- PEPE could surge by 200% to reach the $0.000060 level if it closes a daily candle above $0.0000216.
- Traders were overleveraged at $0.0000199 on the downside and at $0.00002143 lower side.
As a seasoned crypto investor with over a decade of experience in this volatile market, I find myself intrigued by the current state of affairs surrounding PEPE, the Ethereum-based memecoin. The recent outflows of $341 million from exchanges since November 13th are an interesting development that often indicates a potential buying opportunity, especially in the context of the cryptocurrency landscape.
Despite the current period of price stability, there’s growing attention from large investors (whales) and institutions towards Pepe [PEPE], a well-known memecoin operating on the Ethereum [ETH] platform.
At the moment of reporting, the general feeling among investors leaned towards optimism. However, this optimism was somewhat tempered by a market correction that occurred after an extended period of strong upward movement.
PEPE withdrawal from exchanges
According to an analysis by AMBCrypto using data from Coinglass, there has been a substantial outflow of approximately $341 million worth of PEPE tokens from exchanges since November 13th.
This significant outflow indicated that tokens have been withdrawn from exchanges to wallets.
In the world of cryptocurrencies, these outflows often signal a great chance for purchasing and the possibility of positive price movement or growth.
A major factor behind whales’ active involvement is the creation of a bullish trend on the daily chart, suggesting optimism among investors about the whales’ moves. This activity also underscores the community’s faith and belief in the whales’ decisions.
PEPE technical analysis and upcoming levels
Based on the technical assessment by AMBCrypto, PEPE seems optimistic due to its breakout from a bullish flag and pole price pattern, which was observed on a daily time scale.
Given the latest price trends and past performance, if the memecoin finishes its daily session above $0.0000216, there’s a high likelihood it could experience a jump of approximately 200% and potentially reach around $0.000060 in the near future.
At the moment of reporting, PEPE’s Relative Strength Index (RSI) stood at 62, suggesting there is potential for further growth in the upcoming days since it remains below the overextended region.
Major liquidation levels
According to AMBCrypto’s analysis using Coinglass data, it appears that traders have made significant investments by betting on the upward trend (long positions).
At a price of $0.0000199, significant sell-offs occurred, accounting for approximately $7.40 million in long positions. Conversely, at $0.00002143, there was substantial buying pressure representing around $5.05 million in short positions. These price points were heavily influenced by overleveraged traders.
Read Pepe’s [PEPE] Price Prediction 2024–2025
Based on positive on-chain indicators and technical analysis, it appears that the buyers have an upper hand over the asset, potentially leading to a surge in its future price growth.
PEPE price analysis
Currently, PEPE is close to being priced at approximately $0.00002097. This follows a decrease of 1.10% in its value over the last day. Simultaneously, there was a 15% reduction in trading volume, suggesting less involvement from traders during this timeframe.
Read More
- HBAR PREDICTION. HBAR cryptocurrency
- IMX PREDICTION. IMX cryptocurrency
- ZIG PREDICTION. ZIG cryptocurrency
- 15 Games Everyone Wants Sequels For
- LDO PREDICTION. LDO cryptocurrency
- EUR AED PREDICTION
- STEEM PREDICTION. STEEM cryptocurrency
- POL PREDICTION. POL cryptocurrency
- BDX PREDICTION. BDX cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
2024-12-02 03:03