Key Insights:
- PEPE coin price traded at $0.00001358 with the chart showing consistent rises in buying pressure.
- James Wynn once again opened a PEPE long position with 10x leverage, previously making over $26M on a PEPE long on HyperLiquid.
- Long positions dominated the PEPE market in late May as the positive funding rates posted.
PEPE coin price prediction analysis entailed price action, whale actions, open interest and funding rates. They indicated a potential uptrend despite mixed actions from whales like James Wynn.
Wynn cut some of his long position on PEPE after Bitcoin dropped eliciting doubt about the potential gains from the meme coin.
PEPE Coin Price Prediction Analysis
As of press time, PEPE traded at $0.00001364, and the chart showed consistent rises in buying pressure.
Continued upward movement was seen with the volume vision as net volume changes between H4 to Daily time frames ranged from 23% to 100%.
From the 12-hour chart, it went sideways, suggesting PEPE was exchanging and could consequently go up.
Another push towards $0.00001700 could be seen if the volume increases and the majority of green Heikin Ashi candles and the trendline hold.
On 1m to H3 charts, net volume changes were up in some places and down in others, with results of -0.33% and -7% hinting at brief pullbacks.
On the other hand, during longer stretches, the strong buyer presence most likely overwhelmed the seller volume.
Should PEPE start to decline, support near $0.0000120 could be important, and a shift beneath that could forecast additional price drops.
Once PEPE buys above $0.00001400, the crypto could test $0.00002000 in the near term. So, although positive sentiment prevailed, there was still a small chance for a temporary decline.
Impact of Whales’ Actions on PEPE Coin Price Prediction
An additional long position in PEPE was opened on HyperLiquid, belonging to whale James Wynn. The wallet contained $5.85M in total, most of which came from $1M in perpetual contracts.
The ordered position was a 10x long PEPE at $9.92M, bought in at $0.00001386. It stood at $0.00001389, for a profit of $23,992.8.
Trading volume was 71 million PEPE, and liquidation would occur at $0.00001332.
As Wynn made $26M from a similar trade before, people may expect their financial decisions to reflect his and cause PEPE’s price to rise.
However, Wynn cut some of his PEPE long after the drop in Bitcoin price by 1.2% as of press time. In other words, while the trade signals an increase, there was plenty of risk after Wynn’s actions.
Another Hyperliquid whale famous for accurately predicting PEPE’s 1000x rally in 2023, returned to buy with a million shares for $19.97 million at $0.00001409, earning $408K at press time.
Using 10x leverage on 13.88B PEPE suggested the community could be back on board with bullish thoughts.
Often, the importance of these positions changes the overall market outlook, and that could move prices higher if momentum stays positive.
If, on the other hand, price drops back toward $0.00001076, swift sales by traders could speed up the fall. Although optimism is increasing, we should keep an eye on growing market sentiment.
Weighted Funding Rate
Meanwhile, long positions dominated the PEPE market in late May thanks to the enormous positive funding rates posted.
Despite the derivative being short sold, the market reflected high optimism, as people decided to go long. The funding dropped in April and early May to around -0.025%, signaling high shorting.
With PEPE trading at $0.000014, extra funds may signal the market is heating up, and downsides could result if long holders aggressively buy.
Gains may continue if higher volumes confirm the rising rates. Should funding suddenly reverse, there may be temporary corrections or a liquidity wave in the market before the trend resumes.