PEPE Dips 8% as Coinbase Effect Fades, But Bulls Prepare for Round Two

Pepe’s Coinbase listing pushed its price to an all-time high of $0.000025 yesterday, November 14. However, due to the broader market correction, it has witnessed an 8% pullback over the past 24 hours.

Despite the dip, bullish sentiment around the meme coin remains strong. This suggests a potential revival of its uptrend and an attempt to reclaim its all-time high.

PEPE Traders Anticipate Further Gains

Yesterday, PEPE recorded a 75% intraday rally after leading cryptocurrency exchange Coinbase confirmed its listing on its spot market using a frog emoji. BeInCrypto reported that this coincided with Robinhood’s decision to list the meme coin, which drove it to an all-time high of $0.000025 during yesterday’s trading session. 

Although it has since slipped by 17% to trade at $0.000021 at press time, the meme coin continues to enjoy a significant bullish bias.

The positive reading from its Elder-Ray Index is one confirmation of this. As of this writing, it stands at 0.000011. For context, yesterday, it rose to 0.000018, its highest level ever.

PEPE Elder-Ray Index. Source: TradingView

The Elder-Ray Index assesses the strength of bullish and bearish pressures in the market. When its value is positive, it means that bull power is dominant. It indicates strong buying pressure in the market and offers a good opportunity for traders looking to take a long position.

Notably, PEPE’s funding rate confirms the preference for long positions among its futures traders. Per Santiment, the meme coin’s funding rate, which is the periodic fee paid to keep an asset’s contract price aligned with its spot price, is 0.013% at press time. 

PEPE Funding Rate. Source: Santiment

When the funding rate is positive, long-position holders pay short-position holders to maintain their trades. This indicates that there are more buyers than sellers in the market, suggesting bullish sentiment, as it reflects higher demand for the asset and a willingness to pay to keep long positions open.

PEPE Price Prediction: It All Lies With the General Market

PEPE is currently trading at $0.000021. If broader market sentiment improves, the meme coin could break through the newly formed resistance at $0.000022. A successful breach would pave the way for the PEPE meme coin’s price to reclaim its all-time high of $0.000025 and potentially rally beyond it in the short term.

PEPE Price Analysis. Source: TradingView

However, a sustained decline in demand would push PEPE’s price lower, invalidating the bullish outlook. In this case, the meme coin could drop by 17% to $0.000018. If selling pressure intensifies at this level, the PEPE meme coin’s price may slide further to $0.000015.