The post PEPE ready for a reversal? $14 million of tokens Outflow appeared on BitcoinEthereumNews.com.

On-chain metrics revealed that exchanges have witnessed an outflow of over $14 million worth of PEPE Intraday traders are over-leveraged at the $0.00000996 level, holding $1.90 million worth of long positions.  After a sharp price decline in recent days, PEPE [PEPE] has reached a crucial support area and appears to be shifting market sentiment. And, this key area is attracting significant attention from traders and investors. $14 million worth of PEPE outflow Data from the on-chain analytics firm Coinglass revealed exchanges witnessed an outflow of over $14 million worth of PEPE memecoins. This substantial outflow at this crucial level indicates potential accumulation and could create buying pressure, leading to further upside rallies. Source: Coinglass Traders’ strength on the long side  Along with long-term holders’ potential accumulation, intraday traders have shown strong interest and confidence in the memecoin. The PEPE exchange liquidation map reveals that bulls are dominating the memecoin, believing PEPE won’t fall below $0.00000996. As a result, they are over-leveraged at this level, holding $1.90 million worth of long positions. Conversely, short sellers seem exhausted, over-leveraged at $0.00001044, holding $877,710 worth of short positions. Source: Coinglass When combining the recent activity of intraday traders and investors, it appears that bulls are back in the market and could soon recover all the losses that the memecoin has witnessed in recent days. However, the ongoing economic tensions between the United States and countries like China, Canada, and Mexico have created a hurdle, impacting not only PEPE’s rally but also other cryptocurrencies. PEPE technical analysis and upcoming level According to AMBCrypto’s technical analysis, PEPE was in a downtrend, primarily because it was trading below the 200-day Exponential Moving Average (EMA) on a daily time frame. However, with the recent price drop, the memecoin has successfully retested the crucial support level of $0.00000905.…

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Filed under: News - @ February 5, 2025 10:23 pm