Benzinga - Cryptocurrency analyst Ali Martinez said that the meme cryptocurrency Pepe Coin (CRYPTO: PEPE) is currently showcasing signs of a bullish breakout from a downward trend.
What Happened: PEPE’s value on the 4-hour chart is seen emerging from a descending parallel channel—a pattern that shows that PEPE is off to a rally.
A descending parallel channel pattern shows that PEPE's price will go down over time while bouncing between two downward-sloping lines: one line is above the price and acting like a ceiling (resistance), while the other line is below the price, acting like a floor (support). These lines are parallel and contain the price between them, creating what is called a “channel.”
$PEPE appears to be breaking out from a descending parallel channel, which suggests #PEPE could advance toward $0.0000016 or even $0.0000019! pic.twitter.com/Emnz0W4BvR— Ali (@ali_charts) January 11, 2024
Pepe is up 12% rise in the past week—outperforming other meme cryptocurrencies such as Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) that were up 1%-3% in the last seven days. At the time of writing, PEPE was trading at $0.0000013, down 1% in the last 24 hours.
Ali Martinez, in a tweet on X said, "PEPE could advance toward $0.0000016 or even $0.0000019!”
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SOL Analysis: In another analysis, Martinez has shared an optimistic scenario for Solana (CRYPTO: SOL), identified through technical patterns on its price chart. Martinez said, “Solana is breaking out from a bull flag that developed on the 4-hour chart.”
The chart suggests that if Solana can manage to maintain a price above the key level of $106—a criterion for confirming the pattern—it might spark a bullish rally for the ‘Ethereum (CRYPTO: ETH) killer'.
According to his analysis, such a breakout could propel the SOL token, potentially escalating its market price by 47%, with projections set between “$150 – $165.”
#Solana is breaking out from a bull flag that developed on the 4-hour chart. A sustained close above $106 can trigger a 47% rally that pushes $SOL toward the $150 – $165 price range. pic.twitter.com/VmbA9L4QuL— Ali (@ali_charts) January 11, 2024
Price Action: At the time of writing, SOL was trading at $94.38, down 2.44% in the last 24 hours, according to Benzinga Pro
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