PEPE Price Analysis: Pepe Remains Bullish Despite 6% Drop Today, Boosted by Coinbase Futures Launch

The meme coin wave of 2024 shows no signs of slowing down, with the popular crypto Pepe being the latest to experience a very high rise in a short timeframe. Over the last 7 days, Pepe has soared by an unexpected mark of over 50%, solidifying its position as one of the top performers in the volatile meme coin market.

The catalyst for Pepe's rally can be attributed to a recent announcement from the cryptocurrency exchange Coinbase. On April 23th,2024, Coinbase unveiled plans to launch Pepe perpetual futures, expanding trading options for the digital asset. This move is expected to attract more liquidity and institutional interest, further fueling the meme coin's upward momentum.

This introduction of Pepe perpetual futures on Coinbase is a clear indication to the growing mainstream appeal of meme coins. Meme coins have evolved from being perceived as mere internet jokes to legitimate investment vehicles and exchanges are taking notice.

Despite the substantial gains, Pepe's price experienced a sharp 7.18% pullback in the last 24 hours, a common occurrence in the volatile cryptocurrency market. However, this correction is widely viewed as a healthy consolidation phase, allowing the asset to gather strength for its next potential surge.

PEPE Chart (CoinGecko)

At the time of writing, Pepe's market capitalization stands at over $3 billion, securing its position as the 37th largest crypto by market cap. The 24-hour trading volume for Pepe has reached the 1 billion mark, now reading at $1.13 million, indicating a high level of investor interest and participation.

PEPE Technical Analysis

Pepe's price action has been bullish for the past two consecutive weeks, marking a low of 0.00000393 on April 13th. Since then, Pepe has been trading in an upward trajectory, breaking out of a bullish flag pattern on April 23rd. However, the weekly Relative Strength Index (RSI) is currently slightly away from overbought territory and currently reads at 65, suggesting it has eased and there is more potential for a correction or retracement to the downside.

PEPEUSD Weekly Chart (TradingView)

On the daily chart, Pepe's price recently broke out of a descending channel or bullish flag pattern, signaling a continuation of the uptrend. The cryptocurrency reached the 78% Fibonacci retracement level before retracing and closing bearish yesterday, April 24th, easing the RSI reading to 56 currently as of writing. Analytics expect further retracement towards the double support level of the broken bullish flag and the horizontal support at the 0.00000640 zone before we can see further gains. 

PEPEUSD Daily Chart ( TradingView)

In the 4-hour timeframe, Pepe's price is currently trading bearish, retracing to retest the double support at the 0.00000640 zone. This bearish move is filling the fair value gap left on April 24th after an impulsive upward move. Once the gap is filled or the double support is retested, analytics anticipate Pepe to resume its upward trajectory, as the breakout of the bullish flag indicates a bullish continuation pattern.

PEPEUSD 4-Hour Chart (TradingView)

As the meme coin trend continues to captivate investors, Pepe's performance serves as a reminder of the potential for substantial gains in this crypto volatile market space as Pepe is anticipated to hit $1 soon.