Crypto analyst believes PEPE could soar by 13,000% on the charts
Recent outflows from exchanges could have an impact on memecoin’s upside
After a 17% surge over the past week, PEPE, the market’s third-largest memecoin, may be on course for further upside. On 30 June, the memecoin recorded gains of 7%, helping PEPE break out of its prolonged bearish trend.
However, this trend reversal has not been confirmed yet. Especially since the price is continuing to fluctuate significantly following the latest bullish breakout.
At press time, PEPE was trading near $0.00001034 on the charts. Over the past week, the memecoin has seen a significant hike in trader and investor participation, resulting in a 135% surge in trading volume.
This uptick in trading volume, on the back of the crypto’s recent upside, alluded to strong bullish momentum. Hence, the question – Can this trend sustain itself for a longer period of time?
Price action and key technical levels
According to AMBCrypto’s technical analysis, PEPE appeared to be bullish at press time and might be poised for significant upside.
On the daily charts, the memecoin broke out of a prolonged bearish falling wedge pattern. In fact, it also closed a daily candle above it, indicating a successful breakout.
Source: Trading View
At the time of writing, the price seemed to be retesting the local support level at $0.0000099. Based on its recent price action and historical patterns, if PEPE holds this level successfully, there is a strong possibility that the asset could soar by over 50% and hit the $0.0000154-level.
On the other hand, if the price fails to hold this level, it could invalidate the breakout, and the asset may see some downside as a result.
At the same time, the memecoin’s Relative Strength Index (RSI) stood at 45 – A sign that a potential shift in momentum could occur. Worth noting, however, that the asset was still neither overbought nor oversold on the charts.
Experts’ sentiments turn bullish
Given the prevailing market sentiment, experts and analysts have shown strong interest in the token. For example – Recently, a crypto expert claimed that owing to PEPE’s “incredible” trajectory, its next upward move may be about to begin soon.
Meanwhile, another analyst made a bold prediction that PEPE could surge by a solid 13,000% in the coming days. These posts on X gained massive attention from crypto enthusiasts.
More and more outflows?
Given the growing interest and the memecoin’s bullish price action, investors and long-term holders have begun accumulating the token. This was reported by the on-chain analytics firm Coinglass.
Data from the Spot inflow/outflow metric revealed that exchanges across the crypto landscape have seen outflows of $5.60 million worth of PEPE.
Source: Coinglass
Such a significant outflow from exchanges could be a sign of potential accumulation. It might also fuel buying pressure, while hinting at an ideal buying opportunity.
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