The Fed rate cuts of 50 bps came as a huge surprise for the markets, as Bitcoin and other major cryptos witnessed a steep rise beyond their respective resistances. Besides, the memecoins have jumped into action, with POPCAT leading the rally. However, 2 popular memecoins recorded massive volumes of nearly $500 million each. While the PEPE price is about to trigger a 25% run, the Dogecoin (DOGE) price remains consolidated within a range.
What’s Next? Will the DOGE price rise above the extended consolidation and follow PEPE?
PEPE price has broken out of range after a prolonged consolidation for nearly a couple of months. The token broke out of the decisive symmetrical triangle and is trying to clear the crucial resistance at the 50-day EMA. The bulls are trying hard to secure these levels, which is expected to push the prices beyond the crucial range at $0.00001.
The DMI underwent a bullish crossover during the previous day’s trade, which validated the beginning of a fresh bullish spell. The +Di is displaying some bearish divergence, which may be a matter of concern. However, the RSI remains elevated, which suggests the growing strength of the bulls. Hence, the PEPE price appears to be primed to test the crucial resistance at $0.00000925 and reach $0.00001 in the first few days of Q4. But what’s next with the DOGE price rally, which remains stuck around $0.1 without much volatility?
The Dogecoin price just broke out from the falling wedge but has failed to set up a fine ascending trend. Although the RSI maintains a steep ascending trend, the DMI is yet to undergo a bullish crossover. Therefore, the price is expected to remain within the prevailing consolidation for some more time, followed by a breakout to $0.12. However, the bulls do not appear to be strong enough to sustain above the gains, but with the change in the market dynamics, the rally may gear up and head towards higher targets.
