PEPE Price Forecast: Bulls jump 16% following $175M supply squeeze

PEPE surged 16% to $0.000021 on Thursday, outperforming Shiba Inu and Dogecoin.

PEPE investors stored $175 million in tokens for five days before the breakout.

After breaking $0.000020 barrier, positive technical indications may entice more market participants.

Pepe broke $0.000020 barrier on Thursday to become the best-performing mega cap memecoin. Technical indicators and market supply dynamics indicate gain.

The chart above shows PEPE opening at $0.000018 on November 21, down 27%, after five straight losing days after rejecting the world top of $0.000026 on November 14.

At press time on Thursday, PEPE price was $0.000021, up 16% daily.

After Bitcoin hit $98,000 on Thursday, optimistic tailwinds swept to Ethereum memecoins, boosting PEPE, Floki Inu, and MOG to double-digit gains while Solana memes fell.

Between November 16 and 20, PEPE investors withdrew $175 million from exchange-hosted wallets in five days, as seen in the figure above.

Bullish tailwinds from BTC's record-breaking price action helped PEPE rise 16% on Thursday.

PEPE exchange inflows surged $17.5 million on November 21, boosting short-term market activity and sustaining the gain.

Given that this is 90% lower than weekly outflows, a near-term rise in market volumes will certainly boost PEPE prices.

PEPE price prediction: $0.000030 breakout?

PEPE price rebounded $0.0000020 on Thursday after a 16% recovery assisted by $17.5 million in market inflows.

Besides the favorably biased market supply dynamics, technical indications on PEPE daily charts suggest a breakthrough toward $0.000030.


Based on these reasons, PEPE price is projected to remain positive, with the recent market peak of $0.0000258 as resistance.

Breaking that level might lead bulls to fresh all-time highs over $0.000030.

Failure to close above $0.0000020 psychological support, particularly if trade volumes dip, might negate the favorable outlook.

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