- PEPE shows signs of a potential breakout amid renewed bullish sentiment in the broader crypto market despite recent bearish indicators and a 27.61% weekly drop.
- Technical analysts highlight a falling wedge pattern and rising volatility, with a possible price target of ~$0.0000105 if momentum builds.
- Coinbase’s upcoming PEPE perpetual futures listing on April 18 may boost liquidity and fuel further interest.
PEPE is experiencing a positive momentum shift following several weeks of market turbulence and downward pressure, which were triggered by a significant sell-off across the cryptocurrency landscape along with various other factors that raised concerns among investors. As of April, the broader market sentiment has transitioned from bearish to bullish, largely driven by Bitcoin’s recent upward rally. PEPE is among the digital assets that are gaining from this renewed market optimism.
On April 14, PEPE is trading at around $0.00000727 with a change of 0.01071% within the last 24 hours. It saw intraday fluctuations with a high $0.00000728 and low $0.00000726. PEPE slid down by about 27.61% in the past week and so it shows a bearish trend. The market capitalization is roughly $3.05 billion, and the trading volume of $590.81 million over 24 hours.
From technical indicators, it is clear you have a bearish sentiment, with 100% of indicators weighted towards a negative prediction. For exchange flows, a multisignature wallet has just been seen to withdraw 915.85 billion PEPE tokens worth around $7.75 million from Binance in a sign of outflows.
Analysts Eye $0.0000105 Target Amid Potential Breakout
It seems to be approaching a key juncture here as PEPE has traded inside a descending channel for the past four months. Crypto analyst Andrew Griffiths said that the period of price compression could be leading up to a big move. The peak of those consolidation phases are often followed by sharp price shifts either way, which PEPE is also showing now sign of increasing in volatility before a so imminent breakout, Griffiths says.
According to Griffiths, if bullish momentum continues strong, PEPE could rally to the ~$0.0000105, which he’s calling “the blue wave.” This would amount to a dramatic reversal in market sentiment, from which there may be a renewed interest among retail investors. While Griffiths points out that breaking out of the immediate range will not be an easy task, failure to break out of it can see the token maybe down drifted lower, potentially even revisiting support around ~$0.00000450.
Coinbase Perpetual Futures Could Be a Game-Changer for PEPE
Pepe’s ability to survive and sustain a strong community on the blockchain has convinced the memecoin to continue to thrive. On the other hand, the current technical factors suggest it might be an imminent moment marked for the pair of traders and analysts to monitor closely in the coming days.
Perpetual futures trading for PEPE from Coinbase International Exchange will be available on April 18. This is a move expected to boost liquidity and possibly lead to a spot listing for PEPE in the future.
The price of PEPE has been up and down due to heavy whale transactions. Notably, large holders have transferred many amounts of PEPE to exchanges like Binance which contributes to the market volatility. PEPE is observed by analysts to be trading in a falling wedge pattern, which is usually considered a bullish sign. If prices break out from the importance of key resistance levels, it could bust out to a significant price rally.
