PEPE Price Explodes 11%: Could Another 10% Price Rally Be Imminent?
Release: 2024/08/09 21:05 Reading: 603
Analyst Observes Potential Bull Run for PEPE
According to analysts, PEPE (PEPE) has exhibited resilience amid market volatility, suggesting a potential bull run that could match or exceed its all-time high. However, on-chain indicators indicate a possible significant price drop ahead of the anticipated rally.
Recent Performance and Indicators
PEPE recorded a substantial 10% gain over the past 24 hours, reaching $0.00000866 with a daily trading volume surge of 10%. Its total liquidation stands at $2.4 million, with $1.4 million from long positions and $1 million from short positions, indicating active trading and potential volatility.
Similarities to Previous Price Movement
Analysts have drawn parallels between PEPE's current price behavior and its April movement, where it touched the $0.0000060 support level multiple times before embarking on a rally to an all-time high. This suggests that PEPE may require time to establish a solid bottom before the expected rally.
Potential Range Formation
Based on historical data, PEPE's potential range formation is expected to be between $0.000008 and $0.000013. However, the on-chain indicators, including the MACD, indicate a potential downward trend.
Distribution by Whales and Exchange Supply
On-chain activities reveal that PEPE whales have been distributing their assets, with only holders with up to 10 million PEPE increasing their portfolios in the past 30 days. Additionally, supply on exchanges has increased, which could lead to selling pressure.
Bears on the Horizon
The three-month liquidation heatmap suggests a possible deep fall, with liquidity pools at $0.000009-$0.00000945 unlikely to reverse the downward pressure. The $0.00000677-$0.0000074 range aligns with a Fibonacci level, potentially providing support.
Conclusion
While PEPE's recent performance suggests a potential bull run, on-chain indicators hint at a possible significant price drop. Distribution by whales, increased exchange supply, and bearish technical indicators should be considered before making investment decisions.
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