PEPE price was in the recovery zone, but even the potentially bullish outcome proved to be bearish.
The investors witnessed major losses, but this might not deter the large wallet holders from continuing their buying sprees.
PEPE Hits the Bears Hard
PEPE price noted a minor 9% rise in price in the last 24 hours, leaving the market in shock. Not because it resulted in the initiation of recovery but because it led to massive short liquidations.
According to the data obtained on Coinglass, the meme coin noted $17 million worth of short liquidations in a single day. This is the largest liquidation in the meme coin’s history, which shows that the bears were expecting an additional decline in the PEPE price this weekend.
But as terrible news for the bears, it proved to be bullish for other investors, namely the top addresses, including whales. These non-exchange addresses hold the largest amount of PEPE over other individual addresses.
In the last three weeks, these investors bought more than 1.5 trillion PEPE worth more than $13 million. This shows that the top holders, rather than turning bearish over the decline, observed it as an opportunity to accumulate. This would prove to be profitable once the price recovers.
Read More: Pepe: A Comprehensive Guide to What It Is and How It Works
PEPE Price Prediction: Reclaiming the Uptrend
PEPE price lost the uptrend that had been unbroken since mid-April earlier this week. As a result, the meme coin fell from $0.00001146 to $0.00000889 at the time of writing. The slip below $0.00001000 was a crucial bearish moment, leading to many believing further decline is on the cards.
However, the green candlestick from 24 hours ago could be the first sign of recovery. If the meme coin multiplies $0.00001000 into support again, it could rise to $0.00001146 to recover the recent losses.
Read More: Pepe (PEPE) Price Prediction 2024/2025/2030
But if this fails, a drawdown to $0.0000775 is also possible, followed by consolidation under $0.00001000. This would invalidate the bullish thesis.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
