Today, BTC has temporarily broken through $65,000, and many friends are shouting that the market is going to rebound!
Yellen's speech yesterday revealed at least two key points. One is that the current US economy is still good and there is a possibility of a soft landing. The second is that although the labor market is currently stable, it is still relatively fragile and the Federal Reserve needs to continue to cut interest rates to prevent the labor market from collapsing.
Both of these messages send relatively friendly signals to the outside world!
After the Fed cut interest rates, hot money from the entire financial market is gradually flowing into cryptocurrencies
Keep paying attention and things will continue to improve!
» ￥BABY
Current price: $0.000010697
Market value: $4.493 billion
24-hour trading volume: $1.32 billion
The leader Pepe is about to rise. In fact, the mainstream of the currency circle is MEME currency, public chain and AI, three major narratives.
The leading MEME coins will all rise. Pepe is a very strong MEME. You can still invest in it now. It is expected to rise 10 times. The interest rate cut will last for two years, so you can hold on to it with confidence.
PEPE coin is a meme coin built on Ethereum and launched with Pepe as the theme. The project is similar to meme coins such as Dogecoin and Shiba Inu. The goal is to break the current market meme framework headed by "dog" and let Pepe return to power and become the most popular meme coin.
Unlike the Ponzi economics of other meme coins, PEPE tokens have no pre-sale and no high transaction taxes. The official even destroys LP tokens and gives up contract rights, promising never to Rugpull (run away).
The recent 24-hour increase was 19.1%, and the weekly increase was 27.6%!
PEPE is approaching its 2024 peak trading levels.
A breakout of the current ascending triangle pattern would see PEPE projected to reach its yearly high at 0.00001725.
Both whale and retail investors are strategically accumulating PEPE in preparation for the expected surge.
Despite a 5.77% drop this month, Pepe [PEPE]’s recent performance shows signs of recovery, with its weekly chart up 16.11%. Further bullish indicators suggest continued upward momentum.
AMBCrypto details the key factors that could drive PEPE’s expected upside.
Symmetrical triangle forms, buying pressure eases
At press time, the pair was trading inside a symmetrical triangle that is characterized by the converging upper and lower lines acting as resistance and support areas, respectively.
PEPE recently rebounded from the important horizontal support at 0.00000701 to rise to the upper resistance of the triangle pattern at 0.00000876. This resistance line also coincides with another key resistance level, emphasizing the strength of this barrier.
While symmetrical triangles generally indicate a potential bullish outcome, a breakout above the overhead resistance line is crucial. A successful breakout above this level could propel memecoin to the 2024 high of 0.00001725 or the median target of 0.00001307.
If PEPE fails to overcome this resistance, it could fall back to the horizontal support line of 0.00000701 or the lower boundary of the triangle in a bid to gather momentum for another rebound attempt.
AMBCrypto analyzed whether PEPE could break above the upper resistance line of the symmetrical triangle. Below are the insights gathered.
On-chain indicators suggest a PEPE rebound is imminent
AMBCrypto used Coinglass's on-chain indicators for analysis and found that both whales and retail traders have accumulated PEPE in large quantities, and they are increasingly opening long positions.
Open interest, a key measure of traders' enthusiasm for the market, has grown significantly. Open interest surged from $95.68 million on September 23 to $114.39 million on September 25, reflecting traders’ growing interest in the memecoin.
In addition, exchanges have seen a large outflow of PEPE, resulting in a negative net flow. This generally indicates that market participants are moving PEPE into self-custodial wallets for long-term holding, indicating their confidence in the asset’s potential appreciation.
Such a move would typically lead to tight supply, which would push prices higher and potentially break through established overhead resistance levels.
More bullish indicators emerge
Utilizing the Relative Strength Index (RSI), a technical indicator used to measure the speed and magnitude of price changes, AMBCrypto identified a potential rebound for PEPE.
Currently, the RSI is trending upwards with a reading of 56.75, suggesting that higher prices may follow. Since these values often move in tandem, an upward trend in the RSI usually precedes a corresponding rise in an asset’s price.
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