Pepe Coin Price Just Flashed a Buy Signal, Is It Time to Long PEPE?

Pepe Coin price broke below a monthly support structure over the weekend, establishing a new low for September. Historically, September has been a red month for crypto, with occasional green years depending on other macro factors. So far, PEPE’s price is down 6.69% for the month, but a potential rally of 25% could be on the horizon as the market structure signals a rebound. Additionally, influential figure Arthur Hayes has closed his Bitcoin price short position, suggesting he anticipates an upcoming market recovery.

Futures Traders Anticipate Pepe Coin Price Rally

Futures traders are an important factor in determining the direction the price of an asset takes, as they contribute the majority of the liquidity and keep the markets alive through continuous speculation.

For PEPE price, derivatives traders seem convinced the asset has changed course and is headed upward, as data from Coinglass suggests.

The PEPE exchange liquidation map shows twice as much cumulative Long liquidation leverage as Shorts.

This imbalance shows bullish sentiment dominates the market because traders anticipate further upside potential for the asset.

Additionally, the Crypto Derivatives Visual Screener (CDVS) shows the majority of traders entering Long on Pepe Coin. This can be seen by how the PEPE open interest (OI) and price have had positive increments over the last 24 hours.

Additionally, another spike in large transaction netflow on September 4 resulted in a net positive inflow of 84 billion PEPE ($591,360) into whales’ wallets.

Combined with negative exchange net flows, the increase in whale activity may signal that large holders are taking advantage of the declining market to scoop up more PEPE tokens in anticipation of a price increase.

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