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Cryptocurrency Market Update: Calm After Bitcoin Halving Buzz

The cryptocurrency market continues to see stability this week after the excitement surrounding the recent Bitcoin halving event. The global crypto market cap is currently at $2.56 trillion, reflecting a 2.7% change in the last 24 hours, as reported by CoinGecko.

Bitcoin and Ethereum, the two largest players in the market, have both seen modest gains of less than 3% today. This trend is echoed among other major tokens in the industry. Surprisingly, the Ethereum-based meme coin, PEPE, has emerged as one of the top performers among the top 100 coins by market cap.

In the past 24 hours, PEPE’s price has surged from $0.00000572 to $0.00000666, marking a substantial 16% increase and a notable 30% rise over the last seven days. Despite experiencing a 13% decline over the past month due to a correction, the coin’s technical indicators suggest a potential recovery and a shift towards a bullish trend.

The recent price surge can be attributed to Coinbase International’s announcement of listing PEPE perpetual contracts. This move not only enhances liquidity but also boosts the asset’s exposure in the market.

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The launch of Coinbase’s 1000PEPE-PERP market, initially scheduled for April 18 but postponed due to technical issues, is now set to commence on Tuesday, April 23.

The news of this listing sparked excitement and meme-worthy reactions across Crypto Twitter, reflecting the community’s enthusiasm. In addition to PEPE, Coinbase also revealed plans for offering perpetual futures for Dogwifhat (WIF), a prominent Solana meme coin, with trading slated to begin on April 25.

Alongside the Coinbase announcement, PEPE’s technical indicators signal a positive trajectory. The coin’s price trend has surpassed the EMA55 mark, indicating a potential bounce back from the recent crash and a potential shift towards bullish behavior.

The EMA10 is on track to cross above the EMA55 mark, a bullish sign known as a golden cross, which typically signifies an upward price movement. Additionally, key indicators like the Relative Strength Index (RSI) and Average Directional Index (ADX) suggest a balanced market with diminishing bearish pressure and hints of a potential bullish reversal.

In a bullish scenario, PEPE could encounter resistances at $0.00000754 and $0.00000882, showcasing potential growth opportunities. Conversely, a bearish scenario could see the coin testing support levels at $0.00000468. Investors are advised to monitor these technical indicators and price levels to make informed decisions.

Edited by Andrew Hayward

Disclaimer: The views expressed in this article are for informational purposes only and should not be construed as financial advice or investment recommendations.

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