On November 14th yesterday, Pepe's listing on Coinbase caused the price to soar to an all-time high of $0.000025. However, due to an overall market correction, it has declined by 8% in the past 24 hours.
Despite the price decline, the bullish sentiment on the meme coin remains strong. This suggests the potential for a trend reversal and a renewed challenge of the all-time high.
Do PEPE traders think it will rise further?
Yesterday, PEPE surged 75% in a single day after Coinbase, a major cryptocurrency exchange, confirmed the listing of the frog emoji on the spot market. BeInCrypto reported that this coincided with Robinhood's decision to list the meme coin, causing it to reach an all-time high of $0.000025 during yesterday's trading session.
Currently, it is trading at $0.000021, a 17% decline, but the meme coin still exhibits a strong bullish trend.
At the time of writing, the Elder-Ray Index for PEPE is 0.000011. Yesterday, this index reached an all-time high of 0.000018.
The Elder-Ray Index evaluates the strength of bullish and bearish pressures in the market. When this index is positive, it indicates that bullish forces are dominant. This represents strong buying pressure in the market and provides a good opportunity for traders to take long positions.
Specifically, PEPE's funding rate confirms that long positions are preferred among futures traders. According to sentiment data, the current funding rate for the meme coin is 0.013%.
When the funding rate is positive, long position holders pay a fee to short position holders to maintain their positions. This indicates that there are more buyers than sellers in the market, reflecting high demand for the asset and a willingness to pay the cost to maintain long positions.
PEPE Price Prediction: Depends on Crypto Market Sentiment
PEPE is currently trading at $0.000021. If the market sentiment improves, the meme coin could break through the newly formed resistance level of $0.000022. A successful breakout would pave the way for PEPE to recover its all-time high of $0.000025 and potentially rise even further in the short term.
However, if demand continues to decline, the price of PEPE could fall, invalidating the bullish outlook. In this case, the meme coin's price could drop 17% to $0.000018. If selling pressure intensifies at this level, the price of the PEPE meme coin could further decline to $0.000015.
