The price of Pepe coins has fallen more than 27% from its highest level this year, but continued whale activity and exchange supply could push it higher.
Grandpa (PEPE)the third largest coin, was trading at $0.0000187 on Wednesday, November 27, bringing its market capitalization to over $7.8 billion.
Data from Nansen, a leading analytics platform, shows that Pepe coins on exchanges stood at 239.84 trillion, down 1.46% from their level last week. The total supply represents approximately 57% of the total supply.
Nansen data shows that most of these coins are in Binance, Bybit, OKX, Crypto.com and Robinhood. The figures also show that Pepe recorded a CEX outflow of $9.19 million in the last 24 hours.
Crypto outflows from exchanges are seen as a positive thing in the cryptocurrency industry, as it is a sign that many investors hope to hold onto them for longer.
Meanwhile, on-chain data shows that whales continued to buy Pepe. One of them whales purchased coins worth more than $2.7 million on Wednesday. Another whale moved coins worth almost $1 million from Binance.
The other potential price catalyst for Pepe’s coins is its substantial volume relative to others. coins. It had a 24-hour volume of $2.9 billion, putting it just behind Dogecoin (DOGE), whose volume amounted to 8 billion dollars.
Pepe price break and retest is over
Technically, Pepe just completed the pause and retest pattern. This is a situation where a coin breaks above a key resistance level and then tests it again. This is a common sign of a bullish continuation trend. In this case, it abandoned and retested support at $0.0000172, its March 2024 high, and the upper part of the cup and handle pattern.
By measuring the depth of the cut, we can estimate that Pepe’s next price prediction is $0.000028, which is approximately 45% above the current level. The fact that Pepe formed a descending wedge chart pattern and a small morning star also supports the bullish hypothesis.
A wedge, shown in green above, is made up of two converging downtrend lines and is a popular bullish reversal pattern. A morning star is a candlestick pattern with a small body and upper and lower shadows. These trends indicate a potential bullish breakout in the coming weeks. The initial target will be the year’s high of $0.000025, followed by $0.0000172.