PEPE price forecast for December 2024
Pepe (PEPE), the popular and third largest crypto meme coin, is getting a lot of attention from crypto enthusiasts after breaking out of a heavy price action pattern. This occurrence in PEPE is followed by a long consolidation phase lasting over three weeks.
PEPE technical analysis and upcoming level
According to CoinPedia's technical analysis, PEPE broke out of a breakout flag-and-pole price action pattern, closing a strong daily candle above the pattern pole. However, this occurrence has changed the general sentiment among traders and investors.
Based on the recent price action, there is a strong possibility that PEPE will rise by 45% to reach the level of $0.000036 in the coming days. However, this price prediction is entirely based on pattern breakouts.
Additionally, this breakout has lifted PEPE to a new all-time high, and is expected to continue its upward march, possibly setting another record.
On the positive side, PEPE's Relative Strength Index (RSI) currently stands at 61, which is below the overbought threshold of 70.
Bullish On-Chain Indicators
Following this upheaval, traders' and whales' interest and confidence in MemCoin has increased, according to on-chain analysis firm Coinlas.
High flow of PEPE
The entry/exit data for the PEPE position shows that they experienced a significant inflow of $9.10 million after the transactions occurred. In the cryptocurrency context, withdrawal refers to the long-term holding of assets from exchange to wallet addresses.
Outflows from the exchange usually indicate buying opportunities, reduce the price's decline and suggest the possibility of an inverted rally.
Increasing open demand
In addition to whales and institutional interest, trader participation has increased since MemCoin came out of the labor trap. According to the data, PEPE's open interest (OI) has increased by 40%, which indicates increased trading activity and the creation of new positions.
Current price momentum
At press time, PEPE is trading at around $0.000025 and has experienced a price increase of over 16% in the last 24 hours. During the same period, the transaction volume increased by 110 percent.
