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PEPE is in the spotlight after carting away with a $4 million liquidation amid an unrelenting price slump. At the time of writing, PEPE has fallen by a massive 8.16% to $0.00000959, casting doubt on its recovery potential. This 24-hour slump has extended its losing streak with a monthly slump of 33.2%, per data from CoinMarketCap.

PEPE support zone

While the negative figure positions PEPE as one of the coins taking the brunt on the market, it also brings key metrics into proper focus. Per data from crypto analytics platform IntoTheBlock (ITB), at the current level, the ultimate support zone of PEPE is set at the $0.000009 price level.

Per the data, at this price level, a total of 8.27 trillion PEPE are concentrated by volume. For the coin to fall below this level, these entire tokens will have to be sold off, a feat that might prove relatively tough for the bears to pull off.

While PEPE is not known to fly solo in terms of price breakout, it is likely to hit its floor price faster than the majority of its peers. PEPE has an immediate target of $0.000012, which has formed its basic support zone for some time.

In the push toward a recovery, PEPE will bank on its whale action, which has proven to be a prominent factor driving its price action overall.

Market sentiment not aligning

Bitcoin was responsible for the market drawdown as the price fell to $58,000, bringing crypto liquidations to more than $294 million.

As one of the altcoins that maintains a strong correlation with Bitcoin, PEPE has to fall in line with the broader market. Despite claims from critics, top proponents anticipate a rebound in the Bitcoin price soon. If this expectation aligns, it might drive the price of PEPE upward as well.