Will PEPE Hold $0.00001108 as Bears Take Control?

$PEPE risks a pullback to $0.000010 as bearish momentum intensifies, despite large-holder inflows. Will the support level at $0.00001108 hold?

As meme coins mirror Bitcoin’s pullback, Pepe faces a steep correction amid growing bearish momentum. The emergence of an evening star pattern signals a potential decline toward the psychological support level at $0.000010.

$PEPE Price Analysis

On the daily chart, $PEPE’s price action shows a bullish failure to surpass the 50% Fibonacci retracement level at $0.00001212. With a 3.59% drop on Wednesday, $PEPE formed an evening star pattern near a critical support-turned-resistance level.

This marks a post-breakout retest turnaround for $PEPE, raising the risk of a drop below the 50-day EMA at $0.00001146. If the bearish trend persists, the 200-day EMA at $0.00001108 remains the next crucial support level.

However, if bearish pressure continues, $PEPE could retest the next key supply zone near $0.0000090.

Essentially, this short-term reversal underscores the growing risk of the meme coin losing the $0.000010 psychological support.

Supporting this downside risk, the daily RSI remains below the midpoint, signaling a gradual increase in bearish momentum.

On the flip side, a breakout above the 50% Fibonacci level could pave the way for a rally toward last month’s peak at $0.0000155.

Pepe Derivatives Reveal Bears in Action

Amid the rising pullback risk, derivatives interest in Pepe has turned negative. Open interest is down 2.19% to $499 million. Meanwhile, long liquidations have surged to $2.6 million in the past 24 hours, indicating a major wipeout of bullish positions compared to just $399K in short liquidations.

Additionally, the funding rate has declined to 0.0079%, reflecting weakening bullish sentiment in trading activity. Data from CoinGlass points to a potential pullback in Pepe amid increasing market volatility.

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Large Holder Netflow Surge Signals Growing Confidence

According to IntoTheBlock data, net inflows from large holders have risen nearly 33% over the past seven days. On June 4, net inflows reached 1.1 trillion $PEPE, indicating significant accumulation and rising investor confidence.

Positive net flow trends over the past 30 and 60 days further support the possibility of a bullish reversal in Pepe.

$PEPE