The buyers need to arrest the short-term losses- but at press time, they lacked the strength to do so.In the 12-hour timeframe, the RSI slipped below neutral 50 to signal bearish momentum was taking hold. To complement this, the OBV also fell below a low it formed during the rally in March.
The trading volume has trended downward in recent weeks. Since the recent losses were not accompanied by a surge in volume, it suggested that the current drop was more of a dip than the beginning of a downtrend. Bulls need to defend this level to keep alive the hopes of continuing the uptrend from the first half of March.The age-consumed metric saw large spikes on the 26th and 27th of March, which rivaled the early February ones.This surge was likely an early sign of a wave of selling. Spikes in this metric outline previously dormant PEPE tokens being moved around, likely for selling purposes.