Pepe Reclaims $0.000010 as Bullish Signals Build: Is a Reversal Incoming?

Pepe has reclaimed the $0.000010 level,bitcoin 2024 schedule with technical indicators hinting at a potential bullish reversal.

As bearish momentum declines across the broader crypto market, meme coins are positioning for a bullish turnaround. Amid rising chances of a market-wide reversal, Pepe has reclaimed the psychologically important $0.000010 mark, suggesting a possible bullish bounce.

PEPE Price Analysis

On the daily chart, Pepe is forming a base near the 38.20% Fibonacci retracement level at $0.00001026. This pattern hints at a potential double bottom, with the previous low formed on June 5.

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The daily RSI shows a minor bullish divergence between the two recent lower lows, supporting the reversal outlook. Similarly, the MACD and signal lines are converging, suggesting a possible bullish crossover and trend reversal.

Currently, Pepe is trading at $0.00001033, down 36% from its 30-day high of $0.00001630. Based on Fibonacci retracement levels, a potential bullish move could first challenge the 50% level at $0.00001226, followed by the 61.8% level at $0.00001465.

On the downside, if the psychological support fails, a deeper correction could test the 23.60% Fibonacci level at $0.00000823.

Whale Books Massive Loss Amid Bearish Trend

Over the past 24 hours, a whale deposited 600 billion PEPE worth $6.1 million onto Binance. This represents a significant $3.5 million loss for the investor, as the price has declined by 12.6% from their purchase price.

Pepe Derivatives

According to Coinglass data, market optimism is not fully aligning with technical analysis, which still hints at a potential trend reversal. Open interest has declined by 0.77%, standing at $537.79 million.

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Moreover, liquidations over the past 24 hours indicate a wipeout of bearish traders, as short liquidations outpaced long ones. Specifically, data shows short liquidations reached $698,000 over the past day, while long liquidations were at $420K.

Additionally, the OI-weighted funding rate has risen to 0.0101%, suggesting increased buying activity.

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