PEPE has had a downward push in its price movement, even if the market appears to be recovering. According to CoinMarketCap statistics, the PEPE’s price is now down 6.59% over the last day, at $0.000009054.
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.
Beyond 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 trade volume of the digital currency has increased by 48% to $773.18 million, indicating more activity in the ecosystem. In addition, IntoTheBlock’s extensive transaction data places this whale measure at 51.23%, with a daily total volume of $40.22 million.
Given that Open Interest has stayed comparatively high, these encouraging indicators might aid PEPE in reversing its increase in the near to medium term.
PEPE to hit floor soon
The possibility that this price action may be favourable for PEPE as a whole is another significant twist to anticipate. This is because a floor is about to be reached, and the price decline is a way for the meme currency to shed extra gains. The price floor for PEPE is set at around $0.0000086.
Slightly below the neutral zone, the token’s Relative Strength Index (RSI) indicator is flashing a 43 value. Even if this sell-off continues, it will eventually reverse because PEPE bulls can jump in and stack the token in an attempt to push for a price increase after bears are pleased with the dumping.
The token’s ultimate objective is to regain its price losses and work towards clearing one zero in the medium future.
