Will PEPE Coin Price See Breakout To $0.0003 Amid Volatile Activity?

Pepe coin (PEPE) has been on the investors’ radar amid its volatile price movements and increased market activity.

As the meme coin price hovers around $0.00001223, market participants closely watched to see if PEPE will break out and potentially reach $0.0003.

With significant whale accumulation and bullish activity in the derivatives market, the stage may be set for a major price shift in the near future.

PEPE Whale Activity and Accumulation Surge

In the past week, whale net flows for PEPE surged by an impressive 1,645%. This dramatic increase in whale activity suggests that large investors are actively accumulating the coin, possibly in anticipation of a price move.

The surge in large transactions is accompanied by a significant rise in derivatives trading volume, with PEPE’s derivative volumes spiking to $3.94 billion, reflecting heightened trader interest.

The volume of long positions taken by whales is also notable, with more than $4.5 million in long positions opened within 24 hours. This suggests that whales are betting on further price increases, signaling confidence in the coin’s future performance.

As the market braces for a potential price surge, PEPE’s coin current price remains steady above key support levels, including the 50% Fibonacci level at $0.0000122.

Source: IntoTheBlock

Despite the overall bullish sentiment, there has been some volatility, including a midweek 4.8% pullback. However, the price has shown resilience, staying above crucial support levels.

The accumulation by whales could lead to more upward momentum if the coin continues to hold its ground, suggesting that PEPE price may eventually see a breakout in the coming days.

Derivatives Market and Liquidation Activity

The derivatives market for PEPE coin has been showing strong activity, with $1.97 million in long liquidations reflecting ongoing volatility.

Despite this, the funding rate for PEPE remains positive at 0.0091%, suggesting that market sentiment remains bullish.

This positive funding rate indicates that most traders are still positioning for upward price movement, even after recent liquidations.

Traders closely monitor these funding rates as they serve as a key indicator of market sentiment. A positive rate typically signals that the majority of traders expect the price to rise.

While the liquidations hint at short-term corrections, the sustained bullish outlook suggests that PEPE is likely to continue its upward trajectory, provided the current accumulation trend persists.

Source: CoinGlass

In addition, derivatives data shows a decrease in overall volume (-15.92%) and open interest (-3.06%), signaling lower market activity.

However, the strong long/short ratios, especially among top traders, suggest that optimism for PEPE’s price continues, keeping the door open for a potential breakout.

PEPE Coin Key Support and Resistance Levels

As per price chart, PEPE coin has been consolidating between a tight range of $0.00001221 to $0.00001226.

The present price of 0.00001223 indicates market uncertainty, after surging upwards in early May to a high of approximately 0.00001400, only to resume correction.

The MACD indicates key features of the market are bullish, as the MACD line stands above the signal line. But the decreasing histogram indicates that the momentum is slowing down, and it may indicate a consolidation or a correction.

The RSI is neutral at 47.81 and showing a few signs of weakness, which means that there is neither intense buying nor selling pressure at this stage.

Source: TradingView

The short-term support of PEPE is at $0.00001200, and the resistance is at $0.00001226. A continued breakout of the resistance may result in a rise to higher levels, and traders are hoping that there might be a breakout to US$ 0.0003 should the momentum continue.

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