Pepe (PEPE), the popular and third-largest meme cryptocurrency, is preparing for a continuous price increase in the coming days after a prolonged consolidation period, according to an expert on X (formerly Twitter).

The bullish breakout in PEPE

Today, December 1, 2024, a cryptocurrency expert posted on X that PEPE has witnessed a breakout from a flag price pattern and a bullish extreme. Based on this development on the six-hour timeframe, there is a strong possibility that PEPE could surge 75% to reach $0.0000375 in the coming days.

In addition to this analysis, technical indicators such as the 200-day Exponential Moving Average (EMA) and the Relative Strength Index (RSI) indicate that this meme coin is in an upward trend and has the potential to surge in the coming days.

Currently, the RSI of PEPE is at 63, below the overbought level of 70, suggesting that this meme coin has enough potential to increase in price in the coming days.

The outflow from PEPE is $341.5 million

In the recent price correction, it appears that whales have been actively participating, according to a report from the chain analysis company Coinglass. Data from the inflow/outflow of PEPE shows that exchanges have witnessed a significant outflow of $341.5 million in PEPE from November 16 to November 30, 2024.

Outflow refers to the movement of the meme coin from exchanges to whale wallets. This significant outflow over a short period highlights the strong interest of whales and their confidence in the meme coin. It also indicates a potential buying opportunity and the possibility of price increases in the coming days.

Meanwhile, according to Coinglass, trader participation remains moderate. Data shows that the open interest (OI) of PEPE has remained unchanged over the past 24 hours.

Current price momentum

At the time of the press release, PEPE was trading at nearly $0.000020, with a price unchanged over the past 24 hours, according to data from CoinMarketCap. During the same time, its trading volume has decreased by 10%, indicating that the participation of traders and investors has diminished compared to previous days.