#BinanceHODLerBANANA #BinanceTurns7 #SOFR_Spike #BinanceTournament #EarnFreeCrypto2024 Pepe [PEPE] was trending downward after a rejection from the $0.000013 resistance zone. A recent report revealed a whale moving 400 million PEPE tokens worth $4.22 million to Binance.This influx to exchanges is likely for selling purposes. Combined with the price action, the Pepe coin price prediction has a bearish leaning. Yet, bulls have reason to be hopeful of a recovery.
In mid-July, PEPE noted a 52% price gain in five days. This rapid resurgence left behind a sizeable imbalance on the daily chart, highlighted in white. At press time, the meme coin was trading within this support zone. A bearish market structure break was seen in the first week of July. The recent significant lower high from the 26th of June was not breached since PEPE bulls withdrew from $0.000013.
The daily RSI fell below neutral 50 to signal bearish momentum was strong. However, the CMF remained well above +0.05.It hinted at notable buying pressure, which could see a price reversal from the $0.000009-$0.00001 zone.The cumulative liquidation levels were deeply negative, showing short positions well outnumbered the longs. This could see a price move upward to hunt these short sellers.
To the north, the $0.000011 and $0.0000115 were the two levels with a large amount of liquidation levels.It is possible that PEPE could climb to these levels before its next price moves downward. Swing traders can also use such a bounce to sell their assets given the higher timeframe bearish structure.
