PEPE Rally Gains Steam as Whales Accumulate and Derivatives Surge

Whales are accumulating $PEPE as technical indicators suggest a potential trend reversal. Will the meme coin reach $0.000015?

The frog-themed meme coin, Pepe, has recorded its fifth consecutive positive day, with an intraday recovery of over 7%. Could this short-term reversal in Pepe result in a price surge back to $0.000015?

$PEPE Price Analysis

Pepe is showing a bullish turnaround from the 23.6% Fibonacci retracement level at the psychological support of $0.000010. With five consecutive bullish candles, the meme coin has recovered from last week’s two-day crash, which saw a 16% drop. The ongoing recovery rally now aims to challenge the 38.2% Fibonacci level at $0.00001352.

With an intraday gain of more than 7%, the growing bullish momentum hints at a potential crossover between the 100-day and 200-day EMAs, an indicator that could signal a buying opportunity for price action traders.

Additionally, the MACD and Signal lines are nearing a bullish crossover as the bearish histograms decline, suggesting a possible trend reversal with renewed bullish momentum.

Overall, the technical indicators maintain a positive outlook for the frog-themed meme coin.

A potential breakout above the 38.2% Fibonacci level would increase the likelihood of Pepe retesting the 50% level at $0.00001592. On the downside, the key support remains the 50-day EMA at $0.00001147.

Large Investors Bullish on $PEPE

Despite heightened volatility over the past month, crypto whales remain optimistic about the $PEPE meme coin.

According to IntoTheBlock’s Balanced Buy Holding Indicator, holdings by large investors with portfolios of 10 billion to 1 trillion $PEPE have increased from 106.54 trillion tokens to 110.41 trillion tokens.

$PEPE Balance by Holdings

Notably, holdings by investors with 100 billion to 1 trillion $PEPE have grown from 73.64 trillion to 78.79 trillion tokens.

Over the past 30 days, portfolios holding 10 billion to 100 billion $PEPE have increased by 2.73%, while those with 100 billion to 1 trillion have expanded by 5.59%.

Interestingly, massive whales holding between 1 trillion and 10 trillion $PEPE have also increased their holdings by 2.63% over the same period, reflecting growing confidence in the Ethereum-based meme coin among large investors.

Derivative Traders See Upside

Further confirming the rising confidence in Pepe, Coinglass derivatives data shows an 18% increase in open interest, which has climbed to $556.49 million. This surge indicates heightened trading activity in Pepe derivatives.

$PEPE derivatives

The rising funding rate, which has increased to 0.0104%, reinforces the bullish sentiment. This indicates that bulls are willing to pay a premium to bears to maintain price alignment between spot and swap markets.

In the past 24 hours, the long-to-short ratio has risen above 1, suggesting a greater number of long positions compared to shorts.

During the same period, $5.54 million in short liquidations were recorded, signaling a significant wipeout of bearish traders and reinforcing bullish dominance in Pepe derivatives.