Pepe (PEPE), the popular and world’s third-largest crypto meme coin, is poised for an upside rally after experiencing a 28% price drop in recent days. Following this notable price drop, the meme coin has reached a crucial support level of $0.00000928, which has a history of price reversals.
This price reversal is gaining massive interest from traders and investors, as reported by the on-chain analytics firm CoinGlass. Data from spot inflow/outflow revealed that exchanges have witnessed an outflow of a significant $20 million worth of PEPE meme coin, indicating potential accumulation as investors and long-term holders seize the opportunity presented by the recent price drop.
Such outflows from exchanges during a market dip indicate a potential buying opportunity and could lead to upside momentum.
Along with long-term holders, traders were also found betting on the bullish side, as revealed by CoinGlass.
At press time, traders holding long positions were over-leveraged at $0.00000897, with $2.15 million worth of long positions. Traders holding short positions were over-leveraged at $0.00000955, with $1.80 million worth of short positions.
These data show that bulls are currently dominating the meme coin and could support it in upcoming rallies.
According to expert technical analysis, PEPE has reached a crucial support level of $0.00000886, which has a history of notable price reversals.
Based on the recent price action and historical momentum, there is a strong possibility that the meme coin could soar by 36% to reach the resistance level of $0.000013. This bullish price action has created a perfect risk-to-reward ratio of 1:3 for traders.
Besides this bullish outlook, PEPE is currently trading below the 200 Exponential Moving Average (EMA) on the daily time frame, indicating that the meme coin is in a downtrend.
PEPE is currently trading near $0.0000094 and has experienced a modest price drop of 2.10% in the past 24 hours. During the same period, its trading volume dropped by 10%, indicating lower participation from traders and investors compared to the previous day.
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