TLDR:
PEPE coin’s weekly trading volume reached an 8-month high, with over $5 billion in volume
Recent listings on Coinbase and Robinhood have increased visibility and trading activity
Technical analysis suggests potential for a 280% price increase based on chart patterns
Current trading price is $0.00002012, down 11% in 24 hours
Analysts draw parallels between PEPE’s current pattern and Dogecoin’s 2021 bull run
The meme cryptocurrency PEPE has experienced a surge in trading activity, reaching an 8-month high in weekly volume amid recent listings on major cryptocurrency exchanges Coinbase and Robinhood. The digital asset is currently trading at $0.00002012, marking an 11% decrease over the last 24 hours as traders take profits.
Pepe
PEPE Price
Trading volume has exceeded $5 billion, reaching levels not seen since early 2023. The last time PEPE witnessed similar volume levels, the coin’s price increased by over 1,000%, according to market data from various cryptocurrency tracking platforms.
The recent listings on Coinbase and Robinhood have significantly expanded PEPE’s accessibility to retail investors. These developments have coincided with increased social media attention, with onchain analytics firm Santiment reporting that PEPE maintained a top 10 position in Trending Social Rank from November 13-15.
Technical indicators show PEPE has been moving within a rising price channel since May 2023. The 4-hour chart displays a bull pennant formation, which some analysts interpret as a potential indicator for future price movement.
Market observers have noted similarities between PEPE’s current price action and Dogecoin’s movements during the 2021 bull run. Max Schwartzman, CEO of Because Bitcoin, points out that PEPE is showing comparable patterns to Dogecoin’s previous cycle, particularly in relation to Bitcoin’s price movements.
The cryptocurrency has shown a year-to-date gain of 1,400%, making it one of the best-performing digital assets in 2023. Its market capitalization has grown from $600 million to over $8 billion during this period.
Recent developments include Tether minting $2 billion and transferring it to exchanges, which could affect market liquidity. Additionally, social media engagement from Tesla CEO Elon Musk, who shared content featuring the Pepe character, has contributed to increased attention on the token.
Trading patterns show the formation of what analysts describe as a bull flag on larger timeframes. Crypto analyst Chandler has identified a bullish pennant pattern, suggesting potential price targets around $0.000038.
The 4-hour timeframe reveals a hidden bullish divergence pattern, which traditionally suggests upward price movement. Current resistance levels are identified at $0.00004, with a subsequent level at $0.00008468.
PEPE’s price has seen multiple catalysts for growth, including increased institutional access through major exchange listings and heightened social media visibility. The token’s trading patterns indicate continued market interest, though price movements remain volatile.
Market data shows strong trading activity across multiple exchanges, with volume distribution suggesting broad market participation. The recent exchange listings have diversified PEPE’s trading venues and potentially its investor base.
Current market conditions show consolidation after recent highs, with traders monitoring key support and resistance levels. The asset continues to attract attention from both retail and institutional traders.
Technical indicators suggest various price targets based on chart patterns, though market participants note that meme cryptocurrencies often display high volatility. The most recent data shows active trading continuing across major exchanges.
The market currently demonstrates ongoing price discovery as traders assess recent developments and technical patterns. Trading activity remains elevated compared to historical averages.
The post Pepe Coin Price Roars Back: Monumental Bull Run Incoming? appeared first on Blockonomi.
