TLDR
PEPE has seen massive exchange outflows totaling $341 million since November 13th, suggesting strong whale accumulation
The asset shows a bullish technical pattern with a potential 200% upside if it breaks above $0.0000216
Current RSI at 62 indicates room for further upward movement before reaching overbought levels
Major liquidation levels exist at $0.0000199 (longs) and $0.00002143 (shorts)
Trading volume has decreased by 15% in the last 24 hours while price dropped 1.10%
Large quantities of PEPE tokens are moving off cryptocurrency exchanges as whale wallets show increased accumulation activity. Data from Coinglass reveals that since November 13th, approximately $341 million worth of PEPE has been withdrawn from exchanges to private wallets.
The Ethereum-based memecoin, currently trading at $0.00002097, has experienced a minor setback with a 1.10% decline over the past 24 hours. This movement comes alongside a 15% reduction in trading volume, suggesting a temporary pullback in trader participation.
On-chain metrics paint an optimistic picture for PEPE holders. The substantial outflow of tokens from exchanges typically indicates a strong holding sentiment among investors, as tokens moved to private wallets are often intended for longer-term storage rather than immediate trading.
Technical analysis reveals a bullish flag and pole pattern formation on the daily timeframe, a setup that historically precedes upward price movements. This pattern, combined with the current price action, suggests potential upside momentum if certain key levels are breached.
The asset’s immediate target sits at $0.0000216, a level that holds particular importance for PEPE’s short-term trajectory. Analysis indicates that a daily close above this threshold could trigger a substantial rally, potentially driving the price toward the $0.000060 mark.
Current market dynamics show interesting positioning among traders. Coinglass data highlights major liquidation levels that could influence price movement. On the downside, $7.40 million in long positions are clustered around $0.0000199, while the upside sees $5.05 million in short positions near $0.00002143.
The Relative Strength Index (RSI), a key technical indicator, currently reads at 62. This positioning is noteworthy as it indicates the asset has room for upward movement before reaching overbought conditions, typically considered to be above 70 on the RSI scale.
Whale activity has been particularly notable in recent weeks. These large-scale investors, often viewed as smart money in the cryptocurrency space, have been actively accumulating PEPE tokens, as evidenced by the substantial exchange outflows.
The movement of tokens off exchanges often reduces the immediate selling pressure on an asset. When fewer tokens are available on exchanges for trading, price movements can become more pronounced, especially during periods of increased buying activity.
Trading patterns show a clear division in market positioning. The concentration of liquidation levels indicates traders have taken strong positions on both sides of the market, with notable leverage at key price points.
Market participants appear to be closely watching the $0.0000216 level as a potential trigger point for larger price movements. A breakthrough above this resistance could activate sidelined buyers and potentially trigger short-covering rallies.
The recent price consolidation comes after a period of upward momentum in the broader cryptocurrency market. PEPE’s price movements have shown correlation with overall market sentiment while maintaining its own distinct trading patterns.
Volume analysis shows changing dynamics in trader participation. The 15% reduction in 24-hour trading volume suggests a period of price discovery as market participants assess recent developments and position themselves accordingly.
Current market data shows PEPE maintaining its position above key support levels despite the recent minor price decline. The asset continues to attract attention from both retail and institutional investors, as reflected in the ongoing exchange outflows.
The latest price point of $0.00002097 represents a critical juncture for PEPE, as it sits between major liquidation levels that could influence short-term price action.
The post PEPE Token Price (PEPE) Technical Analysis Points to Potential 200% Rally Target appeared first on Blockonomi.
