PEPE Price Explodes 11%: Could Another 10% Price Rally Be Imminent?

PEPE Shows Resilience and Potential for Growth

Analyst observations suggest that PEPE may experience a bull run that surpasses its all-time-high value. However, on-chain indicators hint at a possible significant decline prior to the anticipated rally.

Despite the recent market downturn, the third-largest memecoin, PEPE, has demonstrated remarkable resilience, maintaining support at $0.0000080. In the past 24 hours, PEPE has surged 10%, currently trading at $0.00000866.

Trading volume has also increased by 10%, with $1.14 billion in transactions. Market data indicates a total liquidation of $2.4 million, including $1.4 million in long positions and $1 million in short positions. Analysts believe this suggests active trading activity and potential market volatility.

Crypto analyst Sjuul notes similarities between PEPE's current price behavior and its movement in April, when it established the $0.0000060 support level before a bull run to its all-time high. Sjuul suggests that the bottom formation process takes time, indicating that PEPE may need some time to complete it before the expected rally.

Technical analysis reveals a potential range formation between $0.000008 and $0.000013, with the MACD falling below neutral. Additionally, on-chain activities show that PEPE whales have been distributing their assets, while exchange supply has increased, potentially leading to selling pressure.

However, the bearish on-chain signals are similar to those observed in July, when a whale deposited a significant amount of PEPE into Binance for potential liquidation. Furthermore, non-exchange address accumulation has declined, suggesting reduced large investor interest. The Open Interest (OI) has also slipped into the negative zone, indicating more short positions than long ones.

Overall, while PEPE's potential for growth remains, on-chain indicators suggest the possibility of a deep price drop before the anticipated rally.