liquidation during a persistent price downturn. Currently, PEPE‘s value has dropped by a significant 8.16% to reach $0.00000959. This recent decline raises questions about its ability to bounce back. Over the past day, PEPE has seen a substantial loss of 33.2%, according to CoinMarketCap data.

PEPE support zone

PEPE’s negative position in the market highlights important metrics, as pointed out by crypto analytics platform IntoTheBlock (ITB). According to their data, PEPE‘s strong support lies at the $0.000009 price point.

As a crypto investor, I’d interpret the data as indicating that approximately 8.27 trillion PEPE tokens are being traded at this price point based on volume. For the PEPE coin to drop below this level, all these tokens would need to be dumped on the market. Given the size of this figure, it could present a significant challenge for bears to accomplish this feat.

PEPE Might Hit Floor as 8.27 Trillion Support Comes into View

As a market analyst, I’ve observed that PEPE doesn’t typically break out in price on its own. However, it may reach its lower price limit more swiftly than many of its counterparts. PEPE currently has an immediate objective of $0.000012, which serves as its foundation for some time.

During the process of bouncing back, PEPE relies significantly on the influence of its large investors, or “whales,” who have historically influenced the cryptocurrency’s price trends.

Market sentiment not aligning

The decline in Bitcoin‘s value caused a significant market pullback, with its price dipping to $58,000 and resulting in crypto liquidations worth over $294 million.

As an investor in altcoins, I’ve noticed that PEPE often follows Bitcoin’s price movements closely. Critics may have their doubts, but optimistic voices within the crypto community predict a Bitcoin price recovery soon. If this comes to pass, it could potentially boost PEPE’s price as well.

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2024-07-04 16:37