Pepe

PEPE

<ul> 
 <li>Analyst observes that PEPE could eventually stage a bull run to match and overtake its all-time-high price.&nbsp;</li> 
</ul> 
<ul> 
 <li>However, its on-chain indicators hint that a deep drop could occur before the expected rally.&nbsp;</li> 
</ul> 
The third largest memecoin, <a href="https://www.crypto-news-flash.com/heres-why-pepe-and-shiba-inu-shib-investors-are-seeing-huge-returns-with-this-new-revenue-sharing-crypto-superstar/" target="_blank" rel="noopener">Pepe (PEPE)</a>, showed rare resilience in the face of the recent liquidation that hit the broad market, holding its ground to secure support at $0.0000080.&nbsp; 
In the last 24 hours, this memecoin has recorded a massive gain of 10%, trading at $0.00000866.&nbsp; 

<div class="cryptoboxes" id="mcw-685769" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="pepe" data-symbol="PEPE" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="day" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
</div> 
According to our data, PEPE’s daily trading volume has surged by 10%, with $1.14 billion changing hands. Its market data also shows that PEPE’s total liquidation currently stands at $2.4 million. With that, $1.4 million came from a long position, while $1 million came from a short position. According to analysts, this indicates the existence of active trading while hinting at potential market volatility.&nbsp; 
Commenting on the current PEPE price behavior, crypto analyst Sjuul observed shared similarities with the price movement in April. As confirmed by CNF, PEPE touched the $0.0000060 support level on multiple occasions between March and May.&nbsp; 
After establishing this level, it embarked on a bull run to an all-time high price. According to him, bottoms take time to form, suggesting that PEPE may require some time to complete the bottom formation before the expected rally. 
<blockquote>
 Look at $PEPE back in April before the incredible run to an all-time high, and see it took several days to form a proper bottom before starting to rise.
</blockquote> 
Looking critically at the PEPE price chart and its rally in May, we observe that the $0.000006 appears to be the 78.6% retracement level. However, the potential range formation is between $0.000008 and $0.000013, with the MACD falling below neutral.&nbsp; 
<h3 id="there-could-be-a-serious-price-drop-for-pepe">There Could be a Serious Price Drop for PEPE</h3> 
According to on-chain activities, PEPE whales have been distributing their assets. This is evident in the 30-day change in the balance of holdings among the various PEPE holding wallets. Only holders with up to 10 million PEPE have increased their portfolios within the period.&nbsp; 
<figure id="attachment_785049" aria-describedby="caption-attachment-785049" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-785049 size-full" src="https://www.crypto-news-flash.com/wp-content/uploads/2024/08/MD-4-PEPE-hyblock.png" alt="Pepe " width="1866" height="1050" srcset="//www.crypto-news-flash.com/wp-content/uploads/2024/08/MD-4-PEPE-hyblock.png 1866w, //www.crypto-news-flash.com/wp-content/uploads/2024/08/MD-4-PEPE-hyblock-300x169.png 300w, //www.crypto-news-flash.com/wp-content/uploads/2024/08/MD-4-PEPE-hyblock-1200x675.png 1200w, //www.crypto-news-flash.com/wp-content/uploads/2024/08/MD-4-PEPE-hyblock-768x432.png 768w, //www.crypto-news-flash.com/wp-content/uploads/2024/08/MD-4-PEPE-hyblock-1536x864.png 1536w, //www.crypto-news-flash.com/wp-content/uploads/2024/08/MD-4-PEPE-hyblock-150x84.png 150w, //www.crypto-news-flash.com/wp-content/uploads/2024/08/MD-4-PEPE-hyblock-450x253.png 450w" sizes="(max-width: 1866px) 100vw, 1866px">
 <figcaption id="caption-attachment-785049" class="wp-caption-text">
 source: Hyblockcapital.com
 </figcaption>
</figure> 
Subjecting its three-month liquidation heatmap under critical scrutiny also hints at a possible deep fall. As shown in the Hyblock data above, the liquidity pool at $0.000009-$0.00000945 was far from reversing the recent downward pressure.&nbsp; 
The region between $0.00000677 and $0.0000074 appears to be the next line of interest, aligning with the Fibonacci level at $0.00000678.&nbsp; 
One interesting observation is that the bearish on-chain signals have not been different from the July reading. At that time, a massive withdrawal from exchanges was spotted, with a whale depositing 47 billion PEPE ($2.22 million) on Binance for a potential snowball into an “all-out sell-off.” 
The supply of meme coins in exchanges has generally increased, which could result in selling pressure. As we <a href="https://www.crypto-news-flash.com/pepe-token-whale-sells-1-77-million-worth-rakes-in-886-profit/" target="_blank" rel="noopener">reported</a> recently, two whales moved $25.95 million worth of PEPE to Binance for onward liquidation.&nbsp;Another CNF&nbsp;<a href="https://www.crypto-news-flash.com/pepe-whale-moves-huge-profits-and-market-impacts/" target="_blank" rel="noopener">publication</a>&nbsp;mentioned that a whale had also deposited a whopping 400 billion PEPE ($4.22 million) to Binance to secure profit.&nbsp; 
Furthermore, the accumulation of non-exchange addresses has considerably declined, suggesting that large investors are not buying PEPE.&nbsp; 
The Open Internet (OI) has also slipped into the negative zone, indicating that short positions outnumber long ones. According to Coinalyze data, OI has declined 7.3% in the last 24 hours.&nbsp; 
&nbsp;

PEPE Price Explodes 11%: Could Another 10% Price Rally Be Imminent?

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