Crypto Whale Moves $6.92M PEPE, Signals Bullish Surge
### Key Points at a Glance
– A crypto whale withdrew 337 billion PEPE tokens worth $6.92 million USD from Binance.
– Since the start of the consolidation phase, PEPE has recorded a net outflow of $346.4 million USD from exchanges.
– Technical analyses suggest a potential 50% price increase if PEPE surpasses the $0.0000235 USD mark.
### **Whale Activity: 337 Billion PEPE Tokens Purchased**
On December 4, 2024, blockchain tracker Lookonchain reported that a whale with the wallet address 0x698 withdrew a massive amount of 337.09 billion PEPE tokens from Binance. The total value of this transaction amounts to $6.92 million USD. Notably, this purchase occurred during a price consolidation phase that has been ongoing for several weeks.
### **Net Outflow of $346.4 Million USD: A Signal of Optimism?**
According to data from Coinglass, an on-chain analytics platform, PEPE has recorded a net outflow of $346.4 million USD from crypto exchanges since the start of the consolidation phase. Such outflows indicate that major investors are withdrawing their tokens from trading platforms, often interpreted as a sign of long-term confidence in the asset.
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An outflow reduces the supply on exchanges, potentially lowering selling pressure and increasing the likelihood of a price rally.
### **Technical Analysis: Bullish Pattern and Key Levels**
An analysis by TradingView reveals that PEPE is displaying a “flag and pole” pattern on the daily chart, which is considered a bullish signal. Currently, the price is striving to break out of this pattern. Should PEPE achieve a daily close above the $0.0000235 USD mark, experts predict the price could rise by up to 50%, reaching $0.000035 USD.
Additional technical indicators support this assumption: The Relative Strength Index (RSI) is at 60, signaling that PEPE is not yet overbought, leaving room for further price gains.
### **Liquidation Levels: Key Zones to Watch**
An analysis of liquidation data shows that the primary levels are at $0.00002011 USD (lower side) and $0.00002137 USD (upper side). These levels represent positions of over-leveraged traders and could play a crucial role in short-term price movements.
### **Current Status: Price Gains and Rising Trading Volume**
At the time of publication, PEPE was trading at approximately $0.00002068 USD, reflecting a daily gain of 2.5%. Trading volume increased by 6.5% during the same period, indicating growing interest from investors and traders.
### **Our Take**
The recent developments surrounding PEPE, particularly whale activity and the significant net outflow from exchanges, point to growing confidence in the token’s long-term potential. Technical patterns and indicators further support the notion that PEPE could experience a significant price movement in the near future.
However, the inherent volatility of the crypto market remains a risk. Traders should keep an eye on key levels and market indicators to make informed decisions.
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