Earlier, on November 13, the Coinbase crypto exchange added $PEPE
to the spot market #listing . In response to the news, the price has soared by 75% in the last 24 hours
The addition of the popular PEPE memcoin to the Coinbase listing seems to be an inspiring event for token holders. However, the on-chain analysis warns that soon the coin may lose some of the points gained.
Pepe owners lock in profits after growth
The day before, the post of Coinbase Chief legal Officer Paul Greuel on the X platform made it clear to the markets that the exchange would add PEPE to the listing.
"You've wanted a frog for a long time. Well, you'll get it soon. Coinbase is adding PEPE to our listing roadmap with the aim of adding it to the platform later today. Thank you for your patience," Greuel wrote.
Coinbase also confirmed the information around the same time, and, as expected, officially added memcoin to the listing on the same day. The announcement coincided with Robinhood's decision to add memcoin to its platform. In the end, all this boosted PEPE to $0.000022.
The price jump led to the fact that the volume of profitable transactions reached $53.14 trillion, and the amount of profit-taking amounted to about $1.16 billion. Usually, an increase in this indicator indicates sales pressure. Therefore, it is likely that the token will decrease in the near future.
At the moment, profit-taking has weakened, but the relative strength index (RSI) still promises a short-term decline in the price. Its values range from 0 to 100 and help you understand when an asset is overbought or oversold. If the RSI exceeds 70, it may mean that the asset is overvalued and a correction may be required. If it is below 30, it may signal a possible price recovery.
As can be seen in the graph below, after PEPE's listing on Coinbase, its indicators significantly exceeded the acceptable overbought values. Therefore, the price is likely to make a correction.
PEPE forecast: a possible decline is on the horizon
On the daily chart, the token reached a new historical high at $0.000023. There are no resistance levels above, but the overbought condition hints at a possible price decline.
If this happens, PEPE risks falling to $0.000019, where the Fibonacci level of 23.6% correction is located. If profit-taking increases after the token appears on Coinbase, the price may drop to $0.000015.
On the other hand, if the buying pressure increases, memcoin may rally to $0.000026.