- PEPE is holding above a key 50% Fibonacci support level as whale activity surges, with large holders increasing net flows by 1,645%, signaling potential bullish momentum.
- Despite recent liquidations, positive funding rates and rising open interest in derivatives suggest growing confidence in a rebound toward $0.00001550.
PEPE Tests Key Fibonacci Support Amid Whale Accumulation Surge
PEPE, the popular meme coin, is currently retesting the 50% Fibonacci retracement level at $0.0000122—a crucial zone that could determine its next big move. After a recent price dip, the crypto community is watching closely to see if this support holds strong or if further correction is ahead.
However, on-chain metrics reveal a potentially bullish twist: a staggering 1,645% spike in large holders’ net flows, signaling renewed confidence among PEPE’s biggest players. According to IntoTheBlock, these whales accumulated over 854.64 billion tokens on June 11 alone, indicating strong conviction even as prices waver.
Also read: Fartcoin Whale Invests $2.48M – Can It Trigger the Next Meme Coin Rally?
Technical Indicators Show Mixed Signals, but Momentum Favors Bulls
Currently trading at $0.00001242, PEPE is holding just above a key support level despite a 4.80% mid-week pullback. This rejection of lower prices hints at buyer interest near current levels. Moreover, the golden cross formation and potential bullish crossover in the 100-day EMA lines suggest that the broader uptrend might still be in play.
The MACD and signal lines hovering around the zero mark also hint at a potential bullish shift. If PEPE manages a rebound, it could test immediate resistance at $0.00001550, with a further breakout targeting $0.00001705. Conversely, if bears take control and push prices below the 50% Fibonacci level, support at the 200-day EMA around $0.00001155 will be critical.
Derivatives Market Supports Rebound Hopes Despite Liquidations
Despite recent volatility, PEPE’s derivatives market remains optimistic. Open interest has edged up to $577.44 million, reflecting ongoing interest. However, there’s been a surge in long liquidations, totaling $1.97 million over the last 24 hours—more than double the short liquidations.
This imbalance has pushed the long-to-short ratio down to 0.9516, showing more short positions entering the market. Yet, the funding rate remains positive at 0.0091%, indicating that traders are still willing to pay to stay long—underscoring confidence in a potential price recovery.
As PEPE dances on the edge of a major support level, rising whale accumulation and encouraging technical setups suggest the meme coin might have one more leg up. All eyes are now on whether PEPE can reclaim the bullish momentum and target $0.00001550—or if bears will drag it below key support.
This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.