PEPE Tests Critical 50% Fibonacci Support as Large Holders Boost Net Flows by 1,645%

PEPE retests its 50% Fibonacci level as large holders increase net flows by 1,645%. Can the meme coin bounce back toward $0.00001550?

Pepe has witnessed a steep correction toward the recently broken 50% Fibonacci level, risking a potential bearish turnaround. However, large holders’ net flows and optimism in the derivatives market signal a possible bounce-back for Pepe. Will this extend the bullish trend toward the $0.00001550 resistance level?

On-chain Data Supports Bullish Chances

According to IntoTheBlock’s data, large holders’ Net Flow has surged by 1,645% over the past seven days. On June 11, the Net Flow reached 854.64 billion, reflecting increased confidence among large holders. This indicator measures the net flow of holders owning more than 0.1% of the circulating supply.

Pepe Price Analysis

At the time of writing, Pepe trades at $0.00001242, with an intraday pullback of 0.64%. This reflects a lower price rejection from the 24-hour low of $0.0000121.

Following a minor bounce, Pepe holds ground above the 50% Fibonacci level at $0.0000122. However, the recent 4.80% pullback on Wednesday indicates a marginal increase in selling pressure.

Due to prior bullish momentum resulting in a golden cross and hinting at a bullish crossover in the 100-day EMA lines, the meme coin is likely to sustain the prevailing uptrend. Supporting these bullish prospects, the MACD and signal lines are expected to flatten near the zero line, signaling a potential bullish crossover.

Based on price action analysis, an immediate bounce back in Pepe could face resistance at $0.0000155, followed by key resistance at $0.00001705. On the downside, a close below the 50% Fibonacci level could test the 200-day EMA at $0.00001155.

PEPE Derivatives

Supporting a bullish sentiment, optimism remains strong in PEPE’s derivatives market, with open interest rising by 0.30% to $577.44 million. However, long liquidations have surged to $1.97 million in the past 24 hours, more than double the short liquidations, which were $920,000.

This signals a significant wipeout of bullish-aligned traders, dropping the long-to-short ratio to 0.9516 as short positions increase. Despite the rise in short positions, the overweighted funding rate remains steady at 0.0091%, reflecting sustained commitment to bullish activity.