The Pepe coin price is down more than 27% from its highest level this year, but continued whale activity and exchange supply could push it higher.
Pepe (PEPE), the third-largest meme coin, traded 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 the number of Pepe coins on exchanges reached 239.84 trillion, down 1.46% from last week. The total supply is about 57% of the total supply.
Nansen’s data shows that the majority of these coins are found in Binance, Bybit, OKX, Crypto.com and Robinhood. The figures also showed that Pepe’s outflow from CEX totaled $9.19 million in the last 24 hours.
The outflow of cryptocurrency from exchanges is seen as a positive development in the cryptocurrency industry, as it is a sign that many investors are hoping to hold on to it longer.
Meanwhile, network data shows whales continued to buy Pepe. One of these whales bought more than $2.7 million worth of coins on Wednesday. Another whale transported coins worth almost $1 million from Binance.
Another potential catalyst for the Pepe coin’s price increase is its significant volume compared to other meme coins. Its 24-hour volume was $2.9 billion, making it second only to Dogecoin (DOGE), which had a volume of $8 billion.
Pepe price reduction and completion of re-testing
Technically, Pepe has just completed his break and retest scheme. This is a situation where a coin rises above a key resistance level and then retests it. This is a common sign of a bullish continuation pattern. In this case, it fell and retested support at $0.0000172, the highest level in March 2024 and the top of the cup and handle pattern.
By measuring the depth of the cup, we can estimate that Pepe’s next price prediction will be $0.000028, which is about 45% higher than the current level. Further confirmation of the bullish scenario is the fact that Pepe has formed a falling wedge pattern and a small morning star.
The wedge, shown above in green, consists of two descending and converging trend lines and is a popular bullish reversal pattern. The morning star is a candlestick pattern with a small body and upper and lower shadows. These patterns point to a potential bullish breakout in the next few weeks. The initial target will be the year-to-date high of $0.000025, followed by $0.0000172.
