Pepe and dogwifhat (WIF) have both spiked by more than 10% and 15% respectively in the last 2 days.
The two meme coins have garnered the attention of buyers, and they have seen increasing trading volume with WIF having a 127% and PEPE a 60% increase in the last 24 hours.
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Show more +The question now is, have the two meme coins resumed a decisive rally?
Looking at their price charts, we can see that they have similar movements as both meme coins have been trading below a descending trendline pattern for some months now.
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WIF particularly has been trading within a range since the beginning of August, fluctuating between $1.3 and $1.9.
The price bounced off the bottom of this consolidation, traded sideways for a while, and then started to rally. Thus, the move is only a part of the larger consolidation. It only becomes a decisive uptrend when it breaks out of the descending trendline pattern.
PEPE Trading Below a Descending Trendline Pattern
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PEPE also has a similar pattern to WIF. It has been trading below a descending channel pattern since May. It has also been trading sideways for a while, and the bullish move is only a smaller part of the larger bearish trend.
At best, it will be regarded as a retracement until there is a breakout from the descending trendline.
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