- Coinbase’s launch of a perpetual contract for the PEPE meme coin has also played a significant role in its comeback.
- PEPE witnessed an over 70% rally, pointing at its resilience and a high level of bullish sentiments.
Pepe (PEPE) has outperformed the market, which recently hit a downtrend, in that it has amazed the market by demonstrating a sudden and unexpected rise in its value. It is worth noting that the five-day bullish trend of PEPE witnessed an over 70% rally, pointing at its resilience and a high level of bullish sentiments.
Coinbase’s launch of a perpetual contract for the meme coin has also played a significant role in its comeback. Launched on 22nd April, this contract corresponds to spot assets and becomes unlimited. This way, traders can speculate on the price movements of the PEPE coin without expiration dates.
Our 1000PEPE-PERP market is now in full-trading mode on Coinbase International Exchange and Coinbase Advanced. Limit, market, stop, and stop limit orders are all now available. pic.twitter.com/hO32wARVFu
— Coinbase International Exchange (@CoinbaseIntExch) April 23, 2024
Although the listing of PEPE perpetual futures was first delayed due to technical issues, the token received further attention on April 23, when it was listed. Through this extension, the meme coin will target a broader market and cater to the high demand for the coin. Nevertheless, analysts caution that rising prices may pose risks amid the existing bullish momentum.
Bullish Outlook for Pepe Coin
Pepe Coin has demonstrated remarkable growth over the past year, with its price skyrocketing by an impressive 3,338%. This extraordinary performance has surpassed the gains of 98% of the top 100 cryptocurrencies, including leading digital assets like Bitcoin and Ethereum. Moreover, Pepe Coin is trading above its 200-day simple moving average, indicating sustained positive momentum in the market. Additionally Pepe is currently trading at $0.000007611 with a 5% increase.
The coin’s liquidity, reflected by its substantial market capitalization, provides a solid foundation for continued trading activity and market stability. With 18 green days out of the last 30, Pepe Coin has maintained a consistent bullish sentiment among investors, with positive trading days occurring 60% of the time.
Potential for Short Squeeze
PEPE’s liquidation heatmap analysis shows that the $0.000008-$0.00001 range is dominant, and the largest liquidity pocket is at $0.0000084. This breakthrough rate can unleash an avalanche of short liquidations where those consecutive positive market buy orders lead to volume expansion, which in turn increases pressure on the short sellers.
Traders should be cautious and avoid the chances of short-term spikes, but the fact that the meme coin is currently experiencing hype and demand makes it possible that further gains will be in. However, retracement of the price from 0.0000084 seems to be very unlikely, but the potential for a short squeeze is a reminder to be watchful of your positions.
Can Pepe Coin Reach $1?
The recent surge in Pepe Coin’s price has led many investors to speculate on its potential to reach the $1 mark. Given its impressive growth trajectory, strong market performance relative to other cryptocurrencies, and consistent positive sentiment among traders, the possibility of Pepe Coin reaching $1 in the near future appears plausible.
While market conditions are inherently volatile and subject to change, the current indicators suggest Pepe Coin is well-positioned to continue its upward trajectory. The coin’s liquidity, coupled with the growing demand for digital assets, could further fuel its ascent towards the $1 milestone.
The main reason for the recent crypto currency market drop is the post-Bitcoin halving volatility, which was intensified by liquidation problems and political tensions in the Middle East. Moreover, regulators are breathing down their necks, and consequently, Zhao Changpeng, co-founder of Binance, has legal troubles with U.S. regulators.
The PEPE ecosystem itself presented some challenges. However, the popularity of the token has not diminished, especially in the niche of the meme coin market. According to Faibik and other analysts, a possible breakout to new all-time highs for PEPE’s price is being foreseen due to the formation of bullish flag patterns and increased whale activity.
$PEPE is showing a clear bullish flag pattern breakout, indicating potential for breaking all-time highs.
Source: CryptoCove pic.twitter.com/KXrNhMliXV
— Bitcoinsensus (@Bitcoinsensus) April 25, 2024
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