Username: XINKE
Time:Oct. 30, 2024
In a recent tweet, market analyst CryptoDoc highlights the Pepe coin price resonating mainly within two converging trendlines of the daily chart. This consolidation reveals the formation of a bullish continuation pattern called a symmetrical triangle pattern.
Theoretically, the converging trendlines provide a temporary break for the prevailing trend to build its momentum before the next. In the last four days, the Pepe price rebounded from the pattern’s support trendline at $0.0000084 to $0.00000852, registering a 13% jump. Consequently, Pepe’s market cap surged to $4.01 billion.
Despite the bullish trajectory, the analyst predicts a small retest or final dip to the green zone support, coinciding with the pattern’s lower trendline.
If history repeats, the bottom support should replenish the bullish momentum for the PEPE price and push it to nearly 17% to challenge the overhead resistance. A successful flip of this overhead trendline into potential support could push the asset to $0.000012, registering an almost 30% growth.
Check out the article on top meme coins to buy for a detailed analysis.
According to data from Coinglass, the open interest (OI)-weighted funding rate has recently surged to $0.0139, indicating that buyers are paying a premium to maintain their long positions. This spike suggests a strong bullish sentiment in the market, with buyers showing confidence in further price appreciation.
Additionally, the futures open interest has shown a recovery trend, climbing from a recent low of $60.566 million to its current level of $132.7 million, marking a 119% percentage growth. Elevated open interest levels typically signal heightened trading activity, amplifying market movements and potentially contributing to increased volatility.
On the contrary, if sellers breach the bottom trendline, the bearish momentum will invalidate a breakout thesis to drive an extended consolidation.
The OI-weighted funding rate recently surged to $0.0139, suggesting that buyers are paying a premium to maintain their long positionsIf sellers breach the bottom trendline of the symmetrical triangle, it would indicate a shift in momentum, invalidating the breakout thesis and potentially leading to extended consolidation.Analysts expect a brief dip in Pepe Coin's price to test support and regain bullish momentum. This dip is seen as a setup for a potential 30% rally
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