Pepe Coin continues to gain momentum, supported by a massive 163% surge in the Ethereum (ETH) burn rate. This strong correlation between the two coins suggests that as ETH continues to rise, Pepe Coin could see a parallel surge, boosting its investment opportunities.
Current Price: Pepe Coin is up 7% in the last 24 hours and is now trading at $0.000009.
Positive Technical Outlook: Pepe Coin’s breakout from the ascending triangle pattern suggests potential gains of up to $0.000001469, which is equivalent to a 75% increase from current levels.
Market Sentiment: The markets are currently witnessing a clear outweighing of long positions over short positions by a ratio of 4 to 1, reflecting a positive mood among investors.
Correlation with Ethereum: Pepe Coin has a strong 60-day correlation with Ethereum, at 0.92, indicating a strong positive relationship. Historically, an increase in the ETH burn rate has led to higher prices, which could be a good indicator of Pepe Coin’s future performance.
Support and resistance levels:
Main resistance: $0.000001269.
Support levels: $0.00000080 and $0.00000070.
If Pepe Coin drops below $0.00000080, it could be an indication of a potential pullback. On the other hand, staying above this level reinforces the uptrend.
In conclusion, the current rally driven by Ethereum burning dynamics makes Pepe Coin an attractive option for investors. However, monitoring technical movements and market trends remains crucial to ensure making the right decisions.
$BABY
