🔴 LIVE: The Secrets of ProPicks AI Success Revealed + November’s List FREEWatch Now

Pepe coin price prediction ahead of Coinbase listing

Published 2024-04-17, 07:54 a/m
© Reuters
COIN
-

The news of Coinbase (NASDAQ:COIN) planning to list perpetual futures for Pepe coin has evidently had a notable impact on its market performance. Pepe Coin price had surged before the renewed tensions in the Middle East sent the entire crypto market lower.

Coinbase listing

Pepe coin price surged nearly 10% right after the announcement. This kind of sharp increase is typical in the crypto market where news of new listings on major exchanges can lead to speculative buying. 

However, the pullback in Pepe coin price then followed. This suggests that while the initial excitement was strong, it was followed by a wave of profit-taking.

Listing perpetual futures on an off-shore platform like Coinbase International Exchange allows traders to speculate on the future price of PEPE without actually holding the coin. This can increase trading volume and liquidity, potentially stabilizing price fluctuations in the long term.

The introduction of perpetual futures often leads traders and investors to speculate about a possible spot listing. If Coinbase were to list PEPE for spot trading, it could provide further legitimacy to the coin and potentially attract more investors.

Pepe coin is the fourth largest meme coin with a market capitalization of $3 billion.

Pepe coin price forecast

Pepe coin price hit a record high in March, before pulling back sharply amid higher crypto volatility. The price action has retraced more than 50% before bouncing off the key Fibonacci retracement level of 61.8%. 

The dip lower has ended at 100-DMA, which indicates that the price action is following the technical levels. In recent days, Pepe coin price has stabilized and is trading in between the two Fibonacci levels. 

Pepe coin price daily chart

Any move higher is likely to face strong resistance near $0.000006, which hosts a combination of the horizontal and diagonal trend lines. A break would indicate a clear bullish signal.

On the downside, the $0.000004 zone offers strong support in the context of the rising 100-DMA and 61.8% Fibonacci retracement.

A break below this zone would see the price action move lower toward the 200-DMA, which is currently located below the $0.000003 level.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.