The other day, November 13, crypto exchange Coinbase noted the frog-themed meme coin Pepe (PEPE) on its area market. Minutes after the disclosure, the cost leapt and has actually now increased by 75% within the last 24 hours.
While the PEPE Coinbase listing seems an appealing advancement for token holders, this on-chain analysis recommends that the rate might quickly lose a few of its current gains.
Pepe Holders Book Profits After Surge
Throughout the early trading hours the other day, PEPE’s rate was around $0.000013. A puzzling post on X by Coinbase’s Chief Legal Officer, Paul Grewal, exposed that the exchange would note the meme coin.
“You’ve long desired the frog. Well, quickly you’ll get the frog. Coinbase is including PEPE to our listing roadmap with the objective of listing later on today. Thanks for your persistence,” Grewal composed.
Coinbase likewise verified the listing with a frog emoji around the exact same time, and as anticipated, it formally noted on the exchange later on that day. Surprisingly, the statement likewise accompanied Robinhood’s choice to note the meme coin, which ultimately drove PEPE’s cost to $0.000022.
PEPE’s rate boost drove the deal volume in revenue to strike $53.14 trillion, valued at $1.16 billion. From a cost point of view, an increase in this metric indicated selling pressure. It is most likely that the token will experience a drawdown in the brief term.
Pepe On-Chain Volume in Profit. Source: Santiment
While profit-taking has actually reduced since this writing, the Relative Strength Index (RSI) recommends that PEPE may still go through a short decrease. The RSI is a momentum oscillator utilized to examine the speed and magnitude of a cryptocurrency’s current rate motions. It oscillates in between 0 and 100, generally determining overbought or oversold conditions.
When the RSI is above 70, it recommends that the possession might be miscalculated and might be due for a rate correction. On the other hand, if it is listed below 30, it recommends that the possession might be due for a possible rate rebound.
According to the image listed below, the PEPE Coinbase listing has actually driven the signs’ readings well above the minimum overbought point. PEPE’s cost is most likely to backtrack.
Pepe Relative Strength Index. Source: TradingView PEPE Price Prediction: Potential Decline Ahead
On the everyday chart, the token hit a brand-new all-time high of $0.000023. While there seems no resistance at the overhead levels, the overbought condition recommends that the token may draw back.
If that occurs, PEPE’s cost might drop to $0.000019, where the 23.6% Fibonacci retracement sign positions. If profit-taking after this PEPE Coinbase listing heightens, the drawdown might be as low as $0.000015.
Pepe Daily Analysis. Source: TradingView
On the other hand, if purchasing pressure continues to increase, that may not take place. Because situation, the meme coin might rally to $0.000026.
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