- PEPE has outperformed a few major cryptos lately
- On-chain metrics revealed exchanges have seen outflows of $10.15 million in PEPE
One of the market’s most popular memecoins, PEPE might be rebounding on the charts now after a major price decline over the last two months. This, after its listing on the Japanese cryptocurrency exchange Bitflyer, which has added the memecoin to explore broader markets.
$10.15 million worth of PEPE outflows
This listing seems to be shifting the prevailing market sentiment somewhat. Especially as traders and investors have increased their participation, interest, and confidence in the frog-themed memecoin.
In fact, on-chain analytics platform CoinGlass revealed that exchanges have started seeing significant PEPE withdrawals – A sign of potential accumulation by whales and long-term holders.
Data also showed that in the last 48 hours alone, exchanges have seen outflows of approximately $10.15 million in PEPE memecoins.
Source: Coinglass
The sheer scale of these outflows from exchanges has the potential to create buying pressure and drive a further price rally.
Intraday traders’ participation
Worth noting, however, that this interest and confidence wasn’t quite synonymous with the mood of intraday traders.
According to Coinglass, bulls are the ones betting aggressively right now and are over-leveraged at $0.00001325 – Holding $2.20 million worth of long positions. Conversely, bears are betting at different levels and are over-leveraged at $0.0000137, $0.00001400, and $0.00001447, where they hold $6 million worth of short positions.
Source: Coinglass
The over-leveraged positions by bulls represent strong support, while the over-leveraged levels of short sellers act as resistance. Additionally, these levels and the traders’ leveraged positions will be liquidated if PEPE’s price moves in either direction.
That’s not all either as according to Ali Martinez on X (formerly Twitter), the TD Sequential indicator has been flashing a buy signal for PEPE on the 3-day chart – Another sign that the price may be likely to rebound soon.
At the time of writing, PEPE was trading near $0.00001353, following a hike of 5.08% in the last 24 hours. However, on the back of rising trader and investor sentiment, its trading volume jumped by 101% to $1.43 billion over the same period.
Thanks to this impressive rally, the memecoin has outperformed major cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH).
Technical analysis and price prediction
According to AMBCrypto’s analysis, PEPE has regained its strong support level of $0.000013, which it lost during the most recent price correction.
However, it currently seems to be facing resistance from the 200 Exponential Moving Average (EMA) on the daily timeframe. Besides acting as resistance, the 200 EMA further indicated that the memecoin was still on a downtrend at press time.
Source: TradingView
If PEPE maintains support above $0.000013, historical trends might hint at a potential 20% rally towards $0.0000164.
To put it simply, market sentiment appears to be recovering. In the long term, this can support PEPE’s price rebound journey.
