Pepe Coin (PEPE), the popular Solana-based meme coin, has been making waves in the cryptocurrency market, with its price rallying ahead of the highly anticipated perpetual futures listing on the Coinbase International Exchange. The surge in PEPE’s value comes despite a five-day delay in the listing, which was originally scheduled for April 18 but was postponed due to technical issues.
TLDR
Pepe Coin (PEPE) rallied nearly 5% ahead of its perpetual futures listing on the Coinbase International Exchange.
The listing, originally scheduled for April 18, was delayed due to technical issues and is now set for April 23 at 9:30 a.m. UTC.
The PEPE open interest surged 9.35% to $64.59 million, with shorts dominating liquidations, potentially propelling the price higher.
Analyst Max Schwartzman hinted at a Pepe Coin rally to $0.0001, citing the breakout from a multi-month re-accumulation phase and the 1.618 Fibonacci extension level.
Multiple signals, including technical indicators and the Coinbase listing, point to a bullish outlook for PEPE, with the coin outperforming its peers and large-cap cryptocurrencies.
The Coinbase effect, a phenomenon where the listing of a digital asset on the prominent exchange triggers a price rally, is on full display with Pepe Coin.
The meme coin’s price soared nearly 5% on the day of the announcement, reaching $0.000006836 and boasting a market capitalization of $2.90 billion. The 24-hour trade volume for Pepe Coin also witnessed a significant increase, rising 12.33% to $1 billion.
@CoinbaseIntExch will add support for Pepe perpetual futures on Coinbase International Exchange and Coinbase Advanced. The opening of our 1000PEPE-PERP market will begin on or after 9:30am UTC on 23 APR 2024.
— Coinbase International Exchange ????️ (@CoinbaseIntExch) April 22, 2024
Interestingly, the PEPE open interest surged 9.35% to $64.59 million, with shorts dominating liquidations. Out of the total $2.12 million in liquidations, $1.15 million came from short positions. These short liquidations could momentarily propel the Pepe Coin price higher due to the sudden buying pressure as shorts seek to minimize losses from the latest rally.
The bullish sentiment surrounding Pepe Coin is not limited to the Coinbase listing. Max Schwartzman, founder of Because Bitcoin, has hinted at a potential rally to $0.0001.
Schwartzman emphasized the importance of learning from rejections at key levels and highlighted the significance of breakouts.
He noted that PEPE has broken out of a multi-month re-accumulation phase, reaching the 1.618 Fibonacci extension level, which is seen as a positive development and implies potential for further gains.
PEPE Price at Coingecko
Schwartzman also pointed out that the 2.618 and 3.618 Fibonacci extension levels are valid and in play, indicating a possible Pepe Coin price rally to $0.0004 and eventually to $0.0001.
He deemed PEPE’s future trajectory as “very bullish” and revealed that he hasn’t sold a single dollar of his holdings, expecting multiples to be accomplished over the next couple of quarters.
In addition to the Coinbase listing and technical analysis, multiple signals point to a bullish outlook for Pepe Coin.
The meme coin has outperformed its peers and even large-cap cryptocurrencies such as Bitcoin and Ethereum. While Bitcoin is trading at $66,300, up 4% in the last 7 days, and Ethereum, the blockchain on which PEPE is based, is up 2.5% in the same period, Pepe Coin has rallied by more than 33%, with its market cap reaching a little over $2.8 billion.
Technical indicators also support the bullish sentiment. PEPE’s price recently jumped above its average price for the past two months, signaling a potential comeback from the recent drop and a possible rise in price in the future.
The short-term average price is on track to climb above the 55-day exponential moving average (EMA55), forming a golden cross, which is seen by technical analysts as a strong confirmation of a bull market.
The Relative Strength Index (RSI) for Pepe Coin stands at 51, indicating no decisive control for either bulls or bears. Additionally, the Average Directional Index (ADX) sits at 20, suggesting a weak trend, which could mean that the recent price drop might be losing momentum, potentially paving the way for a reversal.
As the cryptocurrency market eagerly awaits the Coinbase perpetual futures listing of Pepe Coin, the meme coin’s price continues to rally, fueled by investor excitement and a range of bullish indicators.
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