$341.5 Million in PEPE Moves Off Exchanges, Buy Signal?
Chandan Gupta1 Dec 20242 min read
Pepe (PEPE), the popular and third-largest crypto meme coin, is poised for a continued bull rally in the coming days after a prolonged consolidation phase, according to an expert on X (formerly Twitter).
Bullish Breakout In PEPE
Today, December 1, 2024, a crypto expert made a post on X that PEPE has witnessed a breakout from the bullish flag and pole price action patterns. Based on this development on a six-hour time frame, there is a strong possibility that PEPE could soar by 75% to reach the $0.0000375 level in the coming days.
In addition to this analysis, technical indicators such as the 200 Exponential Moving Average (EMA) and the Relative Strength Index (RSI) indicate that the meme coin is in an uptrend and has the potential to surge in the coming days.
Currently, PEPE’s RSI stands at 63, below the overbought territory of 70, indicating that the meme coin has sufficient room to rally in the coming days.
$341.5 Million PEPE Outflow
Amid the recent price correction, it appears that whales have been actively participating, as reported by the on-chain analytics firm Coinglass. Data from PEPE’s spot inflow/outflow indicates that exchanges witnessed a significant outflow of $341.5 million in PEPE between November 16 and November 30, 2024.
Outflow refers to the movement of the meme coin from exchanges to whale wallets. This significant outflow within a short period highlights the strong interest of whales and their confidence in the meme coin. It also suggests a potential buying opportunity and the likelihood of a rally in the coming days.
Meanwhile, traders’ participation remains moderate, according to Coinglass. The data reveals that PEPE’s open interest (OI) has remained unchanged over the past 24 hours.
Current Price Momentum
At press time, PEPE is trading near $0.000020, with its price remaining unchanged over the past 24 hours, according to CoinMarketCap data. During the same period, its trading volume dropped by 10%, indicating reduced participation from traders and investors compared to previous days.
