PEPE, a popular memecoin in the market, seems to be staging a recovery following a significant price decline witnessed over the past couple of months. The recent listing on Bitflyer, a Japanese cryptocurrency exchange, has contributed to expanding the reach of this memecoin into wider markets.
PEPE Sees $10.15 million in Outflows
The listing on Bitflyer appears to be shifting the overall market sentiment as traders and investors are showing increased interest, participation, and confidence in this frog-themed memecoin.
Notably, data from the on-chain analytics platform CoinGlass indicates that exchanges have started observing notable outflows of PEPE, signaling a potential accumulation by large investors and long-term holders.
Within the last 48 hours, exchanges have experienced outflows totaling around $10.15 million in PEPE memecoins.
The substantial outflows from exchanges could potentially lead to increased buying pressure, thus fueling a potential price surge.
Activity Among Intraday Traders
It is worth highlighting that this surge in interest and confidence is not necessarily mirrored in the sentiments of intraday traders.
Analysis from Coinglass shows that bulls are currently the more aggressive bettors, holding over-leveraged long positions at $0.00001325 amounting to $2.20 million. On the other hand, bears are betting at various levels of over-leveraging at $0.0000137, $0.00001400, and $0.00001447, totaling $6 million in short positions.
The over-leveraged bullish positions provide strong support, while the over-leveraged levels of short sellers act as resistance. Additionally, these levels and traders’ leveraged positions may face liquidation based on PEPE’s price movements.
In addition, as reported by Ali Martinez on X (formerly Twitter), the TD Sequential indicator has indicated a buy signal for PEPE on the 3-day chart, suggesting a potential impending rebound in price.
As of the latest update, PEPE was trading around $0.00001353, reflecting a 5.08% increase over the last 24 hours. The trading volume surged by 101% to $1.43 billion in the same period, driven by growing trader and investor confidence.
This remarkable rally has outperformed major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
Technical Analysis and Price Projection
According to CryptoCrypto’s analysis, PEPE has managed to reclaim its sturdy support level at $0.000013 that was lost during the recent price correction.
Nevertheless, it is currently encountering resistance from the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating that the memecoin is still on a downward trajectory as of the latest data.
If PEPE can uphold support above $0.000013, historical patterns suggest a potential 20% surge towards $0.0000164.
Overall, there seems to be a recuperation in market sentiment, which could help propel PEPE on its path to price recovery.