Pepe (PEPE), the well-known and third-largest crypto meme coin, is primed for a continued bullish trend in the upcoming days after a prolonged period of consolidation, as per a specialist on X (formerly Twitter).
Bullish Breakout In PEPE
Today, on December 1, 2024, a cryptocurrency expert shared a post on X stating that PEPE has experienced a breakout from the bullish flag and pole price action patterns. This development on a six-hour timeframe suggests a strong possibility for PEPE to surge by 75% and reach the $0.0000375 level in the near future.
In addition to this analysis, technical indicators like the 200 Exponential Moving Average (EMA) and the Relative Strength Index (RSI) indicate that the meme coin is on an upward trajectory and has the potential to rise in the coming days.
Presently, PEPE’s RSI stands at 63, below the overbought territory of 70, signaling that the meme coin still has room to rally further in the days ahead.
$341.5 Million PEPE Outflow
During the recent price correction, it seems that whales have been actively involved, as per data from the on-chain analytics firm Coinglass. The spot inflow/outflow data from PEPE shows a significant outflow of $341.5 million from exchanges to whale wallets between November 16 and November 30, 2024.
This outflow signifies the movement of the meme coin from exchanges to whale wallets, showcasing strong interest from whales and their confidence in PEPE. It also hints at a potential buying opportunity and the likelihood of a rally in the near future.
Meanwhile, trader participation remains moderate, with Coinglass data indicating that PEPE’s open interest (OI) has remained steady over the last 24 hours.
Current Price Momentum
Currently, PEPE is trading around $0.000020, with its price unchanged over the past 24 hours based on CoinMarketCap data. However, its trading volume has decreased by 10%, indicating a drop in participation from traders and investors compared to previous days.
Source: Coinglass
In conclusion, with the bullish breakout in PEPE and the significant outflow of $341.5 million, the meme coin seems to be gearing up for a potential surge in the coming days. Investors and traders will be closely watching the price momentum to capitalize on the anticipated rally.