PEPE's price breakout signals a potential 75% surge to $0.0000375, supported by bullish flag and pole patterns on a six-hour chart.
Whale confidence grows as $341.5M in PEPE outflows from exchanges to wallets, signaling strong investor interest in the coin.
Technical indicators, including a 63 RSI and 200 EMA, suggest PEPE is in an uptrend with room for further growth.
Pepe (PEPE), the third-largest meme coin by market capitalization, is gaining attention after a recent bullish breakout. On December 1, 2024, a crypto expert on X (formerly Twitter) shared insights into PEPE’s promising price movements. The expert pointed out that the cryptocurrency had broken out of a bullish flag and pole pattern on a six-hour chart.
Moreover, this technical development has sparked optimism, with predictions suggesting a potential price surge of 75 percent. If realized, PEPE could climb to $0.0000375 in the coming days. The coin’s recent consolidation phase appears to be ending, signaling the potential for renewed upward momentum.
https://twitter.com/JavonTM1/status/1863030821793190097 Technical Indicators Signal Room for Growth
Additionally, key technical indicators align with the optimistic forecast for PEPE’s trajectory. The 200 Exponential Moving Average (EMA) indicates an ongoing uptrend, underscoring positive market sentiment. Similarly, the Relative Strength Index (RSI), currently at 63, highlights the coin’s capacity to rally further.
Notably, the RSI remains below the overbought threshold of 70. This suggests that PEPE has enough room for additional upward movement without facing significant resistance. These indicators collectively reinforce the possibility of a sustained price increase for the meme coin.
Whale Activity Highlights Confidence in PEPE
In addition, On-chain data from Coinglass has revealed significant whale activity in the PEPE market. Between November 16 and November 30, 2024, exchanges witnessed an outflow of $341.5 million worth of PEPE. Outflows generally indicate that investors are moving their assets into private wallets, a sign of confidence in the coin’s future.
Intriguingly, the substantial volume of funds being withdrawn underscores the growing interest among whales, suggesting they anticipate further price gains. Such activity often precedes bullish trends, as whales tend to act on in-depth market insights and analysis.
Current Market Dynamics Reflect Mixed Participation
However, despite the bullish indicators and whale activity, trading volume for PEPE has recently declined. Data from CoinMarketCap shows a 10 percent drop in trading activity over the past 24 hours. Open interest, as reported by Coinglass, also remains unchanged, indicating moderate participation from traders.
Currently, at the time of writing, PEPE is trading near $0.000020, with no significant price movement over the past 24 hours. This stagnation reflects cautious market behavior as traders monitor the coin’s next moves.
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