Analyst Eyes $0.00039 Pepe Coin Price Despite Record Long Squeeze and 400B Whale Selling

Pepe Coin price is falling, as the rest of the market tumbles. It trades at $0.00001119 today, August 15, with a 7.4% drop in 24 hours. Because of this drop, longs have been squeezed out, and whales are selling. However, an analyst is still bullish that there are more gains ahead.

Pepe Coin Price Targets 40X Rally to $0.00039

Analyst CryptoElites notes that PEPE has been climbing steadily for some time now. While there have been the usual ups and downs along the way, the overall uptrend has held firm. Buyers have been protecting key support levels and making repeated pushes to break past resistance.

The analyst noted that every time the top meme coin touched this support, it bounced. That might be what happens next, by looking at where the Pepe Coin price is now. It has touched this support, which means that it is about to move higher. However, that depends on whether history does repeat itself.

A bounce from where Pepe Coin is touching support suggests it might get to $0.00039. This is based on whether the price can perform the same way that it has in the past. Getting here would mean that it has gained by more than 40 times.

Interestingly, this outlook negates a previous thesis that PEPE may crash. A previous CoinGape analysis noted that Pepe Coin may crash to $0.0000070. However, the likelihood of this happening will only increase if the price goes below $0.000010.

All in all, whether PEPE gains or drops is all part of a short-term outlook. However, as for the long-term Pepe Coin price forecast, moving higher appears to be the most likely path.

Whales Dump PEPE After Massive Long Squeeze

Whales have not been relenting when it comes to selling. In fact, their behaviour when it comes to PEPE has been giving mixed signals. When the price bounces, they buy, and when it drops, they sell. This shows that they are only looking to capitalize on short-term movements.

In the last 24 hours, just as Pepe Coin price fell, their wallets dumped more than 400 billion tokens. Their holdings within 24 hours dropped from 1.09 trillion to 610 billion per IntoTheBlock data. What this means is that even with falling prices, they are not looking to buy, which is often the case with large holders.

Their selling is also coming when longs are getting squeezed out. In 24 hours, more than $6 million in long positions have been closed. What this means is that those traders who were expecting the prices will go high are no longer profitable. That leads to more selling.

Therefore, what might be causing the Pepe Coin price to go down today is selling by longs. If this eases and whales are somewhat convinced that it is going to recover, gains might be on the way to as high as $0.00039, as one analyst states.