PEPE Hits New All-Time High Following Robinhood Listing: Is The Bullish Rally Started?

Date: Wed, Nov 13, 2024, 02:06 PM GMT

In today’s cryptocurrency market, Bitcoin (BTC) has resumed its upward momentum, gaining +5% and hovering near $91,000. This bounceback has sparked renewed enthusiasm among memecoins, with Pepe (PEPE)—the third-largest memecoin by market cap—leading the rally. PEPE surged by an impressive 46%, hitting a new all-time high of $0.00001999, with 40% of this gain coming within the last hour following a major listing announcement.

Source: Coinmarketcap

Robinhood Lists PEPE

The primary catalyst behind PEPE's explosive rally is the recent announcement by Robinhood Crypto Exchange. Just an hour ago, Robinhood revealed that it has added four new cryptocurrencies to its U.S. trading platform: Solana (SOL), Pepe (PEPE), Cardano (ADA), and XRP (XRP). This brings the total number of cryptocurrencies available on Robinhood’s platform to 19.

Source: @RobinhoodApp (X)

The listing on such a widely used platform has fueled buying interest in PEPE, propelling it to new heights.

Is the Bullish Rally Just Starting?

The price chart shows a promising bullish setup for PEPE. After breaking out of a descending triangle on Nov 7 at $0.00001070, PEPE rallied to $0.00001459 before experiencing a pullback to the support level at $0.00001275. Following today’s listing news, PEPE not only broke its previous all-time high of $0.00001718 but also surged past $0.00001999.

At its current level around $0.000018, PEPE may undergo a short retest of its previous all-time high before continuing its upward movement. If it successfully holds this level, PEPE could potentially rally towards its upper trendline on the chart, which would represent nearly a 100% gain from its current price. Technical indicators also point to strong bullish momentum, with the RSI (Relative Strength Index) climbing, though traders should monitor for any signs of overbought conditions.

Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.

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