PEPE MEMECOIN

PEPE Memecoin Rebounds After Bitflyer Listing: $10.15 Million Outflows Signal Potential Rally

PEPE, one of the most popular memecoins in the crypto market, appears to be experiencing a price rebound after facing a significant decline over the last two months. This resurgence comes in the wake of its listing on Bitflyer, a major Japanese cryptocurrency exchange, which has opened up new opportunities for the frog-themed coin to tap into broader markets.

$10.15 Million in PEPE Outflows Signals Potential Accumulation

Following the listing, market sentiment has shifted, as evidenced by increased participation from traders and investors who are growing more confident in PEPE’s future. On-chain data from CoinGlass highlights that exchanges have seen significant PEPE outflows, amounting to $10.15 million in the last 48 hours alone. These withdrawals suggest that whales and long-term holders are accumulating the memecoin, potentially creating buying pressure that could propel the price further.

PEPE outflow
Source: Coinglass

Intraday Traders’ Activity and Leveraged Positions

Despite the positive shift in sentiment, intraday traders are more divided. CoinGlass reports that bulls are aggressively betting on PEPE, holding $2.2 million worth of long positions at a price of $0.00001325. In contrast, bears are shorting PEPE at varying levels, including $0.0000137, $0.00001400, and $0.00001447, with $6 million in short positions. The leveraged positions held by both sides represent critical support and resistance levels. If PEPE moves in either direction, these over-leveraged positions could be liquidated, adding to market volatility.

Intraday traders’ participation  
Source: Coinglass

Technical Indicators Show Buy Signal

Technical analysis further supports the notion of a potential price recovery. The TD Sequential indicator is flashing a buy signal on the 3-day chart, suggesting that PEPE’s price could be poised for a rebound. Currently, PEPE is trading near $0.00001353, marking a 5.08% increase in the last 24 hours. This rally has also resulted in a 101% surge in trading volume, reaching $1.43 billion.

Also Read: PEPE Meme Coin Outperforms Bitcoin and Ethereum as Buy Signal Sparks Surge

Price Outlook and Future Predictions

PEPE’s strong support at $0.000013 is holding, despite recent price fluctuations. However, it faces resistance from the 200 Exponential Moving Average (EMA) on the daily chart, which signals the possibility of continued downtrend. If PEPE manages to maintain its support, historical trends suggest a potential 20% rally toward $0.0000164 in the near future. With growing sentiment and technical indicators aligning, PEPE’s recovery seems plausible, but only time will tell if it can break through key resistance levels.

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.

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