- Analyst bullish on $0.00039 target despite whale sell-off and long squeeze.
- Over 400 billion PEPE tokens sold by whales in 24 hours.
- $6 million in long positions liquidated amid recent market drop.
- Price currently trades near $0.00001119, down 7.4% in 24 hours.
- Rising channel trendline could fuel a major rally if support holds.
Analyst Eyes $0.00039 Pepe Coin Price Despite Whale Selling Pressure
Pepe Coin (PEPE) is facing mixed market signals, yet an analyst remains confident that the meme coin could surge to $0.00039, representing a staggering 40x gain from current levels. Despite a sharp market pullback, whale sell-offs, and a record long squeeze, the bullish case remains intact for now.
As of August 15, PEPE trades at $0.00001119, down 7.4% in the last 24 hours. This drop coincided with more than $6 million in long positions being liquidated, a sign of traders being caught off guard by the rapid downturn.
Pepe Coin Technical Setup Points to a Potential Breakout
According to analyst CryptoElites, PEPE has maintained a steady rising channel, with buyers defending key support levels and pushing for higher highs. Each time the price has touched its lower trendline, it has bounced back—suggesting history could repeat itself.
If the current support holds, PEPE could rally towards $0.00039, marking a dramatic 40x move. However, this bullish projection hinges on the price maintaining its uptrend and avoiding a drop below $0.000010, which could reignite bearish pressure.
Also Read: PEPE Eyes New Highs in June Backed by Strong Whale Accumulation
Whales Dump 400 Billion PEPE Tokens
Data from IntoTheBlock shows that whales have offloaded over 400 billion PEPE tokens in the past 24 hours, slashing their holdings from 1.09 trillion to 610 billion. These large holders appear to be trading short-term price swings—buying during rallies and selling into dips—adding volatility to PEPE’s market.
This selling pressure comes on top of the record-breaking long squeeze, where overleveraged traders were forced to exit positions, amplifying the recent price drop.
Short-Term vs Long-Term Outlook
While short-term movements remain unpredictable due to whale activity and leveraged trades, the long-term picture for PEPE could still favor bulls if the rising channel holds. A rebound from current levels could pave the way toward the ambitious $0.00039 target.