- PEPE traders are so over-leveraged, they make a college student during finals week look calm at $0.00000765 on the lower side and $0.00000788 on the upper side.
- Exchanges have witnessed an outflow of $6.50 million worth of PEPE memecoins – that’s more than what I spent on takeout last week!
On March 2nd, the whole cryptocurrency market is trying to pull its life together – much like how I try to make my bed every morning. Amidst the chaos, Pepe [PEPE], our third-favorite memecoin (sorry, Doge) is attempting a comeback after its recent price dip.
Current price momentum
Thanks to some market fairy dust, PEPE had a modest spike of over 1.50% in the past 24 hours, seducing us back to a trading price of $0.0000077, just like how my couch lures me into a Netflix binge.
However, despite this optimistic blip, the memecoin’s trading volume dropped by a whopping 38%—looks like everyone is too scared to join this party.
This decline in trading volume? Yeah, it’s probably because fear is roaming around traders and investors like that guest who overstays their welcome at the party.
Price action and upcoming levels
Despite all odds, PEPE has managed to cling on to the essential support level of $0.00000765. Kind of like my last relationship, it has a strong history of price reversals, suggesting a possible return of the bullish vibes.
If PEPE can keep up the good work and stay above that crucial line, there’s a solid chance we could see it balloon by 30% up to $0.0000105. It’s like blowing up a balloon, just with more excitement and less helium!
As of now, PEPE’s Average Directional Index (ADX) is at 35 and rising, so hold on to your hats, folks! Strong momentum ahead – hopefully, not like my wake-up alarm in the morning.
Bullish on-chain metrics
Traders are wading through PEPE with renewed spiritual energy – the kind of optimism you usually only find at brunch on a Sunday. On-chain analytics firm Coinglass confirmed this newfound love!
Traders are betting it all on the long side like they’re at a Vegas blackjack table, with over-leveraged positions at $0.00000734, totaling $2.90 million in open positions. Let it ride!
Meanwhile, the short side is trying its best to catch up with $0.00000788, holding nearly $1.90 million in short positions. Looks like a classic showdown!
In addition to all this bullishness, PEPE’s Open Interest (OI) has shot up by 5%. It’s like when you spot that extra slice of pizza at a party – you just know more players are getting involved!
$6.50 million worth of long positions
Long-term holders are jumping on the PEPE bandwagon like it’s the last train out of town; as per Coinglass, they’ve been accumulating the memecoin like it’s the latest trend on TikTok.
Interestingly, exchanges have seen an outflow of $6.50 million worth of PEPE. That’s right, folks – the moolah is walking out the door like it’s late for a date!
This substantial outflow of the memecoin suggests potential accumulation; it could create buying pressure stronger than my coffee on a Monday morning.
Tech and on-chain data are hinting that bullish momentum is gearing up to make a grand entrance—grab some popcorn, everyone; this PEPE rally might just be the show we’ve all been waiting for!
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2025-03-02 17:48