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- PEPE is expected to embark on a 200% price surge as traders create shortages on centralized exchanges with massive transfers for self-custody.
- An analyst has predicted that PEPE could hit $0.00021 once it successfully breaches four critical resistance levels – $0.00002886, $0.000023, $0.00002989, and $0.000094.
Pepe (PEPE) has had a good run so far, “printing” 134% gains on its monthly price chart, extending its year-to-date run to 1382%. Fascinatingly, analysts anticipate a 200% surge as whales aggressively accumulate and on-chain data flips to the “positive side.”
Dwindling of Exchange Reserves
According to our research, the quantity of PEPE on various centralized exchanges has significantly reduced as investors transfer the asset for self-custody. This is confirmed by Coinglass data, which shows that PEPE’s Spot Inflow/Outflow data records a whopping outflow of $341 million from exchanges. This has been occurring since November 13.
According to analysts’ interpretation, such situations create shortages in exchanges, significantly reduce selling pressure, and subject the asset to an upsurge.
In the technical sense, PEPE has broken out of a bullish flag to hit $0.00002093 on the price curve. According to analysts, an extended rally to $0.0000216 could validate the thesis for another 200% run to hit $0.000060.
Meanwhile, its Relative Strength Index (RSI) currently reads 62, indicating that the asset has more room for upsurge.
Critically analyzing other data, we discovered the establishment of liquidation levels at the $0.0000199 price point on the downside, with $7.40 million liquidations in long positions. At the $0.00002143 level on the upside, we spotted a $5.05 million in short positions.
Whales Swarm Around PEPE
More than a week ago, a whale was spotted withdrawing 309.6 billion Pepe ($6.45 million) from Kucoin. Fascinatingly, his wallet was created a few hours ago before this massive transfer. Recently, another whale withdrew 42.2 Billion PEPE ($849,000) from Binance. Such activities are usually attributed to a growing confidence in the underlying asset, creating a possible bullish outlook.
Delving More into this, we discovered that whales have been active since the beginning of November, as large transactions with at least $1 million broke a two-month high last month. Within the period, active addresses for PEPE also broke a two-week high. This indicated that user engagement and transaction activities were steadily building up.
According to analysts, PEPE could surge significantly to $0.00021. However, it would have to breach multiple resistance levels on its path—$0.00002886, $0.000023, $0.00002989, and $0.000094.
Currently, this prediction looks realistic as an analyst points out the formation of a falling wedge pattern. Historically, this pattern leads to a bullish surge. Technically, $0.00001720 could be the major support level since it existed as the upper side of the cup and handle pattern formed between May and November. Looking at the depth of the cup, PEPE is expected to target $0.0000289 from the current point. However, a pullback to below $0.000016 could invalidate this thesis.
PEPE is now the third largest meme coin, just behind Shiba Inu (SHIB) and Dogecoin (DOGE), with a market cap of $8.76 billion.
