Whales scoop up PEPE worth $6.92M: Is a breakout ahead?

• PEPE Spot Inflow/Outflow data showed that exchanges have witnessed the withdrawal of a significant $346.40 million worth of memecoins.
• PEPE could soar by 50% to reach $0.000035 if it closes a daily candle above the $0.0000235 level.

 Pepe [PEPE], the world’s third-largest memecoin, has caught the attention of whales despite its price remaining in a tight range.

Whale acquires 337 billion PEPE

On the 4th of December 2024, the whale transaction tracker Lookonchain posted on X (formerly Twitter) that a whale wallet with the address 0x698 had withdrawn 337.09 billion PEPE tokens, worth $6.92 million, from Binance.

Lookonchain noted that this substantial purchase was made over the past twenty days during PEPE’s ongoing consolidation period.

$346.5 million of PEPE outflow 

Since PEPE entered its consolidation zone, whales and investors have shown strong interest and confidence in the token, according to on-chain analytics firm Coinglass.

PEPE’s Spot Inflow/Outflow data indicates a net outflow of $346.40 million in PEPE memecoin from exchanges during this period.

Outflow is a crucial on-chain metric that suggests whales have withdrawn memecoins from exchanges, indicating a potential buy opportunity.

It also reduces the likelihood of selling pressure and hints at a potential upside rally in the coming days.

Also, the major liquidation levels are at $0.00002011 on the lower side, with traders holding $5.13 million in overleveraged positions, and at $0.00002137 on the upper side, with traders holding $2.17 million in short positions.

These levels indicate that traders are overleveraged at these points.

Technical analysis and key-level

According to AMBCrypto’s technical analysis, the memecoin has formed a bullish flag-and-pole price action pattern on the daily time frame and is currently struggling to breach the pattern.

Based on recent price action and historical momentum, if the memecoin breaks out from this pattern and closes a daily candle above $0.0000235, it could potentially soar by 50% to reach $0.000035 in the coming days.

 The memecoin’s Relative Strength Index (RSI) stoodnds at 60, which is below the overbought area. This indicates that the memecoin still has enough room to rally further in the coming days.

Read Pepe’s [PEPE] Price Prediction 2024–2025

At press time, PEPE was trading near $0.00002068 and had registered a price gain of over 2.5% in the past 24 hours.

Meanwhile, its trading volume during the same period jumped by 6.5%, indicating a modest rise in participation from traders and investors compared to the previous day.