- Pepe Coin’s price could surge as a whale withdrew 1.5 trillion tokens from Binance, signaling a potential supply squeeze.
- Key resistance levels at $0.0000093 and $0.00001 will be crucial for confirming a breakout to $0.00002.
Pepe Coin is showing signs of a potential breakout, fueled by a significant move from one of its largest holders. In a recent transaction, a whale withdrew a staggering 1.5 trillion PEPE tokens, valued at approximately $13.3 million, from the Binance exchange. This move has not only drawn attention but also sparked speculation that the meme coin could be on the verge of a major rally.
As of today, Pepe Coin‘s price is trading at $0.0000089, showing a modest 1% gain in the last 24 hours. Despite the slight daily increase, recent data from CoinMarketCap reveals that PEPE has achieved a trading volume of $425 million—three times higher than that of Shiba Inu. This surge in trading activity coincides with a drastic reduction in the supply of PEPE on exchanges, which has now fallen to its lowest level in over a year.
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On-chain data from Lookonchain reveals that the whale’s withdrawal is part of a broader trend of decreasing supply on exchanges, which is seen as a precursor to a potential supply squeeze. With fewer tokens available for sale, the reduced supply could create upward pressure on the price if demand remains strong.
Analysts are closely monitoring key price levels that could trigger a substantial breakout. One significant level to watch is the $0.0000093 resistance, which marks the neckline of a double bottom pattern. A confirmed breakout above this level could spark a rally, with some predicting that PEPE could soar to $0.00002, a 130% increase from its current price.
However, if the bullish momentum fails to materialize, the $0.00000587 support level will be a critical threshold to watch. A drop below this level could lead to a reversal in the recent gains, signaling a potential bearish trend.
The Relative Strength Index (RSI) is also showing signs of bullish momentum, currently at 59. While this suggests strong buying pressure, traders will need to watch for any signs of a downtrend. A dip below the signal line could prompt a sell-off and halt the rally.
In summary, Pepe Coin’s price is at a pivotal point, with the whale’s massive withdrawal from Binance and a falling supply on exchanges creating the perfect conditions for a potential parabolic rally. If key resistance levels are breached, PEPE could be poised for significant gains, but traders should also remain cautious of potential downturns if support levels fail to hold.
