Pepe (PEPE), the renowned third-largest crypto meme coin globally, is set for an upward rally following a recent 28% price dip. The meme coin has hit a critical support level of $0.00000928 after this significant price drop, which has historically led to price reversals.
PEPE Poised for Price Reversal
The price reversal has caught the attention of traders and investors, according to on-chain analytics firm CoinGlass. Spot inflow/outflow data shows that exchanges have seen an outflow of $20 million worth of PEPE meme coin, hinting at potential accumulation as investors and long-term holders take advantage of the recent price drop.
Such outflows during a market downturn suggest a possible buying opportunity that could lead to upward momentum.
Traders Focus on Long Positions
Traders, along with long-term holders, are showing bullish sentiment, as per CoinGlass.
Currently, traders with long positions are over-leveraged at $0.00000897, holding $2.15 million worth of long positions. On the other hand, those with short positions are over-leveraged at $0.00000955, with $1.80 million worth of short positions.
This data suggests that bulls are currently in control of the meme coin, potentially supporting it in upcoming rallies.
PEPE Price Action and Future Level
Technical analysis experts indicate that PEPE has reached a critical support level of $0.00000886, known for triggering significant price reversals.
Given recent price movements and historical trends, there is a strong chance of the meme coin surging by 36% to reach the resistance level of $0.000013. This bullish trend offers traders a favorable risk-to-reward ratio of 1:3.
Despite this optimistic outlook, PEPE is currently trading below the 200 Exponential Moving Average (EMA) on the daily chart, indicating a downtrend.
Current Price Trends
PEPE is currently priced around $0.0000094, experiencing a minor 2.10% drop in the last 24 hours. During this period, trading volume has decreased by 10%, suggesting lower engagement from traders and investors compared to the previous day.
