PEPE meme coin price prediction: 18 trillion tokens exit the exchange, strong bullish challenge against 0.00001497 resistance

PEPE meme coin shows strong signs of recovery, currently reported at 0.00001394 USD during the Asian afternoon session on the 23rd. Although the overall market has cooled in the past 24 hours, on-chain data indicates that nearly 18 trillion PEPE tokens have exited the exchange, demonstrating a strong bullish trend.

A large amount of PEPE withdrawn from the exchange

Since July 16, nearly 17.9 trillion PEPE tokens have left the exchange, reflecting a continuous outflow trend throughout the week.

This trend usually indicates that holders are transferring their tokens to private wallets; it is generally a bullish signal as it can alleviate short-term selling pressure.

Interestingly, despite the fact that the price of PEPE has pumped over 12% during the same period, the outflow of funds is still ongoing.

Exchange outflow is very useful because it measures the net flow of tokens from the trading platform. When the amount of tokens withdrawn is greater than the amount of tokens flowing in, it means that only a few traders are ready to sell.

(Source: Santiment)

MVRV data shows low sell-off risk

According to Santiment's data, the 30-day Market Value to Realized Value (MVRV) ratio for PEPE has turned positive, but it is still at a moderate level of +12.24%. Typically, when this indicator exceeds 20-30%, short-term holders start to sell off, which means there is still room for further price increases.

Despite the positive price trend, this observation coincides with the strong capital outflow from the exchange. The combination of these two indicators shows that the market has a bullish expectation for PEPE.

The MVRV ratio is used to compare the last moving price of a token with its current value. A lower but positive MVRV indicates that holders are making a profit, but the profit level is low enough not to trigger a large-scale sell-off.

In addition to the continuous outflow of funds, this further reinforces the view that PEPE's recent growth momentum may continue.

(Source: Santiment)

PEPE is about to break out of the wedge pattern

PEPE is currently trading at the upper boundary of a wedge pattern. This pattern is typically associated with a bullish breakout. However, the final confirmation depends on whether PEPE can close above $0.00001497. This level overlaps with the 0.382 Fibonacci extension level.

Breaking the key resistance level of 0.00001497 USD may further confirm its validity. If it successfully breaks through this Fibonacci resistance level, PEPE may gain enough momentum to pump to 0.000017 USD or higher.

On the contrary, if PEPE fails to maintain its momentum and falls below 0.00001200 USD, it may signal the beginning of a deeper correction, thereby invalidating the current uptrend.

(Source: Trading View)