Pepe [PEPE], an Ethereum [ETH]-based memecoin that has gained popularity, is seeing increased interest from whales and institutions despite a period of price consolidation. The current market sentiment is positive, although there is a slight correction following a significant upward trend.
Reduced Presence on Exchanges
Based on data from Coinglass, there has been a notable $341 million decrease in PEPE outflows from exchanges since November 13th. This reduction suggests that tokens are being moved from exchanges to wallets.
In the world of cryptocurrency, such outflows often signal a good opportunity to buy and the potential for an upward price movement. The increased activity from whales can be attributed to a bullish price pattern forming on the daily chart, indicating strong community trust in their actions.
Technical Analysis and Future Price Levels
Technical analysis shows that PEPE has broken out of a bullish flag and pole pattern on the daily timeframe, indicating a positive trend. If the memecoin closes a daily candle above $0.0000216, there is a high likelihood of a 200% surge towards the $0.000060 level in the near future.
Currently, PEPE’s Relative Strength Index (RSI) stands at 62, suggesting there is still room for the memecoin to rally as it remains below the overbought threshold.
Key Liquidation Points
According to Coinglass data, traders have taken significant long positions, with major liquidation levels identified at $0.0000199 on the downside (with $7.40 million in long positions) and $0.00002143 on the upside (with $5.05 million in short positions), indicating potential overleverage at these points.
With a combination of positive on-chain metrics and technical analysis, it appears that bullish sentiment is strong for PEPE, paving the way for potential upward momentum in the near term.
Price Outlook for PEPE
As of now, PEPE is trading around $0.00002097, reflecting a 1.10% decline in the past 24 hours. The trading volume has also decreased by 15% during the same period, suggesting reduced trader participation.