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Based on price action, PEPE could soar by 40% to the $0.0000128 level in the coming days.
Historical In/Out of the Money indicator reveals, that at the current level, 67.69% of PEPE holders are profitable.
As a seasoned researcher with a knack for deciphering market trends and patterns, I find myself intrigued by the current state of affairs surrounding PEPE, the third largest meme coin in the crypto sphere. My analysis suggests that we might be witnessing a retest of a bullish double-bottom price action pattern, which is often a positive sign for an upcoming upside rally.
In the current climate of the cryptocurrency world, there’s a lot of optimism because of the recent interest rate cut news. At the same time, PEPE, one of the top meme coins in the crypto sector, is undergoing a retest of a bullish double-bottom price action trend.
Pepe technical analysis and upcoming levels
24th August saw PEPE undergoing a bullish breakout, ending the day’s trade above the neckline of its double-bottom formation. Currently, it’s testing this level again, which indicates a promising outlook for an imminent upward trend.
In the upcoming days, price action analysts predict that PEPE could surge by approximately 40%, reaching around $0.0000128 due to its optimistic market outlook. When an asset displays a bullish double pattern, it frequently experiences a strong upward momentum, and such anticipation is also present for PEPE.
Major liquidation level
According to CoinGlass’s analysis, it appears that traders have a positive outlook and are heavily invested in long positions with significant leverage.
At the moment, the important selling points for liquidation stand roughly at $0.00000891 (bottom) and $0.00000926 (top). According to the data available, traders appear to be excessively leveraged at these price ranges.
Should the positive outlook persist and the PEPE token hits the value of $0.00000926, approximately $785,000 in short positions will get closed.
If the sentiment reverses and the price falls down to around $0.00000891, it would lead to a liquidation of around $2.14 million in long positions.
PEPE price analysis
Currently, PEPE is close to approximately 0.000009 USD per token and has maintained a steady pace during the past 24 hours. Notably, it peaked at around 0.00000931 USD today.
During that timeframe, the trading volume decreased by more than 27%, suggesting less involvement from traders.
As per the findings of a blockchain analysis company called IntoTheBlock, their Historical Profit/Loss metric shows that about 67.69% of PEPE token holders have made a profit at the current price level, whereas approximately 23.11% are currently experiencing a loss.
Read PEPE’s Price Prediction 2024-2025
As of now, it looks like the overall crypto meme sector is struggling to gain momentum.
Over the past day, as I’ve observed, popular meme coins like Dogecoin, Shiba Inu, Dogewhiz, and Bonk have seen a decrease of approximately 1.5%, 0.85%, 3.7%, and 0.9% respectively, based on data from Coinmarketcap.
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2024-08-26 17:44