Pepe coin continued with its recovery on Monday as buying appetite returned, driven by prospects of higher prices ahead of a price spike ahead of the Bitcoin halving event. PEPE was up by 4.40% and traded at 0.00000567 at the time of writing, building from Sunday’s gain of 7.755. The token had been on the decline last week when it lost more than 40% of its value, with some PEPE coin price prediction sites pointing to a potential wipeout.
Beyond the Bitcoin halving event, Pepe’s upside is also supported by news of plans by Coinbase International Exchange to launch a perpetual futures market for the token. According to the exchange, PEPE perps will be available on its platforms from April 18th. The move is a major step in the meme coin’s efforts to get spot listing on Coinbase.
Some analysts had their PEPE coin price prediction analysis pointing to a potential rally akin to the one seen in Shiba Inu in 2021. However, recent losses have triggered FUD sentiment in the market. At -36%, the token’s losses in April are the most it has ever experienced in a two-week period since its launch.
The FUD sentiment could still be bubbling under, considering that the token hit six-week lows only two days ago. That said, PEPE coin retains a loyal community and fanbase who will likely provide support and limit the downside. Furthermore, the meme coin has proven its ability to rise steadily, and most recently rose by 221% in March.
The RSI on the Pepe coin token price favours the continuation of the upside, with the pivot at 0.00000534. Furthermore, the upside will prevail as long as the buyers keep the price above this level, with the first resistance encountered at 0.00000583. A continuation of control by the buyers at this mark will likely breach the resistance and build the momentum to test 0.00000624. Alternatively, a move below 0.00000534 will favour the bears to control the market, with the support at 0.00000494. A continuation of control by the sellers could break the support and set the pace to test 0.00000446.