The bulls and the bears exhibit their dominance at frequent intervals and as a result, the values of most tokens are trading within a predetermined range. Meanwhile, some positive movement has been witnessed among the top memecoins, like Dogecoin & Pepe, suggesting this sector may display a positive price action very soon. Therefore, the upcoming fortnight may be a preparation for the beginning of a strong upswing, which could be initiated in the first few days of H2, 2024.
The Dogecoin price had lost momentum and broke down from the decisive symmetrical triangle during the past weekend. After losing nearly 10% of its value, the price is trying to ease the bearish forces by maintaining a close consolidation within a tight range. However, the price dropped towards a pullback support, which is expected to trigger a bounce towards the profit zone.
The price is consolidating within a narrow range but has failed to reclaim the levels which flutter bearish clouds over the crypto. Besides, the Bollinger bands have expanded and are heading towards the south as the strength of bears continues to remain dominant, as suggested by the bull-bear power. Therefore, the price could plunge by another 10% to reach $0.12, which may initiate the next price action.
The short-term trade suggests the Pepe price has gathered significant strength and hence could maintain a healthy upswing to reach the interim highs. The technicals have turned bullish and hence a notable ascending trend could follow soon.
After marking new highs, the PEPE price faced a rejection, which further formed a falling wedge. On the other hand, the RSI has failed to rise and sustain above the average bands, indicating a drop in bullish strength. However, the RSI has initiated a bullish rebound and may test the upper resistance at $0.000013 in the next few hours. If the Bulls manage to break the upper resistance of the RSI, then the PEPE price may rise above the bearish captivity.
Also Read: Ethereum(ETH) Loosing Or Gaining The Momentum? Is $4000 Possible?
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