Pepe Coin (PEPE) Rallying Ahead of Coinbase Listing
Pepe Coin (PEPE), a popular Solana-based meme coin, is experiencing a surge in its price as it prepares for its perpetual futures listing on the Coinbase International Exchange. Despite a short delay in the listing due to technical issues, PEPEโs value has been on the rise.
Key Points About PEPEโs Surge
- PEPE rallied nearly 5% ahead of the scheduled perpetual futures listing on Coinbase
- The listing was initially set for April 18 but postponed to April 23 due to technical challenges
- PEPEโs open interest spiked by 9.35% to $64.59 million, with short positions dominating liquidations
- Analyst Max Schwartzman suggested a potential rally to $0.0001 for Pepe Coin
- Various signals, including technical indicators and the upcoming Coinbase listing, indicate a bullish outlook for PEPE
The Coinbase Effect and PEPEโs Price Movement
The โCoinbase effect,โ where a digital assetโs listing on the platform leads to a price surge, is evident in the case of Pepe Coin. The announcement of PEPEโs perpetual futures listing caused its price to increase by almost 5%, reaching $0.000006836 with a market cap of $2.90 billion. Additionally, the 24-hour trading volume rose by 12.33% to $1 billion.
PEPEโs Open Interest and Potential Price Growth
PEPEโs open interest jumped by 9.35% to $64.59 million, with shorts dominating liquidations. The increased liquidations from short positions could drive the price of Pepe Coin higher temporarily as short sellers rush to cover their losses amid the recent price surge.
Max Schwartzman of Because Bitcoin mentioned the possibility of a rally to $0.0001 for PEPE. He highlighted the breakout from a long accumulation phase and reaching the 1.618 Fibonacci extension level as positive signs for further price appreciation.
Bullish Signals for PEPE
In addition to the Coinbase listing and technical analysis, several factors point to a bullish outlook for Pepe Coin:
- PEPE has surpassed its peers and major cryptocurrencies like Bitcoin and Ethereum in price performance
- Technical indicators suggest a potential price rebound, with PEPEโs price crossing its two-month average and moving towards the golden cross of the 55-day exponential moving average
- The Relative Strength Index (RSI) stands at 51, signaling a balance between bulls and bearsโ control, while the Average Directional Index (ADX) of 20 indicates a weak trend that could lead to a price reversal
Anticipating the Coinbase Listing and PEPEโs Price Rise
As the crypto market eagerly awaits the Coinbase perpetual futures listing of Pepe Coin, investor enthusiasm and positive indicators continue to drive PEPEโs price rally. With the prospect of significant gains on the horizon, the meme coinโs future looks promising.
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