PEPE Poised For 36% Rally, 1:3 Risk-to-Reward Spotted
Pepe (Pepe) is the most popular and third largest crypto meme coin in the world, and is expected to hold a rally after its price has dropped by 28% in recent days. After this significant price decline, Meme Coin has reached a critical support level of 0.00000928, with its price reversal in history.
PEPE price reversal
As reported by Chain Analysis Small shop. Data from spot inflows/outflows suggest that exchanges witnessed the outflow of $20 million Pepe Meme coins, suggesting that as investors and long-term holders have seized the opportunity, potential accumulation of recent price declines.
The outflow of communication during market declines indicates potential buying opportunities and may lead to upward momentum.
Trader stares at long positions
Along with long-term holders, traders are also found to be bullish bets, as Coinglass reveals.
At press time, traders holding long positions had a high leverage ratio of $0.00000897 and a length of $2.15 million. Traders holding short positions have leverage of $0.0000955, and short positions are worth $1.8 million.
These data suggest that the Bull is currently dominating the meme coin and can support it in an upcoming rally.
PEPE price action and upcoming levels
According to expert technical analysis, Pepe The critical support level is $0.0000086, its price reversal history.
Based on recent price action and historical momentum, it is possible that the meme coins will soar 36% to reach the resistance level of $0.000013. This bullish price action creates an ideal risk ratio of 1:3 for traders.
In addition to this bullish outlook, PEPE is currently trading below the 200 Index Moving Average (EMA) over the daily timeframe, indicating that the meme coins are on a downward trend.
Current price motivation
Pepe is currently trading at close to $0.0000094, down 2.10% over the past 24 hours. During the same period, its trading volume fell by 10%, indicating a decrease in traders and investors’ participation rates compared to the previous day.
