Pepe Coin Listed on Heavily Regulated Canadian Exchange Amid Volatile Price Action: Analyst Expects Further Upside If This Happens
Pepe (PEPE), the meme-inspired cryptocurrency that has taken the market by storm in 2023 and in recent weeks with another pump, has been listed on the most heavily regulated exchange in Canada, Newton, according to analyst Plazma. This development comes as Pepe experiences significant price volatility, with the token’s value fluctuating wildly over the past few weeks.
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Pepe’s Epic Two-Week Close and Long-Term Strength
Despite the recent price fluctuations, BecauseBitcoin CEO remains bullish on Pepe’s long-term prospects. In a series of tweets, the CEO highlighted the token’s impressive two-week close, describing it as “peak strength” that should not be overlooked.
The two-week chart of Pepe shows the token breaking away from a multi-month range and entering a phase of price exploration. This breakout is seen as a highly positive development by the CEO, who believes that the longer it takes for Pepe to cool off, the higher the token’s price will ultimately go.
Short-Term Volatility and Stop Hunt
On the shorter timeframe, Pepe’s one-hour chart reveals a stop-hunt that occurred right upon the weekly open. The price briefly flushed into an H12 FVG (Fair Value Gap) before recovering and re-entering a bullish continuation pattern that had been forming throughout the weekend.
The BecauseBitcoin CEO acknowledges that Pepe’s extreme volatility makes it challenging to chart on the lower timeframes, and this difficulty is only expected to increase as the token’s price continues to rise. However, the CEO emphasizes that the two-week close is far more significant and indicative of Pepe’s long-term potential.
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Show more +The CEO also addresses the importance of embracing cooling-off periods in Pepe’s price action. Recency bias often leads investors to expect instant gratification, but the CEO argues that a temporary slowdown in price appreciation should be welcomed.
According to the CEO, the longer it takes for Pepe to cool off, the higher the token’s price will ultimately climb. This perspective encourages investors to maintain a long-term outlook and avoid getting caught up in short-term fluctuations.
Pepe Coiling for a Potential Breakout
In a follow-up tweet, the BecauseBitcoin CEO notes that Pepe is currently coiling on the lower timeframes, presenting an attractive setup for a potential breakout if Ethereum (ETH) can maintain its strength.
The CEO reiterates that the hourly timeframes are increasingly noisy due to Pepe’s extreme volatility and that this noise is expected to intensify as the token’s price continues to rise. Despite the short-term volatility, the CEO remains confident that Pepe is poised for further upside.
Price Performance and Market Sentiment
Over the past 24 hours, Pepe has experienced an 8.4% decline in value. However, the token has still managed to gain 7.5% over the past seven days and an impressive 717% over the past 30 days.
With the BecauseBitcoin CEO’s bullish outlook and the growing mainstream acceptance of meme-inspired cryptocurrencies, Pepe appears well-positioned to continue its upward trajectory, despite the occasional cooling-off periods and short-term volatility.
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