In this ongoing market uncertainty, Pepe (PEPE), the popular crypto meme coin, is outperforming major cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH). Amid this, a prominent crypto expert made a post on X (previously Twitter) and shared a buy signal for the meme coin.
Buy Signal For PEPE
In a post on X, the expert noted that a technical indicator named TD Sequential flashed a buy signal for the PEPE meme coin and also hinted that the price could rebound when applied to the 3-day chart.
However, this post on X gained widespread attention from the crypto community, and long-term holders and investors were found accumulating the token, as reported by the on-chain analytics firm CoinGlass.
$9 Million Worth of PEPE Outflow: A Sign of Accumulation?
Data from the spot inflow/outflow revealed that exchanges have witnessed an outflow of a significant $9 million worth of PEPE meme coin. This substantial outflow signals potential accumulation by long-term holders, which can create notable buying pressure and fuel a further upside rally that the meme coin is currently experiencing.
PEPE is currently trading near $0.00001387 and has witnessed a price surge of over 8.15% in the past 24 hours. During the same period, its trading volume jumped by 90%, suggesting immense participation from traders and investors compared to previous days.
Major Liquidation Areas
Looking at the data, it appears that the bulls are the ones currently dominating the meme coin, as they seem to be strongly betting on the long side.
According to on-chain data, the major liquidation area is near $0.00001359, where bulls are over-leveraged and currently hold $2.50 million worth of long positions. Conversely, $0.00001405 is another key level where short sellers, with $1 million in over-leveraged positions, could be liquidated if the price reaches this level.
When combining these on-chain metrics, it appears that bulls are strongly dominating the asset, and $0.00001405 is a minor resistance level that could soon be breached, opening the path for further upside momentum.
