With an incredible rise to $91,000, Bitcoin has increased expectations that it will soon reach the $100,000 mark. Bitcoin is gaining momentum thanks to a combination of institutional interest, increasing retail participation and positive market sentiment.
Traders and investors are watching key resistance and support levels as Bitcoin continues its remarkable climb to determine whether there is still fuel left for the rally. Technically, Bitcoin is in a bullish uptrend after breaking through key resistance levels at $75,000 and $85,000. According to the daily chart, BTC continues to rise, supported by significant volume spikes and a clear breakout from the previous consolidation phase.
Judging by the chart, Bitcoin has the potential for further growth, with the next significant psychological barrier being the $100,000 mark. This mark is not only a technical goal, but also serves as a psychological barrier that, if broken, can attract new customers and raise prices even more.
Support between $88,000 and $90,000 will be needed for Bitcoin to continue its upward trajectory in the near future. A reversal to these levels will not disrupt the upward trajectory and will serve as the basis for the subsequent rise of Bitcoin. However, a fall below this support zone could indicate exhaustion and trigger a short-term correction, with the $75,000 level serving as more reliable support.
It is possible that Bitcoin will reach $100,000 this week given current momentum and robust demand, especially if the market continues to be favorable and buying pressure continues. But since the market can be volatile, it is also important for investors to exercise caution and watch out for possible profit-taking at such high levels.
PEPE steals the show
Inspired by a notorious internet meme, Pepe’s growth increased by an astounding 136%, causing a stir in the cryptocurrency world. This remarkable surge demonstrates the unexpected tenacity and dynamics of the meme coin industry, which continues to capture the attention of the general public despite some initially chalking it up to a fad.
Meme coins can no longer be treated as online jokes, especially when they begin to show sustained and significant growth, as demonstrated by the recent Pepe price explosion. The current PEPE chart shows a clear and rapid upward trend; The token just broke through significant resistance levels and reached new highs.
High trading volume underscores this rally, demonstrating sustained and significant demand for PEPE. With the relative strength index currently in overbought territory, the PEPE price could face short-term resistance or even a pullback.
But given how strongly it is growing, there may be a strong base of support that could serve as a foundation for future expansion. A resurgence of interest has also been seen in the larger meme coin market as assets such as Dogecoin and Shiba Inu have risen alongside PEPE. The rise in popularity of meme tokens suggests investors are willing to bet on these highly volatile assets, perhaps as a result of gains made from better-known cryptocurrencies such as Ethereum and Bitcoin.
Meme coins are seeing a surge in large transactions, indicating increased whale interest and high trading volumes and fueling price increases. The meme coin market is becoming an interesting subset of the larger cryptocurrency market thanks to the rapid growth of PEPE by 136%.
Recent price movements in these assets show the potential for significant returns, albeit with increased volatility, although they still carry high risk. Meme tokens are expected to maintain their position in the market and perhaps continue to surprise the industry as long as they continue to captivate cryptocurrency enthusiasts.
Ethereum is gaining momentum
It looks like Ethereum is preparing for another possible surge, especially if it sticks to the traditional Elliott wave model. Elliott Wave Theory states that assets often move in predictable waves with three corrective waves following a major trend (momentum) that lasts five waves.
Based on the latest chart patterns and the current ETH price, it appears that the cryptocurrency may be in the middle of a correction, preparing for the next significant impulsive wave. According to the chart above, the price of ETH recently rose to around $3,200 and then declined slightly. The second wave, which is typically a recovery phase that cools off previous gains before the asset gains momentum for the next big move, could come to an end with this correction.
The next impulse wave or third wave is expected to be the strongest if Ethereum follows this pattern, causing the price of ETH to rise. The psychological resistance at $3,500 and the $3,800 level, where Ethereum previously faced resistance, are important levels to watch as possible targets for the next surge.
Based on past price action, ETH could reach the $4,200 level, which is another significant resistance if the momentum continues. According to the Relative Strength Index (RSI), ETH’s performance is still in bullish territory, with the idea of a sustained uptrend gaining more credence due to high trading volumes. But since market sentiment and other external variables can impact ETH’s trajectory, it is critical to keep a close eye on these technical indicators.
