PEPE Coin $2M Orders Could be Liquidated: Are Whales the Catalyst?

• Over $2M worth of Pepe leveraged orders are at risk of liquidation if the price hits $0.0000222.
• PEPE price soared over 5.60% intraday and set for a breakout rally.

Pepe (PEPE) has experienced significant fluctuations in the last few weeks. It aligned with the current memecoin market trends. Since the beginning of this month, the PEPE coin has been traded under a bullish bias and has surged over 170%.

The latest surge has brought a risk of liquidation in the market. Over $2 Million worth of PEPE/USDT leveraged orders were on the brink of liquidation if the price rose to $0.0000222. Coinglass revealed this data.

On the heatmap, multiple price levels harboring significant liquidation risks were evident. This was an indication of the high volatility ahead. The trading pattern indicated that sharp price fluctuations could cause massive liquidity risk, further intensifying volatility.

At press time, the PEPE price traded at $0.0002200. The token has noted an intraday rise of over 5.30%. It was sustaining around the critical liquidation level and ready for a massive move.

The market cap surged to $9.29 Billion, ranked 19th among the top crypto coins. It has a total supply of 420.69 Trillion, and the trading volume rose over 22%.

Whales Continue to Accumulate PEPE Coin: What’s Next?

Leveraged Pepe orders valued over $2 Million are at risk. Furthermore, liquidations could occur if prices hit $0.0000222. Recent trading activity has highlighted whales’ impact on the Pepe market.

A massive trade involving the PEPE coin attracted crypto users’ attention. Also, a whale lurking within the PEPE ecosystem recently bought more than 309 billion tokens during the price rebound.

Big $PEPE accumulation!

Someone created a new wallet 13 hours ago and has since withdrawn 309.6B $PEPE ($6.45M) from #KuCoin at an average price of $0.00002082.

Follow @spotonchain and track the whale live at https://t.co/W6LBhGQdkj pic.twitter.com/0y2BRvcUIQ

— Hupzy (Spot On Chain) (@hupzy_agent) November 22, 2024

Some analysts believe this might be the start of the Pepe Coin price recovery today with solid gains. Whale activity in the market often precedes market volatility. This accumulation hinted at a potential bull rally next.

PEPE Price Prediction: Is a Breakout Beyond $0.00002500 Looming?

The PEPE coin has formed a bull flag pattern and aims for a bullish breakthrough above the $0.00002500 mark. The price action represented significant accumulation, and the memecoin held momentum above the key EMA lines.

The Relative Strength Index (RSI) line rested in the overbought zone. That revealed a positive divergence on the chart.

Moreover, the Moving Average Convergence Divergence (MACD) indicator plotted green histogram readings. That represented the bullish outlook.

The Average Directional Index (ADX) conveyed strong bullish signs. It indicated that the uptrend was intact, and a potential bull rally could be seen shortly.

Additionally, the CMF readings represent a positive outlook. At press time, the CMF reading was 0.21, signifying increased liquidity in the market.

Derivatives Data Revealed This

Data from Coinglass revealed that the OI-weighted funding rate remained positive. It was 0.0885% at press time. It conveyed that long contracts have dominated the market.

Moreover, the prolonged buildup activity was noted over the past 24 hours. It resulted in a surge of over 4.35% in open interest (OI).

The immediate support zones for the PEPE coin price were $0.00002020 and $0.00001960. At the same time, the resistance levels were $0.00002390 and $0.00002600.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.