U.Today – With its incredible surge to $91,000, Bitcoin has raised expectations that it will soon reach the $100,000 mark. Bitcoin is gaining significant traction thanks to a combination of institutional interest, increased retail participation and positive market sentiment.
Key resistance and support levels are being watched by traders and investors alike as Bitcoin continues its remarkable ascent in order to determine whether there is still fuel left in the rally. Bitcoin is technically in a bullish uptrend after surpassing key resistance levels of $75,000 and $85,000. BTC has continued to rise, according to the daily chart, supported by significant volume spikes and a distinct breakout from the previous consolidation phase.
According to the chart pattern, Bitcoin has the potential for further growth, with the $100,000 mark serving as the next significant psychological barrier. In addition to being a technical goal, this mark serves as a psychological barrier that, if broken, might draw in new customers and raise prices even further.
Support between $88,000 and $90,000 will be essential for Bitcoin to continue on its upward trajectory in the near future. A reversal to these levels would not disrupt the upward trajectory and would serve as a foundation for Bitcoin’s subsequent ascent. A decline below this support zone, however, might indicate exhaustion and trigger a brief correction, with the $75,000 level serving as a more robust support floor.
It is possible that Bitcoin will reach $100,000 this week, given the current momentum and sustained demand, particularly if the market is still favorable and buying pressure continues. But because the market can be volatile, it is also critical for investors to exercise caution and keep an eye out for possible profit-taking at these high levels.
PEPE outshines everyone
Inspired by the notorious internet meme, Pepe has increased by an astounding 136%, causing a stir in the cryptocurrency world. This remarkable surge demonstrates the meme coin industry’s unexpected tenacity and momentum, which has persevered in grabbing the attention of the general public despite some initially writing it off as a fad.
Meme coins can no longer be dismissed as online jokes, especially when they begin to exhibit steady and significant growth, as Pepe’s recent price explosion demonstrates. PEPE’s current chart shows a distinct and quick upward trend; the token has just broken through significant resistance levels and hit new highs.
A robust trading volume highlights this rally, demonstrating the sustained and substantial demand for PEPE. Since the Relative Strength Index is currently in overbought territory, PEPE’s price may encounter short-term resistance or even a pullback.
But given how strongly it is rising, there may be a strong support base that could serve as a basis for future expansion. Rekindled interest has also been seen on the larger meme coin market as assets such as Dogecoin and Shiba Inu have rallied alongside PEPE. The rise in popularity of meme tokens suggests that investors are prepared to make bets on these extremely erratic assets, perhaps as a result of the profits made by more well-known cryptocurrencies like Ethereum and Bitcoin.
Meme coins have seen a surge in large transactions, which is indicative of greater whale interest and high trading volumes and are fueling these price increases. The meme coin market is emerging as an interesting subset of the larger cryptocurrency market thanks to PEPE’s quick 136% rally.
The recent price performance of these assets shows the possibility of significant returns, albeit with increased volatility, even though they still carry a high risk. Meme tokens are expected to hold their position on the market and possibly continue to surprise the industry as long as they continue to fascinate cryptocurrency enthusiasts.
Ethereum gears up
It seems like Ethereum is preparing for another possible spike, especially if it adheres to the traditional Elliott Wave pattern. Elliott Wave Theory states that assets frequently move in predictable waves with three waves of correction following a primary trend (impulse) that lasts for five waves.
According to the most recent chart patterns and ETH’s present course, it appears that the cryptocurrency may be in the middle of a correction, getting ready for the next significant impulsive wave. According to the given chart, ETH recently rose to about $3,200 before slightly declining. The second wave, which is usually a retracement phase that cools off prior gains before the asset builds momentum for the next big move, may be coming to an end with this correction.
The next impulse wave or the third wave is anticipated to be the strongest if Ethereum follows this pattern, driving the price of ETH higher. The $3,500 psychological resistance and the $3,800 level, where Ethereum has previously encountered resistance, are important levels to keep an eye on as possible targets for this next surge.
Based on past price action, ETH may target the $4,200 level, another significant resistance if momentum holds. According to the Relative Strength Index (RSI), ETH’s momentum is still in bullish territory, and the idea of a sustained uptrend is given more credence by the high trading volumes. But since market sentiment and other outside variables may affect ETH’s trajectory, it is crucial to keep a close eye on these technical indicators.
This article was originally published on U.Today
