Pepe coin price could rise 45% as exchange volume slips

Pepe coin price is down over 27% from this year’s high, but continued whale activity and currency supply could push it higher.

The third largest meme coin, Pepe (PEPE), traded at $0.0000187 on Wednesday, November 27, pushing its market cap to over $7.8 billion.

Data from leading analysis platform Nansen shows that the number of Pepe coins on exchanges is 239.84 trillion, down 1.46% from last week. The total supply represents approximately 57% of the total supply.

Nansen data shows that most of these cryptocurrencies are on Binance, Bybit, OKX, Crypto.com and Robinhood. The figures also showed that Pepe experienced 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 because it is a sign that many investors hope to hold it for longer.

Meanwhile, on-chain data shows the whales continue to take Pepe. One of these whales purchased over $2.7 million on Wednesday. Another whale moved almost $1 million worth of coins from Binance.

Another potential catalyst for the Pepe coin price is its significant volume compared to other meme coins. Its 24-hour volume was $2.9 billion, placing it second only to Dogecoin (DOGE), which had $8 billion in volume.

Pepe price breakout and retest Pepe completes currency chart | source: crypto.news

Technically, Pepe just completed the break and retest pattern. This is a situation where a coin breaks above a key resistance level and then retests it. This is a common sign of a bullish continuation pattern. In this case, it broke support to the March 2024 high of $0.0000172 and retested the upper side of the cup and handle pattern.

By measuring the depth of the cup, we can predict that the next Pepe price prediction will be $0.000028, which is approximately 45% above the current level. Further supporting the uptrend is Pepe forming a falling wedge chart formation and a small morning star.

The wedge, shown above in green, consists of two falling and converging trend lines and is a popular bullish reversal pattern. Morning star is a candlestick pattern with a small body and upper and lower shadows. These patterns point to a potential bullish trend over the next few weeks. The first target will be $0.000025, the year-to-date high, followed by $0.0000172.