Following a notable decline in its price in recent days, PEPE [PEPE] has now landed at a critical support zone, showing signs of a changing market sentiment. This pivotal level has garnered considerable interest from both traders and investors.
Significant $14 million PEPE Outflow
Recent data from the blockchain analysis company Coinglass indicates that exchanges have seen an outflow of more than $14 million in PEPE memecoins. This substantial movement at such a crucial juncture hints at potential accumulation and the possibility of increased buying pressure, leading to upward price movements.
Strength Demonstrated by Long-Side Traders
In addition to the potential accumulation by long-term holders, short-term traders have displayed a strong interest and confidence in the memecoin. Analysis of the PEPE exchange liquidation map reveals a dominance of bullish sentiment, with traders believing that PEPE will maintain a value above $0.00000996. Long positions at this level total $1.90 million, indicating significant over-leveraging among traders. Conversely, short sellers appear fatigued, holding $877,710 worth of short positions at $0.00001044.
When considering the recent actions of intraday traders and investors, it seems that bullish sentiment is returning to the market, with the potential for a complete recovery of recent losses experienced by the memecoin.
However, ongoing economic tensions between the United States and nations like China, Canada, and Mexico pose a challenge, impacting not just PEPE’s rally but also the broader cryptocurrency market.
PEPE Technical Review and Future Levels
Technical analysis by CryptoCrypto suggests that PEPE has been in a downward trend, largely due to trading below the 200-day Exponential Moving Average (EMA) on a daily chart. Nevertheless, following the recent price correction, the memecoin has successfully tested a crucial support level at $0.00000905.
Based on recent price movements and past momentum, maintaining support could potentially drive PEPE’s price up by 55% to reach $0.00001625 in the coming days. However, a barrier might emerge near $0.000013, potentially impeding its progress towards the projected levels.
As of the latest update, PEPE was valued around $0.00001028, recording a price surge of over 4.50% in the past 24 hours. Despite this positive movement, the market’s uncertain conditions have made traders and investors cautious, resulting in a 43% decrease in trading volume compared to the previous day.