Pepe coin price could rise 45% as exchange volume slips — Nansen
Release: 2024/11/27 23:54 Reading: 578
Pepe Coin Price Action: Whale Activity and Exchange Supply Fuel Optimism
Pepe (PEPE), the prominent meme coin, has experienced a price decline of over 27% from its 2023 peak. Despite this, ongoing whale activity and exchange supply dynamics suggest potential for upward momentum.
At $0.0000187 on November 27th, Pepe's market capitalization exceeds $7.8 billion. According to Nansen, exchange-held Pepe coins total 239.84 trillion, a 1.46% decrease week-over-week. This represents approximately 57% of the total supply.
Notably, Binance, Bybit, OKX, Crypto.com, and Robinhood hold the majority of these coins. Additionally, Nansen data indicates a CEX outflow of $9.19 million for Pepe within the past 24 hours.
Cryptocurrency outflows from exchanges are generally perceived as positive within the industry, as they imply investors' intention to hold assets long-term.
Meanwhile, on-chain data suggests continued whale interest in Pepe. One whale acquired over $2.7 million worth of coins on Wednesday, while another transferred nearly $1 million from Binance.
The coin's substantial trading volume is another potential catalyst for price appreciation. Its 24-hour volume of $2.9 billion ranks second only to Dogecoin (DOGE).
Technical Analysis:
Technically, Pepe has completed a break and retest pattern. Following a surge above a key resistance level, the coin retreated and retested that level. This behavior typically signifies a bullish continuation.
Specifically, Pepe dipped and retested $0.0000172, its March 2024 high and the upper boundary of a cup and handle pattern.
Based on the pattern's depth, the estimated next resistance level for Pepe is $0.000028, representing a potential increase of approximately 45%. A falling wedge chart pattern and a morning star formation further support the bullish outlook.
A breakout from the wedge could initially target $0.000025, the year-to-date high, followed by $0.0000172.
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