Time to Buy PEPE? $341.5 Million in Tokens Moves Off Exchanges
Popular third-largest crypto meme coin Pepe (PEPE) is expected to continue its bull rally in the coming days after a lengthy consolidation phase, according to an expert at X (formerly Twitter).
Bullish Breakout for PEPE
Today, December 1, 2024, a cryptocurrency expert posted on X that PEPE witnessed a breakout of a bullish flag and extreme price action pattern. Based on this development on the 6-hour time frame, there is a good chance that PEPE will surge by 75% in the coming days to reach the $0.0000375 level.
In addition to this analysis, technical indicators such as the 200 Exponential Moving Average (EMA) and the Relative Strength Index (RSI) suggest that the meme coin is in an uptrend and is likely to surge higher in the coming days.
Currently, PEPE’s RSI is 63, which is below the overbought zone of 70, indicating that the meme token has plenty of room to rise in the coming days.
PEPE outflows $341.5 million
According to on-chain analytics firm Coinglass, whales appear to have been actively participating in the recent price correction. PEPE spot inflow/outflow data shows that between November 16 and November 30, 2024, the exchange witnessed a significant outflow of PEPE of $341.5 million.
Outflow refers to the flow of meme coins from exchanges to whale wallets. The large outflow in a short period of time highlights the strong interest of whales and their confidence in the meme coin. It also indicates potential buying opportunities and the likelihood of a rise in the coming days.
Meanwhile, Coinglass said trader participation remains low. Data shows that PEPE’s open interest (OI) has remained unchanged over the past 24 hours.
Current Price Momentum
At press time, PEPE was trading close to $0.000020, with its price remaining unchanged over the past 24 hours, according to CoinMarketCap data. During the same period, its trading volume fell by 10%, indicating that traders and investors were less engaged than in previous days.
