As the anticipated Bitcoin halving draws closer, expected to take place on April 20. 2024, there is excitement with anticipation and speculation within the cryptocurrency market. This event takes place after every four years, with the aim of reducing the creation and supply of new coins in the market. Historically, halving has been associated with
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As the anticipated Bitcoin halving draws closer, expected to take place on April 20. 2024, there is excitement with anticipation and speculation within the cryptocurrency market. This event takes place after every four years, with the aim of reducing the creation and supply of new coins in the market. Historically, halving has been associated with high Bitcoin increases, which overflows to some altcoins. In the midst of all this, emerges Pepe Coin (PEPE), a popular Solana meme coin, as a focal point for potential market gains. Despite experiencing a rough month amidst market downturn, PEPE has show a comeback signs in the past week. Despite the price fluctuations, is the frog-themed meme coin poised for price rally ahead of Bitcoin rally?
Pepe Coin’s Potential Surge
Crypto analyst Ali Martinez predicts a promising future for Pepe Coin. His forecast suggests that PEPE could experience a substantial 54% rally, if it manages to surpass a key price threshold. Specifically, Martinez points to a range between $0.00000793 and $0.00000664 as a critical zone. If Pepe Coin’s daily close breaches this range, it could signal a significant bullish trend.
Should PEPE successfully close above $0.00000793, Martinez believes the coin could reach a new all-time high of $0.0000122. Currently, the ATH stands at $0.00001074, which was reached on March 14, 2024. This potential surge presents an enticing opportunity for investors who are keeping a close eye on PEPE’s performance.
Coinbase International’s Perpetual Futures Offerings
Before, Coinbase was hesitant to list PEPE due to its link to contentious hate symbols. Nevertheless, the choice to include PEPE futures on the listing signifies a change, probably impacted by market demand and the popularity of meme coins.
PEPE ranks as the fourth biggest meme coin based on market capitalization, with a value of $2.91 billion. It is currently trading between $0.000006826 and $0.000007536. Though the coin is trading at a discount of 33.32% of its all-time high of $0.00001074, it has demonstrated a growth of approximately 5% in its value over the past week.
Coinbase’s consideration of offering futures trading for PEPE may have been partly due to the market’s excitement over meme coins and the significant status of PEPE as a top Ethereum (ETH) token.
@CoinbaseIntExch will add support for Pepe perpetual futures on Coinbase International Exchange and Coinbase Advanced. The opening of our 1000PEPE-PERP market will begin on or after 9:30am UTC on 18 APR 2024. pic.twitter.com/DKu8YPGRYB
— Coinbase International Exchange
(@CoinbaseIntExch) April 11, 2024
PEPE’s Current Market Position
Pepe Coin, launched in April 2023, currently holds the fourth position among meme coins by market capitalization, boasting a market cap of around $2.91 billion, according to CoinMarketCap. Despite facing past controversies over its association with the Pepe the Frog character, the community remains focused on the coin’s development and listing milestones.
In addition to Coinbase International’s perpetual futures offerings, Binance has also enhanced its loan services by adding Pepe Coin to its offerings. This strategic move could potentially affect PEPE’s price in the near future, enhancing its appeal to a broader audience of investors.
Key Price Levels to Watch
Investors are keeping a close eye on key price levels for PEPE. Trading just above a pivot point at $0.0000071, potential bullish signals could emerge if the coin remains above this level. However, should the price drop it will indicate a downward price trend.
In case Pepe Coin experiences selling pressure, the price will find resistance at $0.0000074, $0.0000076, and $0.0000079 levels. Should the token price increase beyond these levels, it will led to more gains. However, if buying pressure persists, the coin price will find support at $0.0000070, $0.0000067, and $0.0000064.Any price decrease below these support levels indicate a buying opportunity.
Outlook and Conclusion
The future of Pepe Coin is closely tied to broader market trends and events such as the upcoming Bitcoin halving. While the current sentiment is slightly bearish, with technical indicators showing a mix of signals, Pepe Coin’s long-term potential remains strong.
As Bitcoin halving approaches first, and investors and enthusiasts closely watch the next prive movement for PEPE coin, traders should keep an eye on key developments from exchanges such as Binance and Conbase, as well as key levels. It is true that the cryptocurrency market is full of uncertainties because of its volatile nature, the performance of PEPE in days and weeks to come are important signals of its future path.
As market dynamics shift rapidly, the potential for PEPE to rally ahead of the Bitcoin halving presents a fascinating opportunity for both seasoned and new investors alike.
The post Will Pepe Coin (PEPE) Rally Ahead of Bitcoin Halving? appeared first on CoinGape.
