Pepe’s listing on Coinbase pushed its price to an all-time high of $0.000025 on November 14. However, due to the general market correction, the price fell 8% within 24 hours via.
Still, the optimism surrounding Meme Coin remains strong. This hints at the possibility of an uptrend resumption and an attempt to reclaim all-time highs.
PEPE Investor Predicts Bigger Profits
Yesterday, PEPE recorded an intraday gain of 75% after leading cryptocurrency exchange Coinbase confirm List it on the spot market, accompanied by a frog emoji. TinTucBitcoin said the move coincided with Robinhood’s decision to list Meme Coin, sending it to an all-time high of $0.000025 in yesterday’s trading session.
Although the price has dropped 17% to trade at $0.000021 at press time, Meme Coin continues to attract positive attention from the market.
Its Elder-Ray Index offers bullish evidence of this. At the time of writing, it stood at 0.000011. By comparison, yesterday the index rose to 0.000018, its highest level ever.
The Elder-Ray Index evaluates the strength of bullish and bearish pressure in the market. When its value is positive, it means buying power is dominant. This points to strong buying pressure and provides a good opportunity for investors looking to hold long-term positions.
Notably, PEPE’s funding ratio confirms a preference for long positions among its futures traders. According to Santiment, Meme Coin’s funding rate, which is the recurring cost of keeping an asset’s contract price equal to its spot price, was 0.013% at the time of writing.
When the funding rate is positive, long position holders pay short position holders to maintain their trades. This suggests there are more buyers than sellers in the market, hinting at optimism, demonstrating higher demand for the asset and a willingness to pay to hold long positions.
PEPE Price Prediction: Depends Completely on the General Market
PEPE is currently trading at $0.000021. If broader market sentiment improves, Meme Coin could break above newly formed resistance at $0.000022. A successful breakout would pave the way for Meme Coin PEPE’s price to reclaim its all-time high of $0.000025 and likely increase further in the short term.
However, a sustained decline in demand will push PEPE prices lower, invalidating the optimistic outlook. In this case, Meme Coin could drop 17% to 0.000018 USD. If selling pressure increases at this level, Meme Coin PEPE’s price could slide to $0.000015.