- Ethereum meme coin Pepe surged 16% after Coinbase announced listing of Pepe perpetual futures contracts
- The price surge comes as Pepe’s technical indicators suggest a potential recovery from the previous crash and a return to bullish behavior
- Coinbase also announced perpetual futures for Dogwifhat (WIF), a leading Solana meme coin, with trading set to begin on April 25
The cryptocurrency market is starting the week on a relatively calm note following the buzz around the Bitcoin halving. However, the Ethereum-based PEPE, one of the most popular meme coins of 2024, is defying market trends and surging after Coinbase news.
PEPE Price Surge
In the last 24 hours, the price of PEPE went from 0.000000572 to 0.000000666 for a 16% spike. This comes after Coinbase announced the listing of PEPE perpetual contracts on its international exchange. The new trading market is set to open on April 23.
The Coinbase listing adds liquidity and exposure for the asset. It was met with enthusiasm on Crypto Twitter. Coinbase also recently announced perpetual futures for Dogwifhat (WIF), a leading Solana meme coin.
Technical Analysis
PEPE’s technical indicators suggest a positive trend. The coin’s price has broken past the EMA55, indicating a potential recovery from the previous crash.
The EMA10 is also nearing a ‘golden cross’ with the EMA55, which usually confirms a bullish phase. The RSI of 51 shows a balanced market. The weak ADX at 20 means the bearish correction is losing force.
Price Targets
In an optimistic scenario, PEPE could continue momentum and reach 0.000000754 for a 14.5% gain or 0.000000882 for a 33.6% gain.
In a pessimistic scenario, PEPE could fail to maintain momentum and retest support around 0.000000468 for a -29% dip.
Conclusion
The Coinbase listing and positive technical indicators suggest PEPE’s price could continue to surge. However, the meme coin remains volatile, so the price could also drop if momentum stalls.
