Pepe Coin Price Suggesting Deterioration, Could It Fall More?

• 1 A decrease in the MVRV ratio suggests potential price correction.
• 2 The PEPE crypto market capitalization is $2.86 Billion, ranking 46th overall. 

PEPE coin price has been in a consolidation range after a massive one-way surge on the daily chart. The asset was in the bulls favor earlier, but later ended up in a range as both sellers’ and bulls’ pressure increased. Depending, on the weight of bulls and bears in the battle, would decide the next coming momentum.

30-Day Market Value To Realize Value Shows PEPE Coin Price Is Likely To Decline

The chart displays the correlation between the PEPE coin price and the MVRV rate in the past 30 days. The MVRV ratio is a measure of the average profit or loss experienced by investors who bought PEPE coins in the past 30 days.

The data indicates a positive relationship between the PEPE coin price and its MVRV rate, showing that they are both moving in sync.

When the PEPE coin price rises, the increase in the MVRV ratio shows an increase in the number of participants. In the same way, if the PEPE coin price drops, the ratio will also drop, indicating that more investors are experiencing losses.

The graph indicates a decrease in MVRV, with the 30-day MVRV ratio for the PEPE coin price falling, leading to a correction in price from the closest supply area. It shows that the PEPE coin price might plummet significantly if additional investors decide to sell, leading to a decrease in price.

Daily Active Addresses Activity Against PEPE Coin Price

The Number of active addresses represents the actual number of users who have performed transactions in a given period of time. A higher number of transactions indicates more liquidity and is preferable for investors and a low number of transactions shows less liquidity and makes it less preferable for investors.

The above chart shows that the number of 24-hour active addresses saw fluctuations between the last week of February 2024 and the first week of March 2024. The number of active addresses dropped after reaching a high in March’s first week and fell from the second week of March 2024. The number of 24-hour active addresses was 2388 active addresses which were 18K in March first week of 2024.

This shows that the number of individuals engaging in transactions with PEPE coins is decreasing, leading to a decrease in demand and value for the PEPE cryptocurrency due to a decline in active addresses.

Pepe Coin Price vs Volume Analysis

Moreover, the PEPE coin price noted a significant and continuous fall in the volume inflow in the last few weeks along with the price decline. The average volume has fell from $4.32 Billion to $600 Million in March 2024.

The intraday volume received was at $563.81 Million with a minor rise of nearly 2.75% as compared to the previous day. Also, the live market capitalization of PEPE crypto was $2.86 Billion and it ranks 46th in the overall crypto market.

Pepe Coin Price Analysis Over Daily Time Frame

At press time, the PEPE coin price is consolidating in a range with an intraday decline of 3.68%, and the price is currently trading at $0.00000680. Therefore, if the Pepe coin price fails to stay above the $0.00000600 level, it could decline further after breaking the level.

However, if the demand for crypto rises, the PEPE asset price could bounce back and break the range for the upside. The next goal for the price could be to reach $0.00001000, and $0.00001200.

Summary

PEPE coin price has been consolidating after a significant surge on the daily chart. Bulls and bears are battling it out, impacting the next momentum. 

Furthermore, the correlation between the PEPE coin price and MVRV rate in the past 30 days shows a positive relationship. A steadily rising price indicates more participants and vice versa. A decrease in the MVRV ratio suggests potential price correction. Fluctuations in the number of active addresses show liquidity changes, with a decrease in the 24-hour active addresses after reaching a high in March’s first week.

The decrease in active addresses engaging in transactions with PEPE coins is causing a decline in demand and value for the PEPE cryptocurrency. The PEPE coin price has experienced a significant drop in volume inflow, going from $4.32 Billion to $600 Million in March 2024. The current intraday volume is at $563.81 Million, with a 2.75% increase from the previous day. 

The PEPE crypto market capitalization is $2.86 Billion, ranking 46th overall. The current PEPE coin price is $0.00000680, with a -3.68% decline in the last 24 hours. If the price falls below $0.00000600, further decline is possible, but if demand increases, the price could rise to $0.00001000 and $0.00001200.

Technical Levels

Support Levels: $0.00000600

Resistance Levels: $0.00001000 and $0.00001200

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.