Despite hints of market recovery, the meme coin PEPE has seen a dip in its price. According to CoinMarketCap, PEPE is now at $0.000009054, down 6.59% in the last 24 hours.
PEPE Metrics Show Signs of a Rebound
The recent dip is part of a broader trend; PEPE’s price has slid over 15% in the last week, outpacing other tokens in the market downturn. However, some PEPE metrics suggest this sell-off may be driven by short-term holders, with key indicators hinting at a potential rebound.
Trading volume is up 48%, hitting $773.18 million, signaling increased activity within the PEPE ecosystem. Additionally, large transactions have surged by 51.23%, with a cumulative value of $40.22 million, reflecting significant whale activity. This trend suggests that PEPE may soon shift direction as investors anticipate a possible floor.
Could PEPE Hit Its Price Floor?
The recent price drop may help PEPE reach a “price floor,” where it stabilizes before potential growth. Analysts suggest a price floor around $0.0000086, allowing for a consolidation phase. The token’s Relative Strength Index (RSI) currently reads 43, just below neutral, indicating that selling pressure may ease soon.
As selling momentum fades, PEPE bulls could seize the opportunity to accumulate, which could lift prices in the mid-term. The goal for PEPE now is to recover from recent losses and make a push to clear a zero from its price in the months ahead.