PEPE Price Predication for December 2024
PEPE, the third most popular cryptocurrency, has received a lot of attention from crypto enthusiasts after breaking out of a bullish price action pattern. This breakout for PEPE comes after a prolonged consolidation phase that lasted for more than three weeks.
PEPE Technical Analysis and Upcoming Levels
According to technical analysis from CoinPedia, PEPE There has been a breakout of a bullish flagpole price action pattern, with a strong daily candle closing above the pattern’s pole. However, the breakout changed the overall sentiment among traders and investors.
Based on recent price action, PEPE is likely to surge 45% to $0.000036 levels in the coming days. However, this price prediction is entirely based on a pattern breakout.
In addition, this breakthrough has pushed PEPE to a new all-time high, and it is expected to continue rising, possibly setting another record.
On the positive side, PEPE’s relative strength index (RSI) currently stands at 61, which is below the overbought threshold of 70. This suggests PEPE has plenty of room for significant gains in the coming days.
Bullish on-chain indicators
Following the breakout, interest and confidence in the memecoin surged among traders and whales, reports the on-chain analytics firm coin glass.
Massive outflow of PEPE
PEPE’s spot inflow/outflow data shows that the exchange has experienced significant outflows of $9.1 million since the outbreak. In the cryptocurrency world, an outflow is when an asset is transferred from an exchange to a wallet address for long-term holding.
Outflows from exchanges often indicate potential buying opportunities, reducing the likelihood of a price decline and hinting at the possibility of a rise.
Open interest rises
In addition to whale and institutional interest, trader participation has also increased significantly since the meme coin broke out of bullish mode. The data showed that PEPE’s open interest (OI) increased by 40%, indicating increased trader activity and the formation of new positions.
Current Price Momentum
At press time, PEPE was trading close to $0.000025, with the price surging more than 16% in the past 24 hours. During the same period, its trading volume increased by 110%, reflecting increased participation from traders and investors driven by recent breakouts.
