PEPE, the popular third-largest meme coin, is poised for an upside following a 28% price drop as it hits a crucial support level.
PEPE: Prospects for Price Reversal
Following a significant drop, PEPE sits at a support level of $0.00000928, historically linked to price reversals. CoinGlass reported increased interest among traders and investors re-evaluating the coin. Exchanges have seen an outflow of $20 million in PEPE, signaling potential market activity as investors seize the buying opportunity presented by the recent price dip.
Traders' Focus on Long Positions
Along with long-term holders, traders are also focusing on rising PEPE opportunities. As of writing, traders held long positions totaling $2.15 million at $0.00000897, while short positions stood at $1.80 million at $0.00000955.
PEPE Price Action and Future Levels
Technical analysis highlights that PEPE reached a support level of $0.00000886, which historically supports price reversals. Considering the recent price action and historical momentum, the meme coin could surge by 36% to a resistance level of $0.000013. Despite this bullish outlook, PEPE is trading below the 200-day moving average, indicating it remains in a downtrend. The current price is around $0.0000094, a 2.10% decrease in the past day, with trading volume down by 10%.
PEPE shows potential for trend reversal due to recent price drop and critical support level, which may attract traders and investors.
