• On-chain metrics revealed that exchanges have witnessed an outflow of over $14 million worth of PEPE
• Intraday traders are over-leveraged at the $0.00000996 level, holding $1.90 million worth of long positions. 

After a sharp price decline in recent days, PEPE [PEPE] has reached a crucial support area and appears to be shifting market sentiment.

And, this key area is attracting significant attention from traders and investors.

$14 million worth of PEPE outflow

Data from the on-chain analytics firm Coinglass revealed exchanges witnessed an outflow of over $14 million worth of PEPE memecoins.

This substantial outflow at this crucial level indicates potential accumulation and could create buying pressure, leading to further upside rallies.

Traders’ strength on the long side 

Along with long-term holders’ potential accumulation, intraday traders have shown strong interest and confidence in the memecoin.

The PEPE exchange liquidation map reveals that bulls are dominating the memecoin, believing PEPE won’t fall below $0.00000996. As a result, they are over-leveraged at this level, holding $1.90 million worth of long positions.

Conversely, short sellers seem exhausted, over-leveraged at $0.00001044, holding $877,710 worth of short positions.