Pepe (PEPE) has been in a bullish trend in the last 24 hours after finding support at the intra-day low of $0.00000675. The meme coin, known for its frog-themed branding, has surged over 6% today, indicating a resurgence in meme coin interest among investors.
However, at press time, PEPE was exchanging hands at $0.000006833, a 3.33% decline from the intra-day high.
PEPEUSD 24-hour price chart (source: CoinMarketCap)
Pepe’s Market Performance
Pepe held the top spot on CoinMarketCap’s trending list, closely trailed by Bitcoin. This surge in interest came amid the launch of Bitcoin spot ETFs in Hong Kong, sparking optimism across the broader cryptocurrency market.
Trading at $0.000007415, Pepe has recorded double-digit gains this week, showing resilience in the face of recent market volatility. While it remains down 7% for the month, its recent performance suggests a potential reversal in its downtrend.
With a market capitalization of $3.1 million, Pepe ranks as the 35th largest cryptocurrency and the third largest meme coin. Its impressive 24-hour trading volume of $722 million positions it as the twelfth-largest crypto and the second-largest meme coin, underlining its significant presence in the market.
Factors Driving Pepe’s Rally
Pepe’s recent uptrend can be attributed to several factors, including its listing on Coinbase International Exchange, catering to clients outside the United States. Speculation is rife that this listing might pave the way for a spot listing on Coinbase’s main platform in the near future, further bolstering Pepe’s legitimacy and accessibility to a wider audience of investors.
It’s the frog, not the dog.
Coinbase listing $PEPE perps was the market showing its hand. They’re accumulating with liquidations to list spot if ETH goes wild.$pepe coinbase pic.twitter.com/8uc0DS5XP5
— Kim Gbrial (@KGbrial) April 28, 2024
Analysts have also weighed in on Pepe’s price action, with Plazma noting its favorable trading dynamics. According to Plazma, Pepe is currently trading within a wedge formation after reclaiming a crucial support level, indicating the potential for an uptrend in the higher time frames.
Renowned trader Bluntz echoed this sentiment, highlighting Pepe’s strong recovery following the market-wide selloff. Noting its resilience in clearing and reclaiming key Fibonacci levels, Bluntz suggested that Pepe stands out among major meme coins in terms of technical strength.
Technical Analysis
Despite its recent gains, Pepe faces challenges ahead, with technical indicators signaling potential fluctuations in its price. Analysts predict that if bearish trends persist, Pepe could fall to support levels around $0.0000071 or even lower, reflecting a cautious sentiment among investors amid wider economic uncertainties.
Conversely, a positive momentum surge could propel Pepe toward previous resistance points, potentially leading to a rally beyond $0.000008. The coin’s current consolidation phase within a symmetrical triangle pattern suggests an impending breakout, with traders closely monitoring key support and resistance levels for signals of future price movements.
Concurrently, Cold Blooded Shiller shared a technical analysis of the PEPE/USDT pair on Binance. He marked it as one of the most promising charts in the current market landscape. In his analysis, he described the potential movements of PEPE, both bullish and bearish, as it approaches a critical juncture on its trading chart.
The chart, set on a four-hour time frame, details PEPE’s price action and its interaction with significant technical levels. A key focal point of Shiller’s analysis is the resistance-turned-support zone between approximately $0.0000063 and $0.0000062. This level, highlighted in green, previously acted as a strong resistance zone, and its conversion to support suggests a foundational shift in market sentiment towards PEPE.
$PEPE one of the sexiest looking charts out there right now.
Consolidating above it’s former significant level.
Does it have the chance for lower and some fuckery with a fakeout? Yes.
Is it worth the opportunity shot if it starts to breakout? Absolutely yes. pic.twitter.com/pg5jWUt1mP
— Cold Blooded Shiller (@ColdBloodShill) April 30, 2024
Moreover, PEPE is currently approaching a crucial resistance marked by a descending trend line in red, indicating a potential breakout point. However, Shiller cautiously notes that while the asset is on the verge of breaking this downtrend, there’s a risk of what he terms a “fakeout.” This scenario could see the price initially breaking above the trend line only to retract back below it, potentially leading to a decline of about 13% toward the established support zone at $0.0047423.
Should this support hold against market volatility—a common challenge in the crypto trading sphere—it may serve as a springboard for PEPE. Shiller speculates a possible rally that could result in a 47.47% increase from the support level, targeting an upper price level of $0.000011. Such a movement would not only confirm the strength of the current support but also signify a strong bullish market phase for PEPE.
