Ethereum Meme Coin Pepe Surges 16% on Coinbase Listing

The cryptocurrency market begins the week with relative calm after the Bitcoin halving excitement, with the global crypto market cap at $2.56 trillion, showing a 2.7% change in the last 24 hours as per CoinGecko data.

Both Bitcoin and Ethereum experience modest gains of less than 3% today, reflecting similar trends among major tokens in the industry. However, Ethereum-based PEPE, a prominent meme coin of 2024, defies market norms and emerges as one of the top performers among the top 100 coins by market cap.

Over the last 24 hours, PEPE's price surged from $0.00000572 to its current value of $0.00000666, marking a notable 16% increase, with a substantial 30% surge over the past seven days. Despite a recent correction leading to nearly a 13% decline in the last 30 days, the token's technical indicators signal a potential recovery and a return to bullish sentiment.

This surge follows the announcement by Coinbase International, the global arm of the largest U.S. crypto exchange, regarding the listing of PEPE perpetual contracts. This move bolsters liquidity and enhances the asset's exposure. Initially slated for April 18, the opening of Coinbase's 1000PEPE-PERP market was delayed due to technical reasons, with trading now scheduled to commence on Tuesday, April 23.

The Coinbase announcement elicited enthusiasm and meme-filled reactions across Crypto Twitter. Additionally, Coinbase revealed plans for perpetual futures around Dogwifhat (WIF), a leading Solana meme coin, with trading slated to start on April 25.

Alongside the Coinbase listing, PEPE's technical indicators point towards a positive trajectory. The coin's price has surpassed the EMA55 mark, indicating potential recovery post the previous crash and a potential bullish trend resumption. The EMA10 is poised to surpass the EMA55 mark, forming a golden cross, often signaling an uptrend acceleration.

The Relative Strength Index (RSI) at 51 indicates a balanced market, while the Average Directional Index (ADX) at 20 suggests diminishing bearish strength. The Squeeze Momentum Indicator implies waning bearish momentum and anticipates a bullish impulse.

In an optimistic scenario, PEPE may sustain its bullish momentum, encountering resistance levels at approximately $0.00000754 or $0.00000882. Conversely, a failure to maintain momentum could test support levels around $0.00000468.

In conclusion, PEPE's surge on Coinbase listing underscores its resilience amid market fluctuations, with technical indicators hinting at potential further gains.