Pepe (PEPE), known as the third-largest crypto meme coin, is gaining significant attention in the cryptocurrency market. Recent analyses suggest that PEPE is gearing up for a potential bull rally after enduring a prolonged consolidation phase. According to a prominent crypto expert on X (formerly Twitter), the meme coin might experience a notable surge in the coming days.
Bullish Breakout in PEPE: What to Expect?
On December 1, 2024, a well-regarded crypto expert highlighted that PEPE has recently broken out of the bullish flag and pole price action patterns. This breakout, observed on a six-hour time frame, indicates a strong possibility for PEPE to ascend by 75%, potentially reaching the $0.0000375 mark in the imminent future.
Adding weight to this prediction, technical indicators such as the 200 Exponential Moving Average (EMA) and the Relative Strength Index (RSI) suggest an upward trend for PEPE. With the RSI currently at 63, the meme coin remains below the overbought threshold of 70, implying there is ample room for further growth in the upcoming days.
Significant $341.5 Million PEPE Outflow: Whale Activity
In light of the recent price adjustment, substantial whale activity has been reported by the on-chain analytics firm Coinglass. Data reveals that between November 16 and November 30, 2024, there was a notable outflow of $341.5 million in PEPE from exchanges to whale wallets. This significant movement underscores the strong interest and confidence whales have in the meme coin, suggesting a potential buying opportunity and an increased likelihood of a rally in the near future.
Despite this whale activity, trader participation appears to be moderate. According to Coinglass data, PEPE’s open interest (OI) has remained stable over the past 24 hours, indicating a steady level of engagement from market participants.
Current Price Momentum: A Closer Look
As of the latest updates, PEPE is trading close to $0.000020, with its price remaining unchanged over the past 24 hours. CoinMarketCap data indicates a 10% decline in trading volume during the same period, reflecting a decrease in trader and investor activity compared to previous days.
In conclusion, Pepe (PEPE) presents intriguing prospects for the future, with signs pointing towards a possible bullish rally. The combination of technical analysis, significant whale activity, and current market trends positions PEPE as a meme coin to watch closely in the coming days.
