PEPE Price Rise: Recovery Stalls Amidst Significant Liquidations

The cryptocurrency market, specifically the Meme coin market, is known for its volatility. After reaching its peak in May 2023, Pepe’s price experienced a correction, mirroring the broader market trends. However, recent weeks have seen a renewed uptick in Pepe’s value. As of July 8th, 2024, the coin has shown a 9.41% increase in the last 24 hours. This PEPE price rise has created some feelings of optimism among investors.

PEPE price was in a zone of recovery, but unfortunately, the potentially bullish outcome turned out to be bearish.

Despite experiencing significant losses, the big spenders are unlikely to be discouraged and will likely continue buying sprees.

The PEPE price experienced a modest 9% increase in the past 24 hours, which surprised the market. Not only did it not trigger a recovery, but it also caused significant liquidation of short positions.

Based on the data collected on Coinglass, the meme coin experienced a significant number of short liquidations, totalling $17 million, within a span of just one day. This is the biggest sell-off in the meme coin’s history, indicating that the pessimists were anticipating a further drop in the PEPE price over the weekend.

However, the news positively impacted other investors, particularly those with significant holdings, such as whales. These addresses, not part of any exchange, hold the highest quantity of PEPE compared to other individual addresses.

Over the past three weeks, these investors have acquired over 1.5 trillion PEPE, amounting to a value exceeding $13 million. It is evident that the top holders saw the decline as a chance to accumulate instead of becoming bearish. Once the price rebounds, this has the potential to be a lucrative opportunity.

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The price of PEPE experienced a significant decline earlier this week, breaking the previously uninterrupted uptrend that had been in place since mid-April. Consequently, the meme coin declined from $0.00001146 to $0.00000889 at the time of writing. The drop below $0.00001000 was a significant bearish event, causing many to anticipate further decline.

Nevertheless, the green candlestick observed 24 hours ago may indicate a potential recovery. If the meme coin manages to multiply $0.00001000 into support once more, it could rise to $0.00001146, potentially recovering from the recent losses.

If this fails, a drawdown to $0.0000775, followed by consolidation below $0.00001000, is possible. This would undermine the optimistic analysis.

PEPE Price Rise In Nutshell  

In summary, recent PEPE price rise reflects a volatile market sentiment with mixed signals of optimism and caution. Despite initial signs of recovery, the coin encountered significant challenges, including substantial short liquidations totalling $17 million, marking a notable downturn. 

This event, the largest sell-off in PEPE’s history, highlighted concerns among pessimistic traders anticipating further price declines. Conversely, large investors, particularly non-exchange whales, took advantage of lower prices to accumulate substantial holdings, suggesting potential future gains if market conditions stabilize. 

With PEPE’s price currently below critical support levels, notably $0.00001000, future movements remain uncertain. Possible scenarios range from a renewed bullish trend if support holds to further downside risks towards $0.00000775. The upcoming period will provide clarity on whether PEPE can regain momentum or face extended consolidation.

It’s important to note that the future of Pepe, like most cryptocurrencies, remains uncertain. The recent PEPE price rise might represent a genuine resurgence or a temporary blip in a volatile market. Also, investors should exercise caution and conduct due diligence before investing in cryptocurrency, including meme coins like Pepe.