The PEPE cryptocurrency has found itself in the spotlight following a significant $4 million liquidation, amid a persistent decline in its price. As of the latest report, PEPE has plummeted by 8.16% to $0.00000959, raising concerns about its potential for recovery. This 24-hour drop has extended its losing streak, culminating in a monthly decrease of 33.2%.
PEPE’s Support Zone
Although PEPE is not known for making significant price breakthroughs independently, it is likely to reach its lowest price faster than most of its counterparts. PEPE has an immediate target of $0.000012, which has formed a crucial support zone for some time, significantly influencing its overall price movement.
Market Sentiment and Bitcoin’s Impact
According to data from the cryptocurrency analytics platform IntoTheBlock (ITB), the final support zone for PEPE has been identified at a price level of $0.000009. At this level, a total volume of 8.27 trillion PEPE is concentrated. For the coin to fall below this threshold, all these tokens would need to be sold, a feat that bears might find relatively challenging to achieve.
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The broader market sentiment, heavily influenced by Bitcoin, does not align well for PEPE. Bitcoin’s drop to $58,000 led to a broader market sell-off, liquidating over $294 million in cryptocurrencies. As an altcoin that maintains a strong correlation with Bitcoin, PEPE must navigate the wider market trends. Despite these challenges, any positive shift in the market could lead to a rise in PEPE’s price.
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