PEPE Continues To Gain After Coinbase Perpetuals Launch. Can PEPE Sustain Its Momentum?

The crypto market has seen remarkable performances of Pepe (PEPE) in the recent few days and weeks. This decentralized meme-inspired digital asset has captured the attention of investors worldwide. In just seven days, Pepe has experienced a 48.43% gain, solidifying its position as one of the market's standout meme performers.

At the time of writing, Pepe is trading at $0.000007706, a 4.55% increase over the past 24 hours. With a market cap of $3.2 billion, Pepe currently ranks as the 32nd largest crypto. Also, the coin has witnessed a concrete trading volume of $1.2B in the last 24 hours, an impressive 9.32% gain in the last 24 hours.

PEPE Price Chart (CoinMarketCap)

The recent surge in Pepe's value can be partly linked to its recent listing on the Coinbase Exchange perpetual futures, which has provided the digital asset with increased exposure and accessibility to a broader investor base. Additionally, a renowned analyst had previously predicted a promising future for Pepe, suggesting a potential breakout from a bullish flag pattern that had formed following a six-week correction phase. Pepe's price action has validated this prediction, breaking out and fueling speculation about its ability to reach new highs in the near future.

While Pepe's bullish outlook is encouraging, its ability to sustain momentum and surpass current support levels on the weekly chart will be crucial in determining its long-term trajectory. As investors closely monitor the market, the question on everyone's mind is whether Pepe can maintain its upward trajectory or if another correction is looming on the horizon.

PEPE Technical Analysis

On the weekly chart, Pepe's price has been bullish for the past two consecutive weeks, marking a low of $0.00000393 on April 23rd. This low barely filled a substantial fair value gap created in late February, and since then, the price has been trading in an upward trajectory.

Recently, Pepe's price has been trading within a descending channel or a bullish flag pattern. On April 23rd, the price broke out of this pattern, closing above the bullish flag and is now recording a wonderful 48% gain in the last seven days. If the bulls maintain control, Pepe is poised to reach new highs in the foreseeable future. However, if the bears regain dominance, the price may retrace to retest the broken bullish flag support and the horizontal support level around $0.00000640.

PEPEUSD Daily Chart (TradingView)

On the 4-hour chart, Pepe's price is slowly but steadily trading in a bullish manner. The next target for the bulls is the recent high of $0.00000767, indicating the potential for further upside momentum.