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

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.