PEPE spot inflow/outflow data shows that the outflow amount from exchanges is $341 million.
If PEPE's daily closing price is above $0.0000216, it may soar by 200% to reach the $0.000060 level.
The trader's leverage is too high, with a downside of $0.0000199 and an upside of $0.00002143.
Pepe [PEPE], this popular memecoin based on Ethereum [ETH], despite recent price fluctuations, continues to firmly attract the attention of whales and institutions. As a popular cryptocurrency, Pepe maintains its popularity thanks to its unique cultural background and strong community support.
As of the time of writing, overall market sentiment is bullish, although the market is experiencing a correction after a significant rise.
PEPE withdrawn from exchanges
According to AMBCrypto's latest observational data, Coinglass reports that the outflow of PEPE from exchanges has reached $341 million since November 13. This phenomenon has attracted widespread attention in the market, indicating that investors' interest and confidence in PEPE are continuing to grow.
This large-scale capital outflow indicates that the tokens have been transferred from exchanges to wallets.
In the cryptocurrency space, such capital outflows often indicate ideal buying opportunities and potential upward momentum.
The main reason for significant whale participation is the formation of a bullish price action pattern in the daily timeframe. This also reflects the community's confidence and trust in whale behavior.
PEPE Technical Analysis and Upcoming Levels
According to AMBCrypto's technical analysis, PEPE shows bullish momentum as it has broken through a bullish flag and peak price action pattern in the daily timeframe.
Recently, the price trend of memecoins has attracted considerable attention! According to the latest data analysis, if its daily closing price can stabilize above $0.0000216, it may experience a wave of crazy increases in the coming days, potentially soaring by 200% to break the $0.000060 mark.
As of the time of writing, the relative strength index (RSI) of PEPE is 62, indicating that this popular memecoin still has upward potential! Although it is close to the overbought zone, it is still below the 70 mark, suggesting that there may be more room for increases in the short term.
Main Liquidation Levels
AMBCrypto's observation of Coinglass data also shows that traders hold a large number of long positions.
The main liquidation level on the downside is $0.0000199, with long positions at $7.4 million; on the upside, it is $0.00002143, with short positions at $5.05 million. Traders are overly leveraged during these times.
The combination of bullish on-chain indicators and technical analysis suggests that bulls have control over the asset and may drive the upcoming upward momentum of the memecoin.
PEPE Price Analysis
As of now, PEPE's trading price is close to $0.00002097, slightly down 1.10% in the past 24 hours. Meanwhile, trading volume has significantly decreased by 15%, indicating a weakening of investor participation. The market is volatile, and PEPE's performance seems to make some traders cautious.
