Pepe's price held steady on Monday despite rising outflows from centralized exchanges and several bullish signal formations.
Growing Interest in Self-Custody
According to Nansen, many investors are transferring their tokens to self-custody wallets. The token holdings on exchanges dropped by 1.21% to 240.15 trillion for the week. This suggests investor confidence in Pepe's potential price increase.
Technical Indicators
The four-hour chart shows Pepe has formed an inverse head and shoulders pattern, a bullish signal. The lowest drop reached $0.000005245, and the neckline is at $0.000007415. This signal indicates further potential price rise.
Growth Prospects and Risks
The daily chart reveals a double-bottom pattern at $0.00005920, with a neckline at $0.00002827. The RSI and MACD indicators reflect bullish divergence. These signals point to possible price increases, with potential targets at $0.000010 and higher. However, a break below the current low of $0.0000053 could indicate a return to decline.
Amid positive technical signals and shrinking exchange reserves, Pepe is showing strengthening price positions and potential for further growth.
