🐸🔥🚀First Recovery Signal in PEPE Price, Bears Failed to Topple PEPE
While the #PEPE price was in the recovery zone, it was potentially a bullish situation that caused it to turn bearish.
Investors have suffered huge losses, but this may not prevent large capital holders from continuing their purchases.
$PEPE Hit the Bears Hard
PEPE price surprised the market by registering a small increase of 9 percent in the last 24 hours. This led to announcements of major cameo appearances rather than recovery.
According to information obtained from Coinglass, meme coin experienced short-term releases worth $17 million in one day. Whether this is the biggest reveal in the meme coin's history, it indicates bears are expecting an additional decline in PEPE prices this weekend.
However, this is bad news for the bears and a bullish warning for the big budget holders, namely the whales. These off-exchange addresses hold the largest amount of PEPE relative to other individual addresses.
In the last three weeks this has purchased more than 1.5 items of PEPE, or more than $13 million worth of PEPE. However, it represents an opportunity for large revenues to accumulate and if prices recover, they will be profitable.
PEPE Price Forecast: Retracing Uptrend
PEPE price lost its resilience earlier this week, which had not been broken since mid-April. As a result, the meme coin dropped from $0.00001146 to $0.00000889 at the time of writing. The decline above $0.00001000 was a critical bearish one that caused many to expect further declines.
However, the green candle pull seen over the last 24 months may be the first sign of a recovery. If meme coin establishes $0.00001000 as support again, it could rally towards 0.00001146 to compensate for the recent loss.
However, if this fails, a pullback to 0.0000775 is possible, followed by a consolidation below $0.00001000. This would invalidate the probability of possibility.
