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The PepeFork price soared 55% to trade for $0.0000005379 as of 4:30 a.m. EST time on trading volume that jumped 252%.
A fork of frog-themed PEPE, PORK, which was created by @Pauly0x, is enjoying the spillovers from the Pepe price, which is up 12% over the last day and 269% over the week. The surge has seen PORK feature among the top seven daily gainers, standing alongside STEPN and LEASH, among others.
https://twitter.com/coinzdaily247/status/1764932056935706772
Meanwhile, the PepeFork price continues to consolidate within a falling wedge pattern, setting the stage for an explosive move north. This is because a falling wedge is a reversal chart pattern that changes a bearish trend into a bullish trend.
PepeFork Price Outlook As PORK Coils Up For The Next Move
The PepeFork price is confronting resistance due to the upper boundary of the falling wedge pattern. If the bulls have their way, the PORK price could shatter this blockade, potentially extending north to test the $0.0000006000 psychological level.
In a highly bullish case, the gains could see the PepeFork price tag the $0.0000007012, 30% above current levels. The highly ambitious case could see the PEPE fork token reclaim the $0.0000009110 range high, levels last tested on February 2, 2024. This would denote a 70% move north above current levels.
The position of the Relative Strength Index (RSI) at 61 points to a strong price strength. This tilts the odds further in favor of the upside. Its position at 61 shows there is more room to the north before PORK can be considered overbought.
In addition, the histogram bars of the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) indicators are flashing green. This suggests the PORK bulls continue to maintain a strong presence in the market. The position of the MACD above the signal line suggests a strengthening bullish cycle, tilting the odds further in favor of the upside.
TradingView: PORK/USDT 1-day chart
Converse Case
On the other hand, it is also possible that the PepeFork price could suffer a rejection from the upper boundary of the channel. This could give sidelined investors and late buyers a buying opportunity before the PORK price registered a leg up.
If this supposition plays, out, the lower boundary of the falling wedge pattern could provide an ideal entry, around $0.0000002945. However, if the price breaks and closes below this level, it would produce a lower low, relative to the February 29 low of $0.0000002655. This would set the stage for the bears to enter the market.
Noteworthy, the RSI is leaning to the south, suggesting momentum is falling, which could provide the opportunity for the bears to take over.
With the PepeFork price consolidating within the falling wedge, but the market leaning towards the south side, the balance is split.
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- How To Buy $SCOTTY in 2024 – Scotty the AI Presale Review
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