Pepe Coin faced a price drop of 7.4% over the past 24 hours due to selloffs by large holders and long position liquidations. Analysts emphasize potential recovery due to existing support.
Overall Price Decline
Pepe Coin's price fell to $0.00001175 on August 15 after sliding over seven percent in a single day. This downturn occurred as the broader crypto market weakened, triggering liquidations of long positions and escalating selling pressure.
Pressure from Long Liquidations
The price drop coincided with the liquidation of over six million dollars in long positions. These closures took place as traders betting on rising prices faced losses, leading to increased selling pressure. As a result, the short-term outlook for Pepe weakened amid exits from whales and forced liquidations.
Recovery Prospects
Despite recent selling, analyst CryptoElites maintains a positive outlook on Pepe Coin. He emphasized that buyers have consistently defended critical support levels and pushed against resistance in past cycles. Each time the token tested support, it rebounded higher, creating an established pattern of upward movement. According to CryptoElites, Pepe Coin is currently at a key support point, and if history repeats itself, the price could rebound and surge towards $0.00039.
While analyst projections are optimistic, whale exits continue to raise questions about near-term momentum. Market observers are watching whether buyers will again step in to defend support.
