Pepe Coin: Analyst Predicts 40x Gain Despite Whale Activity

Pepe Coin Price: Will It Defy Market Pressure?

Pepe Coin (PEPE) is currently trading at $0.00001119, down 7.4% in the last 24 hours. This downturn has triggered long squeezes and significant whale selling. Despite this, one analyst remains optimistic about PEPE's potential.

Analyst Eyes $0.00039 Target

CryptoElites, a crypto analyst, points to PEPE's consistent uptrend, noting that key support levels have been defended by buyers. The analyst suggests that a bounce from the current support level could propel PEPE to $0.00039. This target hinges on PEPE mirroring its past performance.

Achieving this target would represent a 40x rally from its current price. This bullish outlook contrasts with a previous analysis that suggested a potential crash to $0.0000070.

Whale Behavior and Long Squeeze

Whales have been actively trading PEPE, buying on bounces and selling on dips, indicating a focus on short-term gains. In the last 24 hours, whale wallets dumped over 400 billion PEPE tokens, reducing their holdings from 1.09 trillion to 610 billion, according to IntoTheBlock data.

Simultaneously, over $6 million in long positions were liquidated in the last 24 hours. This selling pressure from liquidated longs is contributing to the current price decline.

If selling pressure from longs eases and whales regain confidence, PEPE could potentially reach the analyst's target of $0.00039.

Disclaimer: Cryptocurrency investments are speculative and carry risk. Conduct thorough research before investing.