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- Pepe Coin fell 7.4% to $0.00001119 amid market downturn and whale selling.
- Analyst sees potential 40X rally to $0.00039 if support holds.
- Whale behavior and long liquidations are driving short-term volatility.
Pepe Coin (PEPE) is facing a sharp 7.4% decline in the last 24 hours, trading at $0.00001119 on August 15. The broader crypto market downturn, combined with whale sell-offs and long position liquidations, has put downward pressure on the meme token. Despite the short-term drop, some analysts remain bullish on PEPE’s long-term prospects.
Support Levels Suggest Potential Bounce
According to CryptoElites, Pepe Coin has consistently rebounded from key support levels, and the current price action suggests another possible upward move. Historically, every time PEPE touched these support zones, buyers stepped in to push the price higher.
If history repeats itself, a bounce from the current support could propel Pepe Coin toward $0.00039, representing over a 40X gain from today’s price. Analysts caution, however, that this outcome depends on the market maintaining the trend and support holding firm.
Whale Activity and Long Liquidations Impact Price
Large holders, or whales, have played a significant role in PEPE’s recent price movements. IntoTheBlock data shows whale holdings fell from 1.09 trillion to 610 billion tokens within 24 hours. This sell-off coincided with over $6 million in long positions being liquidated, signaling that traders betting on a price increase have been forced to exit.
Whales’ behavior appears opportunistic: they buy during short-term bounces but sell when prices decline. This pattern adds volatility to PEPE’s market, making short-term trading challenging while leaving room for potential recovery if selling pressure eases.
Also Read: Ethereum-Based Meme Coin ‘Pepeto’ Nears Stage 9, Raises Over $6.09M in Presale
Analyst Forecast: Long-Term Upside Remains
Despite the recent decline, CryptoElites maintains a bullish outlook for Pepe Coin, noting that long-term prospects point to gains if historical support levels continue to hold. While a drop below $0.000010 could trigger further losses, current support suggests that a major rally is still plausible.
Traders should monitor whale activity and support zones closely, as these factors will likely dictate PEPE’s next major move.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
