Whale activity for PEPE surged by 73% to reach $141.81 million within 24 hours.
Liquidity clusters and rising open interest indicate the potential for a price recovery.
PEPE whales have become more active, showing a massive 73% increase in large transactions to reach $141.81 million over the past 24 hours.
This significant increase in large transactions comes as the meme coin's price tests a key support level.
Overall, these trends indicate the possibility of continuation or reversal, with recent activity from PEPE whales tipping the scales towards the latter.
Source: IntoTheBlock
The timing of whale accumulation is a critical factor. With mixed signals appearing in the broader market, it seems that PEPE's critical flag support levels are holding strong.
The support level showed strong rejection, as evidenced by the daily rise of 4% at the time of publication.
Open interest reinforces the bullish reversal case.
Another strong bullish indicator is the sudden spike in open interest for PEPE. This metric reflects the total number of active futures contracts and is often an indicator of market sentiment.
In the case of PEPE, the rise in open interest indicates that both memecoin traders and investors are preparing for a significant price movement, especially when coupled with increased whale transactions.
Thus, the convergence between on-chain interest and technical positioning is not something that can be easily overlooked.
Source: CoinGlass
Liquidity clusters support the bullish bias.
Positive liquidity data reinforces bullish sentiment for PEPE.
Heat maps for the meme coin indicate concentrated liquidations of leveraged positions at higher price levels, suggesting that short positions taken with leverage may face pressure if the price exceeds this level.
Most of the time, clusters tend to act as magnets, pulling prices towards them as markets seek liquidity.
Source: CoinGlass
Overall, positive technical forecasts, whale accumulation, and rising open interest suggest a potential bullish reversal for the PEPE coin.
A direct bounce from here could spark a strong upward movement, especially if the sentiment trend continues to rise.
