Pepe Coin Shows Bullish Signs as Investors Move Tokens Off Exchanges
Pepe coin (PEPE) maintained its price on Monday, with a noticeable increase in centralized exchange outflows. The token rose to $0.000070, marking a 35% jump from its lowest point this year. This surge brought its market cap to $2.9 billion.
Data from Nansen reveals that many investors are shifting their tokens from exchanges to personal wallets. The tokens held on exchanges decreased to 240.15 trillion, down 1.21% from the previous week. This movement is often seen as a positive sign, as it suggests investors are holding onto their coins rather than selling.
Technical analysis indicates that Pepe could soon see a price surge. The four-hour chart shows a small inverse head and shoulders pattern.This pattern’s head is at $0.000005245, while the neckline is at $0.000007415. An inverse head and shoulders is a bullish signal.A move above the neckline could lead to further gains, with the next key resistance at $0.000008915. The daily chart also shows a double-bottom pattern at $0.00005920. this setup,along with a falling wedge pattern,suggests a potential bullish breakout. The initial target is the psychological level at $0.000010. A break above this level could push Pepe toward $0.00001457. The Relative Strength Index and MACD indicators show a bullish divergence, hinting at positive momentum.
- Exchange outflows are up, indicating investor confidence.
- Pepe has formed a falling wedge, hinting at a bullish breakout.
- A drop below $0.0000053 would invalidate the bullish outlook.
Pepe’s price chart displays a double-bottom pattern, a bullish reversal formation. The coin could experience a bullish breakout in the coming days.
Pepe’s price has formed a falling wedge, suggesting a bullish breakout. However, a drop below $0.0000053 would negate the bullish outlook.
