Pepe Coin Price Eyes Key Breakout Ahead of Bitcoin Halving

Pepe Coin Price: The pre-halving consolidation in the Bitcoin price is strongly influencing most of the major coins including PEPE. This frog-themed memecoin has been wavering sideways for the past four days with short-bodied candles indicating a lack of initiation from buyers or sellers. However, the asset close to crucial support amid the Bitcoin-halving event indicates a higher potential for renewed recovery.

Also Read: Pepe vs Shiba Inu: Which Ethereum Memecoin To Buy Before Halving?

Pepe Coin Price Potential Reversal Amid Coinbase Listing

BINANCE:PEPEUSDT — Pepe Coin Price| Tradingview

For over a month, the Pepe coin price has witnessed a steady downtrend, projecting a new lower high and low in the daily chart. Connecting these swings with trendlines created a channel pattern— a common technical setup that leads to an active downtrend before an imminent breakout.

From the mid-March high of $0.00001084, the PEPE price plunged 55% to currently exchange hands at the $0.00000492 mark. Despite the downturn, this memecoin maintains its position among the top 50 cryptocurrencies with a market cap of $2.07 Billion.

If the selling pressure persists, the PEPE coin could extend its correction by 25% to hit the channel pattern’s lower trendline at $0.0000035. However, with the Bitcoin Halving just around the corner and Coinbase Advanced’s upcoming launch of the 1000PEPE-PERP markets poised to have a significant impact on PEPE coin’s trading dynamics.

We are adding support for PEPE perpetual future on Coinbase Advanced.
The opening of our 1000PEPE-PERP markets will begin on or after 9:30am UTC on 18 APR 2024. pic.twitter.com/yGBWSswiRx
— Coinbase Traders (@coinbasetraders) April 11, 2024

This development would likely bolster a bullish reversal from the pattern’s lower trendline and set PEPE on a new recovery trend.

Having said that, the buyers will gain better control over this asset with the upside breakout of the channel pattern. The post-breakout rally could chase the Pepe price to $0.00001084.

Also Read: Pepecoin Unleashed: PEPE Price Prediction, Shiba Budz Millionaire Potential

Technical Indicator

Exponential Moving Average: The PEPE price trading below the 20-and-50-day EMA highlights the near-term trend is bearish. Moreover, a potential bearish crossover among these EMA slopes could accelerate selling momentum.
Moving Average Convergence Divergence: The MACD(blue) and Signal(orange) in a negative crossover state indicate a steady downtrend in the Pepe Coin.

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/markets/pepe-coin-price-eyes-key-breakout-ahead-of-bitcoin-halving/