Pepe Coin price slid 7.4% in 24 hours as whales sold 400 billion tokens, cutting holdings from 1.09 trillion to 610 billion.
Analyst CryptoElites expects a rebound, citing strong support that historically triggered price rallies, with upside potential to $0.00039.
Long positions worth $6 million were liquidated within 24 hours, intensifying downward pressure before a possible bounce from key support.
Pepe Coin price fell to $0.00001175 on August 15 after sliding by more than seven percent within 24 hours. The decline came as the broader crypto market weakened, triggering liquidations of long positions and accelerating selling pressure.
Large holders reduced their exposure significantly during the decline. Data from IntoTheBlock shows whale wallets dropped their Pepe holdings from 1.09 trillion to 610 billion tokens in one day. This represented sales of more than 400 billion tokens. Their activity reflects short-term trading behavior, with purchases during rebounds and exits during declines.
Long Liquidations Add Pressure
The fall in price coincided with the liquidation of over six million dollars in long positions. These closures came as traders betting on higher prices faced losses, leading to more selling pressure. Consequently, Pepe’s short-term outlook weakened, as both whale exits and forced liquidations weighed on the token.
Despite recent selling, analyst CryptoElites maintains a positive view of Pepe Coin. The analyst emphasized that buyers have consistently defended critical support levels and pushed against resistance in past cycles. Each time the token tested support, it rebounded higher, creating an established pattern of upward movement.
Price Target at $0.00039
According to CryptoElites, Pepe Coin is currently sitting at a key support point. If history repeats, the price could rebound and surge toward $0.00039. Such a move would represent a gain of more than forty times from current levels. The analyst highlighted that sustained buying near support remains crucial to enable this potential rally.
While analyst projections are optimistic, whale exits continue to raise questions about near-term momentum. For now, the token faces a balance between ongoing selling pressure and the possibility of a rebound. Market participants continue to watch whether buyers will step in to defend support once again.
