Memecoins like Dogecoin and Pepe are consolidating in a tight range after a recent pullback. Despite this, some, including Dogecoin and Pepe, show strong resilience, hinting at potential bullish movements ahead.
Memecoins are seeing fluctuating dominance between bulls and bears, keeping their values within a set range. However, there’s been notable upward movement in top memecoins like Dogecoin and Pepe, hinting at potential positive price actions ahead. As a result, the next two weeks could set the stage for a strong uptrend, possibly starting early in the second half of 2024.
Dogecoin Faces Bearish Pressure Amid Consolidation
Dogecoin recently broke down from a significant symmetrical triangle formation over the weekend, losing about 10% of its value. Currently, the price is consolidating tightly, attempting to counteract bearish pressures and stabilize near a support level that could trigger a rebound.
Despite efforts to consolidate within a narrow range, Dogecoin has struggled to reclaim previous levels, casting a shadow of bearish sentiment over the cryptocurrency. The widening Bollinger bands and bearish indicators suggest continued dominance by sellers, highlighted by the bull-bear power dynamics.
Looking ahead, there is a possibility that Dogecoin could experience further downside, potentially dropping by another 10% to around $0.12. This movement could set the stage for the next significant price action in the near term.
Pepe Price Shows Signs of Strength Amid Technical Developments
The Pepe price has recently shown robust momentum in short-term trading, suggesting potential for a sustained upward movement towards interim highs. Technical indicators have turned bullish, signaling a likely continuation of an ascending trend in the near future.
Following a period of reaching new highs, the PEPE price encountered resistance and formed a falling wedge pattern. Concurrently, the Relative Strength Index (RSI) struggled to maintain levels above average bands, indicating a weakening bullish momentum. However, the RSI has now begun a bullish rebound and could test upper resistance levels around $0.000013 in the coming hours.
If bulls successfully breach the upper resistance of the RSI, it may pave the way for Pepe’s price to break free from bearish pressure and potentially rise further.
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