PEPE Price Rise: Recovery Stalls Amidst Significant Liquidations
Release: 2024/07/09 18:04 Reading: 549
- Original author：The Bit Journal
- Original source：https://thebitjournal.com/?p=20578
PEPE Price Rise Stalls Amidst Liquidations
The cryptocurrency market, particularly the meme coin segment, is renowned for its volatility. Following its peak in May 2023, Pepe's price underwent a correction, aligning with broader market trends. However, recent weeks have witnessed a resurgence in Pepe's value. As of July 8th, 2024, it has surged by 9.41% over the preceding 24 hours.
This PEPE price increase ignited optimism among investors. However, the potential for a bullish outcome dissipated, leading to a bearish trend. Despite significant losses, large investors remain active and may continue their buying spree.
PEPE's modest 9% price gain in the last 24 hours surprised the market. Not only did it fail to trigger a recovery, but it also triggered extensive liquidation of short positions. Data from Coinglass reveals that the meme coin experienced a substantial number of short liquidations, totaling $17 million, within a single day. This marks the largest sell-off in PEPE's history, indicating that pessimists anticipated a further price decline over the weekend. src="/uploads/20240709/1720523100668d195c2ec91.png">
However, the news positively impacted other investors, particularly whales, who hold significant quantities of Pepe. Over the past three weeks, these non-exchange addresses have acquired over 1.5 trillion PEPE, valued at over $13 million. Top holders viewed the decline as an opportunity for accumulation, suggesting potential financial gains once the price rebounds.
Earlier this week, PEPE's price suffered a significant downturn, breaking its uninterrupted uptrend from mid-April. The meme coin dropped from $0.00001146 to $0.00000889 at the time of writing. The fall below $0.00001000 signaled a bearish event, leading to expectations of further decline.
Nevertheless, the recent green candlestick may indicate a potential recovery. If PEPE can reclaim $0.00001000 as support, it could rise to $0.00001146, potentially recouping its recent losses. However, if support fails, a pullback to $0.0000775, followed by consolidation below $0.00001000, is plausible, undermining the optimistic outlook.
Summary
The recent PEPE price increase reflects a volatile market sentiment with mixed signals of optimism and caution. Despite initial signs of recovery, the coin faced challenges, including substantial short liquidations totaling $17 million, marking a significant downturn.
Conversely, large investors, especially non-exchange whales, capitalized on lower prices to accumulate holdings, indicating potential future gains if market conditions stabilize.
With PEPE's price hovering below critical support levels, particularly $0.00001000, future movements remain uncertain. Possible scenarios encompass both a renewed bullish trend if support holds and further downside risks towards $0.00000775. The coming weeks will provide clarity on whether PEPE can regain momentum or undergo extended consolidation.
It is imperative to note that the future of Pepe, like most cryptocurrencies, remains uncertain. The recent PEPE price rise may represent a genuine upswing or a momentary blip in a volatile market. Investors should exercise caution and conduct thorough research before investing in cryptocurrencies, including meme coins like Pepe.
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