PEPE Coin Price Surge Triggers $11.36 Million in Short Liquidation; Is $0.0000035 Within Reach?
Highlights
- The PEPE price rebound from the inverted head and shoulder pattern projects an early sign of trend reversal.
- Derivative market insights from Coinglass show the PEPE price triggered over $11.36 million worth of short positions being liquidated in the past 72 hours.
- The 24-hour trading volume in the Pepe coin is $2.06 Billion, indicating a 114% gain.
Pepe Coin Price: PEPE, the Frog-themed memecoin is outperforming its sectors with a 163% weekly surge. A sharp price jump from $0.0000011 to $0.00000294 can be attributed to broader market recovery as Bitcoin rallied following the demand pressure from the traditional market. Amid this rally, the PEPE coin gave a decisive breakout from a reversal pattern, inverted head and shoulder, indicating the memecoin has more room to grow.
Also Read: Whales Dumping Trillions of Pepe Coin Tokens as PEPE Price Shoots 60%
Pepe Coin Price Eyes 30% Gain After Key Resistance Breakout
The last correction trend in PEPE coin price bottomed at $0.00000086 as the broader market witnessed renewed buying interest aligned with increasing inflow in Spot Bitcoin ETF. The positive turnaround in the PEPE price has propelled the coin price by 246% within three weeks to hit a 10-month high of $0.0000023.
However, a major portion of this growth is acquired in the last few days, displayed as elongated green candles in the daily chart. In the same period, the OI-Weighted Funding Rate of PEPE experienced a significant increase as per Coinglass, moving from 0.0169% to 0.12%. This substantial rise indicates a growing willingness among traders to pay more for holding long positions in PEPE, suggesting a bullish market sentiment and an expectation of higher future prices for the asset.
An analysis of the daily time chart shows the recent price surge breached the neckline resistance of inverted head and shoulder patterns. This chart pattern is a well-known structure for trend reversal as market dominance shifts from seller to buyer.
Currency trading at $0.00000294, the PEPE price must show its sustainability above the recently reclaimed $0.00000281 resistance. If the bullish momentum persists, this memecoin will chase $0.00000386, followed by $0.0000044.
Also Read: Pepe Price And New Meme Coin Frog Wif Hat (FWIF) Explode – New All-Time High Next?
Technical Indicator
- Bollinger band: An upswing in the upper boundary of the Bollinger band indicator reflects an aggressive buying pressure from market participants.
- Average Directional Index: The ADX slope uptick at 28% indicates the buyers have sufficient momentum to prolong the current recovery trend.
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