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Yesterday, November 13, cryptocurrency exchange Coinbase listed Pepe the Frog-themed Meme Coin (PEPE) on the spot market. Immediately after this announcement, the price jumped and is now up 75% in the last 24 hours.
While the listing of PEPE on Coinbase appears to be a promising development for token holders, this on-chain analysis suggests that the price may soon lose some of its recent gains.
Holder Pepe Quits Products After Price Increase
In the early hours of trading yesterday, the price of PEPE was around 0.000013 USD. However, a mysterious post on platform X by Coinbase Chief Legal Officer Paul Grewal revealed that the exchange will list the Meme Coin coin.
“You have wanted a frog for a long time. Well, very soon you will have it. Coinbase is adding PEPE to our listing roadmap with the goal of listing later today. Thank you for your patience,” Grewal write.
Coinbase also confirm The listing with the frog emoji came at the same time, and as expected, it was officially listed later that day. Interestingly, this announcement also coincided with Robinhood’s decision to list this Meme Coin, which ultimately pushed PEPE’s price to $0.000022.
Furthermore, PEPE’s price increase pushed profit trading volume to $53.14 trillion, worth $1.16 billion. From a price perspective, an increase in this index indicates selling pressure. Therefore, it is likely that this Token will experience a short-term price drop.
Although profit-taking has eased at this point, the Relative Strength Index (RSI) suggests that PEPE may still experience a short decline. RSI is a momentum oscillator used to evaluate the speed and strength of a cryptocurrency’s recent price movement. It fluctuates between 0 and 100, often identifying overbought or oversold conditions.
When RSI is above 70, it shows that the asset may be overvalued and may need a price correction. On the other hand, if it is below 30, it shows that the asset may be capable of recovering in price.
According to the image below, the listing of PEPE on Coinbase has pushed the indexes far beyond the minimum point. Therefore, it is very likely that PEPE prices will decrease again.
PEPE Price Prediction: Risk of Decline Ahead
On the daily chart, the Token has reached an all-time high of $0.000023. While there does not appear to be resistance at the above levels, overbought conditions suggest the token could correct.
If that happens, PEPE price could drop to $0.000019, where the 23.6% Fibonacci retracement index is located. Additionally, if the profit-taking following this listing of PEPE on Coinbase is more intense, the drop could go as low as 0.000015 USD.
On the other hand, if buying pressure continues to increase, that may not happen. In that scenario, Meme Coin could rise to 0.000026 USD.
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