Key Pepe Coin Price Levels to Watch as Whale Withdraws 1,500,000,000,000 PEPE From Binance

Pepe Coin price may be on the verge of a parabolic bull run as whale activity suggests that large addresses are rapidly accumulating the meme coin. On-chain data shows that one of the largest PEPE addresses has withdrawn 1.5 trillion tokens from exchange giant Binance, a move that hints at a potential upward trend in the near future.

PEPE value today trades at $0.0000089 with a slight 1% gain in 24 hours. Data from CoinMarketCap reveals that at press time, PEPE had $425M in trading volumes, which was nearly three times higher than Shiba Inu.

Pepe Coin Price in Focus as Whale Withdraws 1.5 Trillion PEPE

Pepe Coin price eyes gains as data from on-chain tracker Lookonchain shows that an address holding $147M in assets has withdrawn 1.5 trillion PEPE tokens valued at around $13.3 million from Binance. The withdrawal comes as the meme coin records a drastic surge in the supply held on exchanges, an issue that could trigger a supply squeeze.

Data from Santiment also shows that the supply of Pepe Coin held on exchanges has plummeted to 107 trillion tokens, and it sits at the lowest level in one year. This falling supply is indicative of traders steadily withdrawing their coins from exchanges, an indication that a notable surge in demand could fuel a parabolic rally.

These withdrawals have coincided with a bullish Pepe Coin price forecast from analysts, with one stating that the meme coin may be on the verge of a 130% rally to $0.000021. The analyst based this prediction on the pending breakout from a descending trendline, which may spark the next PEPE bull run.

Key Prices Levels to Watch for PEPE

The daily price chart suggests that Pepe Coin may be at a pivotal point and eyes a breakout past major resistance levels. The first key resistance is the neckline of a massive double bottom pattern at $0.0000093, a level that PEPE has been teasing to breach for nearly two months.

If a breakout above this neckline is confirmed, and this top meme coin also makes a decisive close above the psychological level of $0.00001, it will spark a parabolic run to $0.00002, which aligns with analyst Dami DeFi’s prediction.

Conversely, if a bullish breakout fails and instead the PEPE price plunges, the key support level to watch is $0.00000587, a level that may wipe out all of the recent gains.

The RSI indicator is also a key metric to watch as it nears a pivotal point following a series of higher highs for most of this month. With the reading of 59, the RSI shows that the bullish momentum is strong, but if it continues with the downtrend and plunges below the signal line, it may create a sell signal and spark a steep decline in the price.

To sum up, the recent withdrawal of 1.5 trillion PEPE tokens from Binance and the decline in supply on exchanges suggest that this meme coin may be on the verge of a supply squeeze that will spark an uptrend. Going by analyst projections and the double-bottom pattern formation, Pepe Coin price may soon surge to $0.000021.