Examine the significant price levels to monitor for Pepe Coin following the withdrawal of 1.5 trillion PEPE tokens by a whale from Binance.
The price of $PEPE Coin may be poised for a substantial bull run, as the activity of large holders indicates a swift accumulation of this meme coin.
On-chain analytics reveal that one of the largest PEPE wallets has removed 1.5 trillion tokens from the prominent exchange Binance, suggesting a possible upward trajectory in the near term.
Currently, PEPE is trading at $0.0000089, reflecting a modest gain of 1% over the past 24 hours. According to CoinMarketCap, PEPE's trading volume stands at $425 million, nearly three times that of Shiba Inu.
Pepe Coin Price in Focus as Whale Withdraws 1.5 Trillion PEPE
Pepe Coin's price is poised for an increase as on-chain tracker Lookonchain reports that an address with $147 million in assets has withdrawn 1.5 trillion PEPE tokens, approximately valued at $13.3 million, from Binance.
This withdrawal coincides with a significant rise in the supply of the meme coin held on exchanges, a situation that may lead to a supply squeeze.
According to data from Santiment, the quantity of $PEPE Coin available on exchanges has decreased to 107 trillion tokens, marking the lowest level in a year.
This decline in supply suggests that traders are consistently removing their coins from exchanges, which may signal a significant increase in demand that could lead to a parabolic rally.
Recent withdrawals have aligned with an optimistic price prediction for Pepe Coin from analysts, one of whom suggests that the meme coin could potentially experience a 130% increase to $0.000021.
This forecast is grounded in the anticipated breakout from a descending trendline, which could initiate the next bull run for PEPE.
Key Prices Levels to Watch for PEPE
The daily price chart indicates that Pepe Coin is approaching a critical juncture, with the potential for a breakout beyond significant resistance levels.
The primary resistance is identified as the neckline of a substantial double bottom pattern at $0.0000093, a threshold that PEPE has been attempting to surpass for nearly two months.
Should a breakout above this neckline be validated, and if this leading meme coin achieves a definitive close above the psychological barrier of $0.00001, it could initiate a rapid ascent to $0.00002, in line with analyst Dami DeFi’s forecast.
On the other hand, if the anticipated bullish breakout does not materialize and the PEPE price declines, the crucial support level to monitor is $0.00000587, which could negate all recent gains.
Additionally, the RSI indicator is a significant metric to observe as it approaches a critical point after a series of higher highs throughout most of this month.
With a reading of 59, the RSI suggests robust bullish momentum; however, if it continues to trend downward and falls below the signal line, it may trigger a sell signal, leading to a sharp decrease in price.
In conclusion, the recent removal of 1.5 trillion PEPE tokens from Binance, coupled with the reduction in supply on exchanges, indicates that this meme coin could be approaching a supply squeeze that may trigger an upward trend.
Based on analyst forecasts and the formation of a double-bottom pattern, the price of Pepe Coin is likely to rise to $0.000021 in the near future.
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