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Highlights
- Dogecoin price breaks out from the symmetrical triangle pattern, eyes $0.18 target amid market rally.
- The Pepe coin challenged a critical key at the $0.00000448 neckline of a rounding bottom pattern, with a breakout potentially leading to a new target of $0.00000836.
- After facing fresh supply pressure at $0.000131, Floki is likely to undergo a minor pullback, with potential support levels at $0.000107 and $0.0000992.
Crypto Price Prediction: February witnessed one of the most remarkable monthly market cap gains in the history of cryptocurrency, sparking a shift in discussions towards price-related topics, with a significant focus on Bitcoin, AI tokens, and $PEPE. As per the crypto analytics for Santiment, this surge in interest and investment has brought about speculations that the markets might experience a period of stabilization or flattening after such explosive growth.
🗣️ Following an explosive February full of some of the biggest monthly market cap gains in #crypto's history, discussions have increasingly moved toward price-related topics. Mainly, #Bitcoin, #AI tokens, & $PEPE. Markets can flatten for a bit as a result. https://t.co/tGVlwfH9qD pic.twitter.com/K9qYlXa2zr
— Santiment (@santimentfeed) March 1, 2024
The cryptocurrency market has taken a halt from its aggressive recovery in mid-week as Bitcoin price tops at $64000. While the new overhead supply has impacted the majority of the major coins, the Memecoin sectors have witnessed a massive inflow uplifting the popular assets, like Dogecoin (DOGE), Shiba Inu(SHIB), Pepe Coin(PEPE), Floki, etc.
Also Read: Crypto Prices Today: Bitcoin At 62K, Ethereum Above $3400 As SHIB & PEPE Surge Over 50%
Bullish Momentum Builds for Dogecoin as Open Interest Doubles
Amid the broader crypto market rally, the Dogecoin price gave a decisive breakout from the symmetrical triangle pattern, on February 28th. This breakout projects a clear sign that buyers are starting to dominate the market for this asset.
According to data from Coinglass, Dogecoin Futures Open Interest witnessed a remarkable increase in just two weeks. The OI value soared from $533 million to an astounding $1.2 billion, marking a 125% increase that reflects growing investor enthusiasm and commitment to Dogecoin.
Currently, the DOGE is trading at $0.143, after testing the resistance at $0.15. This level has introduced some selling pressure, potentially leading to a slight retracement to the support level at $0.135.
However, if Dogecoin maintains its momentum beyond this breakout, it’s poised to reach a target of $0.18, as predicted by the symmetrical triangle pattern.
Also Read: Dogecoin Price Prediction As $DOGE Exits From 22-Month Accumulation
Bullish Pattern Signal a Major Trend Reversal In Pepe Coin
Since late February, Pepe, the meme coin inspired by the frog theme, has embarked on an upright rally, bouncing back from a low of $0.00000115. This upward trajectory has resulted in an impressive 280% increase in its price, now trading at $0.00000435.
Analyzing the daily chart reveals that this rally is forming a classic bullish reversal pattern known as a rounding bottom. This pattern signifies a prolonged period of accumulation, marking a smooth transition from a bearish to a bullish trend.
With the Pepe coin price achieving an 11.53% gain today, it is teasing a critical breakout point at the $0.00000448 neckline resistance. Should this breakout occur, it could significantly boost buying momentum, setting the stage for Pepe to reach a potential price target of $0.00000836.
Also Read: Pepe Coin 17% Rally Sparks Bullish Excitement, Time To Buy Dog-Themed Meme Coins?
Key Support Levels to Watch If Floki Price Enters New Correction
Within a month, the Floki coin witnessed parabolic growth with its price rallying from $0.000027 to $0.000117, registering 338% growth. This upward trajectory gave a decisive breakout from the resistance trendline of a symmetrical triangle pattern, signaling the end of a long accumulation phase.
However, the Floki price experienced a fresh supply pressure at $0.000131 evidenced by the long wick rejection in the daily chart. This resistance may trigger a minor pullback as a massive price hike is often followed by such retracement to recuperate exhausted bullish momentum.
The anticipated correction may find suitable support at $0.000107 and $0.0000992, offering traders a new dip opportunity.
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