As the bullish momentum within the symmetrical triangle pattern grows stronger, will the 'dark horse' PEPE, which made a crazy rebound in June, start its upward journey again? How far can it rise this time?
Once Bitcoin broke through the $73,000 mark, the cryptocurrency market experienced a wave of capital influx. Driven by this new momentum, the highly volatile meme coin sector has also started to stir. In particular, that frog-themed meme coin has risen 2.46% in the past 24 hours and is testing a resistance level that has stood for four months. However, before a significant rebound in PEPE coin, could there be one last drop?
Currently, PEPE's trend looks quite strong. According to data, the weighted financing rate of open contracts has recently soared to $0.0139, indicating that buyers are willing to pay higher prices to maintain their long positions. This reflects a strong bullish sentiment in the market, with buyers confident about price increases. Moreover, the futures open contracts have also rebounded, rising from a recent low of $60.566 million to the current $132.7 million, a rise of 119%. The increase in open contract levels usually indicates increased trading activity, leading to heightened market volatility.
However, the ADX (Average Directional Index) shows that although PEPE's upward trend is still present, it is not as strong as before. During the recent price rise, the ADX climbed above 50, indicating a strong upward trend. But now the ADX has dropped to 37, suggesting that the market may be cooling down and the upward trend is weakening. This may indicate that the market is entering a period of slowdown or consolidation.
However, PEPE's Relative Strength Index (RSI) has risen from 36 a day ago to 57.39, this significant increase indicates that market buying interest and momentum are continuously strengthening. The rapid rise of the RSI also reflects that market sentiment is shifting from neutral to bullish. Moreover, the current RSI value is still well below the overbought threshold, suggesting that there is still room for price increases and that there is no immediate risk of excessive expansion.
Speaking of price predictions, if the short-term EMA line of PEPE can cross the long-term EMA line to form a golden cross, it could be a bullish signal indicating a potential change in the price trend of PEPE. If that happens, the price of PEPE may continue to rise, first breaking through $0.00001082, then rising to $0.00001198, with a potential increase of 25%. Of course, if the upward trend fails, the price could also drop to the support level of $0.00000881 or even $0.00000773.
Additionally, the price of PEPE coin is currently fluctuating within two converging trend lines on the daily chart, forming a bullish continuation pattern known as a symmetrical triangle pattern. Theoretically, the convergence of these trend lines may provide a temporary breakout for the current trend, allowing it to build momentum before the next trend arrives. If history repeats itself, the bottom support should be able to supplement PEPE's bullish momentum, pushing it up nearly 17% to challenge the resistance above. If it successfully turns this upper trend line into a potential support level, the price of PEPE could rise to $0.000012, achieving an increase of nearly 30%.
BTC4390
#pepe⚡ #狗狗币创数月新高 #下一BTC历史新高是多少？
