Whale qianbaidu.eth secures $1.57M profit from PEPE while retaining $1.15M, signaling calculated exits amid fading bullish pressure.
PEPE trades in a bearish descending channel with resistance near $0.00000130 as funding rates and volume indicate weakening momentum.
Despite early May gains, PEPE shows consolidation as A/D levels stabilize and price moves between key support and resistance zones.
As per Spot On Chain, Whale trader qianbaidu.eth deposited 595.2 billion PEPE tokens worth $6.52 million into Binance. This move likely locked in a $1.57 million profit, representing a 32% gain over three months. The whale still holds 104.4 billion PEPE tokens in a separate wallet, carrying an unrealized profit of $320,000. Meanwhile, market behavior shows a shift. Funding rates, volume trends, and technical indicators suggest weakening bullish momentum. Despite some early gains in May, PEPE has traded within a descending channel, showing signs of consolidation and reduced trader enthusiasm.
OI-Weighted Funding Rate Signals Trader Sentiment Shift
Between March 20 and June 12, PEPE’s price stayed stable, hovering close to zero. However, funding rates painted a different picture. Positive spikes, particularly in May, indicated increased trader interest and higher long-position costs. Rates peaked at 0.0200% in mid-May, reflecting strong bullish pressure. Consequently, long traders paid premiums during this phase.
Source: Coinglass
Besides, negative funding rates appeared sporadically in March and April. These signaled bearish sentiment as short positions paid longs. Still, red zones were fewer than green ones, showing an overall bullish skew. Moreover, volume trends matched funding spikes. High-volume periods occurred during volatile market phases, especially in early May.
By June, funding rates dropped. This decline points to cooling market pressure and normalized trading behavior. Additionally, the eight-hour funding cycle helped maintain balance between spot and perpetual markets.
Technical Indicators Show Continued Bearish Channel
According to TradingView, PEPE/USDT has remained in a descending channel since early May. After peaking above $0.00000165, price action turned bearish. Currently, it trades near $0.000001142, staying below key resistance zones. Bollinger Bands contracted recently, signaling reduced volatility.
Source: CryptoRank
However, price action bounced after briefly touching $0.00000095. It now approaches the channel’s midline. A/D indicators confirm accumulation from early May followed by gradual decline and recent stabilization. As of June 16, the A/D value stands at 657.28 trillion, reflecting modest buyer interest.
Support levels lie between $0.00000103 and $0.000001067. Meanwhile, resistance sits near $0.00000130, where past attempts to break failed. The current setup reflects consolidation. Hence, a breakout above the descending trendline is required to shift market sentiment bullish again.
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