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Discover how Pepe Coin’s 15% price jump and a flurry of whale transactions reshape Pepe coin price prediction.
Pepe Coin (PEPE) has experienced a notable 15% increase in its trading price over the last 24 hours, now priced at $0.000008.
This surge has propelled its market capitalization to $33 million, ranking it 37th on CoinMarketCap. The cryptocurrency’s vibrant trading volume and nearly depleted supply highlight its strong market presence. These elements form the basis for our PEPE price prediction, considering recent substantial transactions and overall market behavior that could shape its future price trajectory.
- Whale Activity: Recent data from Santiment shows an 11% increase in transactions exceeding $100,000, rising from 246 to 273 in a single day.
- Market Influence: This surge in significant trades indicates rising interest from major investors, potentially steering Pepe Coin’s price upward.
Pepe Trading on Coinbase
Coinbase initially announced on April 11 the introduction of Pepe perpetual futures contracts. Still, it encountered technical setbacks, leading to a trading pause until April 23.
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
Once resolved, these contracts were made available to non-U.S. residents, introducing new dynamics and speculative interest in the PEPE market. This series of events has noticeably affected the market’s behavior, influencing investor sentiment and trading volume.
Pepe Price Analysis
The flow of PEPE tokens into and out of exchanges is also telling. Over the last 24 hours, a net influx of 780 billion PEPE tokens was recorded—5.65 trillion moved onto exchanges, while 4.87 trillion moved off. This indicates a significant amount of trading activity, where some participants may be aiming for short-term gains based on market movements.
Moreover, the Relative Strength Index (RSI) for PEPE rose from 46 to 76, suggesting a shift toward a higher valuation that could precede a price stabilization or slight pullback, as values above 70 often reflect an overheated market.
PEPE Coin Price Prediction
On the technical front, Pepe Coin’s current pivot point stands at $0.0000076. Looking ahead, the immediate resistance is at $0.0000085, followed by subsequent resistance levels at $0.0000092 and $0.0000100. These levels will be crucial for traders to watch, as surpassing them could indicate continued bullish momentum. Conversely, the support levels to monitor are $0.0000067, $0.0000060, and $0.0000051. A drop below these could trigger a steeper decline.
The Relative Strength Index (RSI) is currently at 76, which typically signals that the asset is potentially overbought but also indicates strong buying interest that may continue to push prices upward. The 50-day Exponential Moving Average (EMA) is at $0.0000064, further below the current price, suggesting that the short-term trend has been bullish. Additionally, the recent pattern breakout from a descending triangle at $0.0000076 and forming a bullish engulfing candlestick pattern underline a potent buying trend.
The technical outlook for Pepe Coin remains bullish above the $0.0000076 level. Should Pepe maintain its current trajectory above this pivot point, the likelihood of progressing towards higher resistance levels remains high.
