- 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.
Source: TradingView
Based on recent price action and historical momentum, if the memecoin stays above the support level, it could soar by 55% to reach $0.00001625 in the future.
However, near $0.000013, the memecoin may face a hurdle that could hinder its progress toward achieving the predicted levels.
Read Pepe’s [PEPE] Price Prediction 2025-26
PEPE was trading near $0.00001028 at press time after experiencing a price surge of over 4.50% in the past 24 hours.
Still, due to market uncertainty, traders and investors seem hesitant to participate, resulting in a 43% drop in trading volume compared to the previous day.
