Memecoin Analysis: Bullish Pattern Hints 2X Growth in PEPE, LUNC, SHIB
Meme cryptocurrencies have always been lucrative investments for market participants for their dynamic move and massive returns. Though their volatility may shake out some investors, with the right setup they can offer huge ROI. In this article, we will analyze some of the popular memecoin to get a hint of their future projection
Also Read: Are Crypto Whales, Pepe Team Dumping Tokens For These New Meme Coins – Trader Picks For The ‘Next Pepe’
Pepe Price Analysis: Bullish Reversal from Strong Support
Pepe coin price has experienced a gradual correction over the past six weeks, marked by a sequence of lower highs and lows since its peak at $0.00000188. This decline has eroded gains achieved during the June-July rally, causing a 57.6% drop to a June low of $0.00000082.
Nonetheless, the daily chart shows the correction is confined better to two falling trendlines of a channel pattern. With the recent price sell-off in the crypto market, this memecoin plunged to the lower trendline of the channel trying to obtain suitable support.
With growing bullish momentum, there’s potential for a 30% price increase from the current $0.0000009 trading price. However, for a more definitive trend change, confirmation through a bullish breakout from the upper resistance is advised, which could drive prices toward the $0.00000188 mark.
LUNC Price Analysis: Set to Prolong Recovery Rally
In mid-August, Terra Classic coin price experienced intense selling pressure, causing its value to sharply decline from $0.0000658 to $0.00005234, marking a 34% drop and retesting the support trendline of a falling channel pattern.
Notably, the coin’s price has exhibited a history of rebounding from dynamic support, driving a bullish recovery. Over the past six months, the coin has been characterized by a consistent downtrend within the channel pattern. On August 17th, the daily chart displayed a long-tail rejection at the lower channel boundary, indicating demand presence.
This triggered a 20% price increase to $0.0000624. Looking ahead, if the coin maintains a position above $0.6, buyers might lead a recovery rally of about 22%, targeting the upper channel trendline. A more robust confirmation of trend reversal would emerge from a bullish breakout beyond the resistance trendline. This breakout could lead the prices to a high of $0.000144.
SHIB Price Analysis: Opportunity to Enter Dip
The daily time frame chart shows the correction phase in which the Shiba Inu price has found suitable support at $0.00000725. The rising demand pressure led to a minor consolidation which shaped into a triangular setup of a bearish pennant pattern.
By the press time, the SHIB price traded at $0.00000809 and was getting squeezed within two converging trendlines. A potential breakdown from the lower trendline will accelerate the selling pressure and plunge the prices 38% down to the lower boundary of the wedge pattern.
This dip could be an opportunity to accumulate SHIB as the falling wedge pattern usually results in a bullish breakout to lead a massive rally. The post-breakout rally could push this memecoin to $0.000018 mark.