A PEPE whale exited with a $3.5M loss, signaling broader market strain as long liquidations continue to dominate the trading chart.
PEPE’s descending channel shows a bullish setup forming as price tests support, hinting at a possible rebound toward 0.00001200.
Despite the whale sell-off, volume surges and accumulation zones suggest rising institutional interest near current support levels.
A major $PEPE whale has exited the market after depositing 600 billion tokens—worth approximately $6.1 million—to Binance 16 hours ago. According to Spot On Chain, this marks the end of a one-month holding period. The move likely resulted in a loss of $3.5 million, reflecting a -12.6% return. This liquidation activity aligns with broader trends seen in the PEPE Total Liquidations, Showing consistent pressure on long positions throughout the year.
Long Liquidations Dominate Despite Market Stability
The PEPE liquidation chart tracks trading activity from December 22 through June 16. Long liquidations appear consistently, dominating the entire timeframe. The chart shows green bars above the zero line, with spikes reaching up to $4.98 million, especially in January. These periods coincided with sharp market volatility and triggered a wave of long position closures.
Source: Coinglass
Besides that, short liquidations remained relatively minor, with only one spike occurring in May. That single event peaked near $9.96 million, the highest on record for short closures. Hence, this pattern reveals a strong leaning toward bullish sentiment, even amid price corrections.
Additionally, April marked a more balanced liquidation phase. Long and short liquidations occurred in together, signaling a period of price consolidation. The price held within a range, suggesting some stability before May's volatility surge. Moreover, June resumed the usual long-liquidation trend, albeit with less intensity.
Descending Channel Sets Stage for Potential PEPE Rebound
According to AltCoin Việt Nam, PEPE is currently testing the lower boundary of its descending channel. This point also aligns with diagonal support and a previous reaction zone. The price has started curling upward, suggesting a possible breakout attempt toward the 0.00001200 resistance level.
Source: AltCoin Việt Nam
Consequently, this movement presents a short-term bullish reversal if support levels hold firm. Market structure analysis reveals multiple triangle formations, reflecting past volatility and consolidation. Price previously failed to breach major resistance, resulting in a breakdown toward lower levels.
Furthermore, accumulation zones are forming near the current support, signaling potential institutional interest. Volume spikes confirm this trend. If momentum builds, the PEPEUSDT pair could push toward mid-channel resistance.
The post PEPE Whale Sells $6.1M Amid Rebound Hopes and Bullish Setup appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
