Zylo Ecosystem
Pearl
Walrus
Derive
Quantus
Aerodrome Finance
Sui
- The PEPE crypto price has prepared to break above the strong resistance level.
- The crypto price is up by 42820% from its all-time low.
An X post by @lookonchain stated that a whale booked a loss on PEPE crypto and deposited 700B PEPE on Binance. Despite this, he still holds 800B PEPE worth $9.23M with a total loss of $3.5M.
PEPE whale capitulated and deposited 700B $PEPE($7.8M) into #Binance 5 hours ago.
— Lookonchain (@lookonchain) June 25, 2024
He currently has 800B $PEPE($9.23M) left, with a total loss of ~$3.5M.
Address:
0x83768992b44f9aFad68889CA59F36507fe00d8F7 pic.twitter.com/X94OunDf05
The following data shows that although booking losses in the crypto, the investor of the PEPE still holds a large amount of PEPE. This indicates that the investor still has confidence in the crypto’s future performance.
Despite this, the crypto price is down by 30.9% from its all-time high price of $0.00001718 at press time.
Following the last 24 hours of press time, the PEPE crypto price has advanced by 12%, resulting in a market cap value of $4.908B. This makes the crypto the 23rd largest cryptocurrency in the global crypto market.
There also has been a strong surge of 77% in the trading volume of the PEPE crypto over the last 24 hours from the press time. This shows that investors and traders are joining the upmove in the crypto price.
Also, the resulting liquidity in the crypto is very high, followed by a volume/market cap ratio of 19.01%. PEPE has 100% of its maximum supply circulating in the market, which results in a fully diluted market cap of $4.892B.
What Does Derivatives Data Say About PEPE Crypto?
The recorded long and short liquidation for PEPE crypto over the last 24 hours is almost similar. This shows that crypto buyers and sellers both are trying to dominate over the price.
The PEPE crypto liquidation chart shows an equal amount of longs and shorts liquidated over the last few days. This indicates that buyers and sellers have tried to dominate over the price together, but none has won the battle yet.
The derivatives trading volume for the PEPE crypto further witnessed a surge of 92% in the last 24 hours, following which the crypto open interest also advanced by 24%. The advance in the open interest shows a surge in the number of open positions in the market.
PEPE Crypto Technical Analysis
The PEPE crypto trading price has formed a descending triangle pattern followed by a consistent decline in the crypto trading price from swing highs.
The PEPE crypto price has broken above the descending triangle pattern on the daily chart, while the closing of the daily candle is still pending at press time.
Even if the crypto price closes above the triangle pattern, a strong change of character to bullish is pending on the higher side that needs to be taken out.
If the crypto price breaks above the change of character level and sustains above the same, a further surge in the crypto price might be seen.
PEPE/USD Chart by TradingView
The 20-day and the 50-day EMAs on the daily chart of the PEPE crypto are trading in a golden cross, and the crypto price has also rebounded, breaking above the 50-day EMA. If the PEPE crypto price further breaks above the 20-day and closes above the same, a further surge in the crypto price might be seen.
Despite the positive outlook of EMAs, the MACD gives a sell signal on the charts, followed by its metrics trading in a death cross in the negative trajectory.
The RSI has further broken above the 14-day SMA and is approaching the 50 level. If it further closes above the 50-level, a surge in the momentum of the crypto might be seen.
Summary
PEPE crypto appears poised for a bullish breakout, rebounding strongly and breaking above a descending triangle pattern.
Despite a whale’s significant sell-off, PEPE remains resilient with substantial holdings and growing investor interest, evidenced by increased trading volume and open interest. Technical indicators suggest a potential for further price surges.
The support levels for the PEPE crypto are $0.00000890 and $0.00000960, followed by the resistance levels of $0.00001720 and $0.000020.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
