Key Insights:
- PEPE revealed a critical pattern on the weekly level, and bulls should protect the level of 0.000008800 to sustain long-term bullishness.
- There was a great alignment between centralized and on-chain smart money in PEPE.
- The PEPE funding rate chart indicated that the trader sentiment had changed with time.
PEPE crypto price prediction did not perform as others like WIF which surged alongside other top caps cryptos with PEPE dropping about 5% in the last 24 hours as of press time.
With that said, it remains to be clear if PEPE will follow in the footsteps of the likes of WIF or wil continue dropping?
PEPE Crypto Price Prediction Analysis
PEPE revealed a critical pattern on the weekly level, and bulls should protect the level of $0.000008800 to sustain long-term bullishness.
This degree had served as a key backing and resistance turn around area over various months.
Its holding would have induced another leg up, perhaps to 0.000012000 where price has already responded earlier.
Had such backing been met, purchasers would have possibly gone after the subsequent resistance at 0.000015000 to support a bullish progression pattern.
Bottoms below $0.000008800 on the other hand could have been a sign of being weak and could have opened up the way to $0.000007500 and potentially $0.000006000.
The collapse in price outside the long weekly wick below indicated that the buyers had tried to come in around that area, with failure to close giving a bearish breakdown possibility.
The long-term horizontal structure in several weeks at the level of $0.0000100000 was a sign of an important pivot zone.
The chart indicated a range-bound environment, and direction sensitivity of PEPE depended upon this $0.000008800 support.
Therefore, despite that this level had been under attack, this defense by the bull would still have been important towards continuing the uptrend, but bears could have gained momentum on a breakage.
PEPE On-chain Smart Money Wallets
There was also great alignment between centralized and on-chain smart money in PEPE.
The first chart depicts an obvious rebound in price of $0.00000088 to above 0.00000100 and the volume is increasing and the RSI is close to 51.6, indicating the recovery of the momentum.
The second chart supports the fact that PEPE is the most concentrated coin accumulated by the smart money in the past 24 hours with overall inflows of $100,098 net in two wallets at an average purchase of -0.000009842 or slightly below current price.
In the meantime, the third chart shows that PEPE is the second largest long exposure in the optimal smart portfolio and only BTC has a stronger conviction.
This association indicates that the centrally oriented players and on-chain wallets are gearing up to have more upsides.
As CEX-based vaults have gone long and smart wallets have gone to become exposed, PEPE confidence is cropping up.
Should volume hold, and RSI move higher, a continuation of the price may occur, sustained by organized attention.
PEPE Crypto Funding Rate
The PEPE funding rate chart indicated that the trader sentiment had changed with time.
When viewed between the start of April and the middle of May, funding rates remained largely positive, indicating long bias and high confidence in the market.
An interesting note is that a funding amounting to over 0.12% appeared around May 13 which is in tandem with a sharp price phase of the short term indication to be an aggressive long positioning.
Nevertheless, subsequent corrections below the zero line were indicative of a rotating bearish attitude or profit taking.
It was a game of short volatility in leverage positioning with exchanges such as Bybit and Binance displaying alternating green and red bars.
The replication to neutral rates was an indication that the market was uncertain about the new direction. When funding becomes negative, the short squeeze may occur causing a rise in price.
On the other hand, sustained high prices might lure short sellers, who want to milk the hedged longs.
The amount of money spent was not high in the recent past, an indication of cautiousness among the derivative traders.
Combined with greater volume or whale accumulation, this balance may go either direction, and therefore this session and the next few steps will be very vital to establishing that momentum.