invezz.com
PEPE token price is on steroids as it cruises to a new all-time high (ATH) of $0.00002133.
This surge came shortly after being listed on two major US trading platforms: Coinbase and Robinhood.
The listings triggered a quick and intense response, pushing PEPE’s 24-hour trading volume above $10 billion, which was about 20% more than its market capitalization.
Coinbase, Robinhood listing pushes PEPE token price to new ATH
The current PEPE price surge shows that the PEPE token is moving beyond being just a speculative meme coin to becoming a serious contender in the crypto space.
Coinbase’s listing announcement, made by Chief Legal Officer Paul Grewal, fueled initial excitement.
On the other hand, Robinhood’s simultaneous addition of PEPE had an even bigger impact, as its platform has over 24 million users, many of whom are retail investors familiar with meme coins.
This positions PEPE to reach more mainstream traders and expand its influence.
The overall positive trend in the crypto market has also helped boost PEPE’s growth. Bitcoin (BTC) has been climbing, getting close to $100,000, and currently sitting at around $93,000.
This bullish environment has influenced other meme coins as well. For example, Dogecoin (DOGE) has soared by 115% over the past seven days while Bonk (BONK) has risen by 82% over the same period.
Technical Indicators point to a possible retracement
While PEPE’s rise is impressive, there are risks to consider. Technical indicators show that the coin may face challenges ahead. The widening of its Bollinger Bands and an RSI reading of 86.13 suggests that PEPE is currently in overbought territory. This could lead to a market correction.
Additionally, PEPE’s high trading volume compared to its market cap points to intense speculation, which often results in price swings.
Looking back at earlier trends, PEPE experienced significant price drops after reaching ATHs in March and May 2024.
If there isn’t enough long-term buying to support the current prices, PEPE could face another correction.
Analysts warn that if the price drops below the $0.000017 support level, it might fall further to around $0.000015. On the other hand, if the PEPE token price manages to stay above $0.000020, it could signal further gains and possibly target the next resistance level at $0.000025.
The post PEPE token price hits new ATH after Coinbase and Robinhood listing appeared first on Invezz