If PEPE's daily closing price breaks through $0.0000216, it could rise significantly by 200% to reach $0.000060.
However, some traders currently face high leverage risks; if the price drops, we may see $0.0000199 or even lower, and $0.00002143 may also serve as downside support.
PEPE ([PEPE]) is a popular memecoin based on Ethereum. Although the price has been consolidating, it continues to attract attention from whales and institutions.
As of now, the overall market sentiment is bullish, although the market has experienced a pullback after a significant rise.
PEPE's outflow from exchanges
According to the data, since November 13, the spot outflow of PEPE has reached $341 million, indicating that a significant amount of funds has been transferred from exchanges to wallets.
In the cryptocurrency space, capital outflow is often a positive sign, indicating a potential ideal buying opportunity and upward momentum.
The main reason for the significant participation of whales is that a bullish price action pattern has appeared on the daily chart. This also reflects the community's confidence and support for whale movements.
Technical analysis and future trends of PEPE
According to technical analysis, PEPE shows a strong bullish trend as it has broken through the bullish flag and key price patterns on the daily chart.
Considering the recent price performance and historical trends, if PEPE's daily closing price can stabilize above $0.0000216, it could potentially rise by 200% in the coming days, hitting the $0.000060 level.
As of now, the relative strength index (RSI) for PEPE is 62, suggesting that this memecoin still has room for growth, as it has not yet entered the overbought zone.
Key liquidation levels
According to the data, traders currently hold a large number of long positions. The key liquidation level on the downside is at $0.0000199, where there are approximately $7.4 million in long positions; on the upside, the liquidation level is at $0.00002143, with short positions of $5.05 million. At this time, traders are using relatively high leverage.
Combining bullish on-chain indicators and technical analysis, the current bulls seem to be in control of the market, which could drive PEPE to continue rising in the near future.
PEPE Price Analysis
As of the time of writing, PEPE's trading price is approximately $0.00002097, down 1.10% in the past 24 hours. Meanwhile, trading volume has decreased by 15%, indicating reduced market participation.
