The prices of PEPE and BRETT meme coins have been surging today as their price action starts showing signs of recovery. While the price movements indicate potential room for further upside, certain conditions must be met. Let’s delve into what is triggering the bullish price action for these meme coins and explore the factors that could fuel their continued ascent.
What you'll learn 👉
PEPE: Oversold Conditions Fuel Bullish Momentum
The price of PEPE, a meme coin inspired by the popular Pepe the Frog meme, has witnessed an 8% surge today. This upward momentum has been fueled by oversold conditions, as highlighted by the Relative Strength Index (RSI) reaching low levels.
According to crypto analyst Davie Satoshi, the last two times the RSI reached these oversold levels, PEPE experienced substantial bull runs, hitting new all-time highs. This observation has injected positive sentiment into the market, with investors anticipating a similar scenario unfolding.
PEPE Reaches Critical Support
PEPE Price reaching a strong support is also indicative of a potential price rise. The token has been moving up since then, indicating a potential shift in market sentiment.
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However, while the initial signs are promising, analysts suggest that we may need to see some more rising metrics for the price to continue its upward trajectory. Additional positive indicators could solidify the bullish momentum and provide further confidence in PEPE’s ability to sustain its recent gains.
BRETT: Flipping Bonk and Climbing the Ranks
BRETT, another meme coin inspired by Matt Furie’s Boys’ Club comic, has been making waves in the crypto world. As news of BRETT flipping Bonk and climbing to rank 57 among all cryptocurrencies spread, investors took notice of its remarkable resilience and recovery speed.
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Show more +HiRO, a crypto commentator, praised BRETT’s performance, highlighting its ability to withstand the recent market dip with a mere 3.82% loss, significantly outperforming other popular tokens like SHIB and WIF.
Moreover, BRETT’s rapid recovery has been nothing short of remarkable, leading HiRO to encourage investors to trust in the “based $Brett team” and the supportive community of nearly 330,000 holders.
BRETT Technical Analysis: Breaking Out and Aiming Higher
From a technical analysis perspective, BRETT’s price has been trading within a descending channel since June 7. Today’s 20% price surge has propelled BRETT to start breaking out of this channel, signaling a potential shift in market sentiment.
If BRETT can decisively break out and successfully retest the previously established channel, analysts believe the price could spike to new all-time highs, further fueling the meme coin frenzy.
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