Pepe has reclaimed the $0.000010 level, with technical indicators hinting at a potential bullish reversal.
As bearish momentum declines across the broader crypto market, meme coins are positioning for a bullish turnaround. Amid rising chances of a market-wide reversal, Pepe has reclaimed the psychologically important $0.000010 mark, suggesting a possible bullish bounce.
PEPE Price Analysis
On the daily chart, Pepe is forming a base near the 38.20% Fibonacci retracement level at $0.00001026. This pattern hints at a potential double bottom, with the previous low formed on June 5.
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Pepe Price Chart
The daily RSI shows a minor bullish divergence between the two recent lower lows, supporting the reversal outlook. Similarly, the MACD and signal lines are converging, suggesting a possible bullish crossover and trend reversal.
Currently, Pepe is trading at $0.00001033, down 36% from its 30-day high of $0.00001630. Based on Fibonacci retracement levels, a potential bullish move could first challenge the 50% level at $0.00001226, followed by the 61.8% level at $0.00001465.
On the downside, if the psychological support fails, a deeper correction could test the 23.60% Fibonacci level at $0.00000823.
Whale Books Massive Loss Amid Bearish Trend
Over the past 24 hours, a whale deposited 600 billion PEPE worth $6.1 million onto Binance. This represents a significant $3.5 million loss for the investor, as the price has declined by 12.6% from their purchase price.
Pepe Derivatives
According to Coinglass data, market optimism is not fully aligning with technical analysis, which still hints at a potential trend reversal. Open interest has declined by 0.77%, standing at $537.79 million.
Moreover, liquidations over the past 24 hours indicate a wipeout of bearish traders, as short liquidations outpaced long ones. Specifically, data shows short liquidations reached $698,000 over the past day, while long liquidations were at $420K.
Additionally, the OI-weighted funding rate has risen to 0.0101%, suggesting increased buying activity.
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Pepe Derivatives
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
