Altcoin
XRP Price Targets $30 As Analyst Reveals Bullish Double Bottom Breakout
XRP price has formed a double-bottom pattern, a widely recognized bullish reversal signal. Analysts suggest this pattern has been confirmed, as the altcoin has broken above its neckline resistance. This development indicates strong buying pressure, which could push the Ripple token price toward the $30 mark.
Bullish Double Bottom Pattern Suggests XRP Price Could Reach $30
According to analyst Steph Is Crypto, XRP price has completed a double-bottom formation by breaking above the neckline resistance. This breakout is considered a strong bullish signal, indicating a potential rally. Historically, once this type of pattern is confirmed, prices tend to rise, with projections based on the pattern’s height extended from the breakout point.
The long-term chart of XRP price shows an extended accumulation phase, similar to previous bull cycles. The breakout above the neckline suggests strong buying momentum, potentially triggering an altcoin rally. Top analysts anticipate that if momentum sustains, XRP price could move towards its projected $30 target.
More so, XRP price breakout aligns with increasing trading volume, reinforcing the bullish outlook. A sustained increase in volume after a breakout often indicates institutional participation and growing investor confidence. Additionally, analysts highlight the absence of strong resistance between current levels and the projected target, making a sharp upward movement feasible.
Ripple Price Must Hold $2 Support Level
Additionally, crypto analyst Ali Martinez has pointed out that XRP price is also forming a head-and-shoulders pattern on its weekly chart. This pattern typically signals a trend reversal, with the $2 support level being crucial for maintaining an upward trajectory.
Martinez highlighted that if XRP price fails to hold above $2, it could face a decline to $1.25. Traders are closely monitoring this level, as a breakdown below it could lead to further downside pressure. However, if the support holds, XRP could continue its bullish trend and push towards the projected $30 target.
Altcoin Rally and Broader Market Trends
The broader cryptocurrency market trend is another factor influencing XRP price. Bitcoin’s performance and macroeconomic factors, such as the Federal Reserve’s policy decisions, could impact investor sentiment. A positive market environment could support an altcoin rally, benefiting XRP’s upward momentum.
According to CryptoQuant’s recent analysis, the rising demand for stablecoins is fueling an altcoin season. Experts believe this shift signals a strong rally for altcoins in the coming weeks.
The recent market correction has seen XRP price trading between $1.79 and $3.36. A rebound began in early March, with XRP closing the past week in green. At press time, Ripple token price was $2.34, reflecting a 1.95% increase in the last 24 hours.
Historical price trends suggest that XRP has undergone extended periods of accumulation before major bull cycles. This pattern appears to be repeating, with XRP price breaking above key resistance zones.
Adding to the bullish sentiments, Ripple filed a trademark for downloadable software to custody crypto assets. This move could push the altcoin toward the $5 mark in the coming months and probably cross the $30 price target.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Top crypto analysts across the globe recently rattled the broader market by forecasting a highly bullish outlook for Pepe Coin price. Amid an ongoing 22% weekly price rally, analysts like Ali Martinez, CryptoELITES, and World of Charts have predicted that a phenomenal bullish breakout for PEPE looms.
While one spotlights the potential for 40x gains, others reveal a bull run awaits, and thus 50%-60% pump looms. These bullish projections echoed an optimistic market buzz after the recent market turmoil, which slammed PEPE price by nearly 30% over the month.
Top Analysts Predict Pepe Coin Price Eyes Bullish Breakout
Crypto analyst ‘Ali Martinez’ took to X on March 18, stating that Pepe Coin’s price is eyeing a bullish breakout. As per the analyst, the meme coin has been shaping an inverse head and shoulders pattern on the hourly chart since the start of the month.
This formation embodies a key neckline resistance at the $0.0000075 price level. Further, the analyst reveals that the meme coin’s price formed a part of the right shoulder with its price action in the last 24 hours. Now, a sustained break above the mentioned neckline resistance could trigger a phenomenal 40% price upswing.
For those wondering, the inverse head and shoulders pattern is a formation on the price chart that suggests a potential reversal from a downtrend to an uptrend. Traders and investors usually anticipate gains in the wake of this formation, proving to be bullish news.
Has PEPE Price Already Bottomed?
Simultaneously, analyst ‘CryptoELITES’ took to X, stating that Pepe Coin price confirmed a bottom at $0.0000069834. The analyst called the dip, whilst the current price is already considerably up from this level.
At the time of reporting, PEPE token’s price traded at $0.000007181, soaring 6% intraday. The meme coin hit an intraday high of $0.000007582, briefly breaking the neckline resistance spotlighted by Ali Martinez.
While this action garners investor bullishness, analyst CryptoELITES believes that the pump is just the start, whereas a 40X target is right over the horizon.
Other Analysts Join The Fray
Simultaneously, analyst ‘World of Charts’ revealed on X that the frog-themed meme coin is trading in crucial areas while also spotlighting an inverse head and shoulders pattern. This forecast primarily added to market optimism as the analyst expects a 50-60% bullish rally after a successful breakout from similar resistance levels near $0.000007.
As a result, crypto market participants weigh significant optimism on Pepe Coin price amid renowned analysts’ bullish predictions. In addition, a PEPE price analysis by CoinGape also spotlights the same pattern, cementing investor sentiments of a bull run.
Market Dynamic Already Optimistic?
The meme coin is already up nearly 22% over the past week, per CoinMarketCap. Further gains remain awaited in light of the bullish predictions and an ongoing recovery sentiment brewing right ahead of the U.S. FOMC.
Coinglass data signaled renewed market interest in the asset amid the bullish predictions. The crypto’s futures OI rose by over 8% to $237.90 million recently. Further, the derivatives volume shot up by nearly 16% to $627.05 million.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Pi Network price slipped about 17% today, indicating a waning risk-bet appetite of the investors. Despite the buzz around the coin, the crypto has recorded significant losses lately, especially due to a lack of major announcements and updates regarding the token. Amid this, a Pi Coin enthusiast has revealed key reasons that might have triggered the recent selloff in the market.
Pi Network Price Slips 17%
Pi Network was one of the top laggards in the crypto market today, sparking concerns among traders. Pi Coin value was down more than 17% and exchanged hands at $1.16, while its one-day trading volume rose 54% to $551 million.
Notably, the latest loss comes as a huge Pi token unlock looms. For context, the unlock eventually increases the supply, causing pressure on the price. Besides, it has dampened the traders’ sentiment, resulting in the recent decline in the value.
Pi Coin Faces Major Selloff Amid Investor Concerns
Pi Coin’s recent price plunge has left many investors questioning the project’s long-term viability. Enthusiasts note that the drop directly correlates with declining public sentiment. One of the key triggers was Pi’s failure to secure a Binance listing, despite 86% of its community voting in favor.
This rejection has shaken investor confidence, further pressuring the token. Adding to the concerns, the Pi Core Team failed to deliver any groundbreaking updates on Pi Day, a crucial event for the community.
Many early miners, who have supported the project for years, are now openly criticizing the team for the lack of visible progress. With the project in development for six years, frustrations are mounting as expectations remain unfulfilled.
Lack of Development Roadmap Raises Red Flags
A major complaint among Pi Coin investors is the absence of a clear roadmap for the Open Mainnet launch. Unlike other crypto projects that provide transparent timelines, Pi Network has remained vague about its future developments. This uncertainty has led to growing skepticism, with some fearing that the project may never reach full decentralization.
In a recent social media post, Pi enthusiast Dr Altcoin pointed out that the crypto’s ranking has fallen to #13, with its price dropping below $1.30. He emphasized that the declining value reflects the community’s disappointment in the project’s progress. Without a roadmap, investors remain hesitant, leading to increased sell-offs.
Community Demands Transparency & Progress
The Pi Network community is calling for immediate action from the core team. Investors believe that for Pi Network price to regain momentum, the team must address the lack of trust by:
- Releasing a clear Open Mainnet roadmap.
- Launching the long-awaited 100 decentralized applications (DApps).
- Disclosing key investors and partnerships.
According to Dr Altcoin, these steps are crucial in restoring faith in the project and preventing further price declines. Without transparency and real progress, Pi Coin risks losing more support. However, a recent Pi price analysis hints at a 3X rally if Binance lists the token on its platform.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Binance-based Mubarak meme coin has witnessed huge trading activity surging by another 70% today and moving to $.20 with its market cap hitting $200 million just within two days of launch. An early trader of the meme coin has managed to earn a 4860x return just within two days of launch, converting his $232 investment to a $1.1 million return.
Mubarak Meme Coin Trader Mints Huge Profit
Blockchain analytics platform LookonChain recently pointed out that a trader has achieved extraordinary profits from the newly launched BNB Chain-based meme coin, the Mubarak token. A savvy trader managed to turn an initial investment of just 0.4 BNB ($232) into over $1.1 million, achieving a staggering 4,860x return.
The trader purchased 10.5 million $MUBARAK tokens for $232 and later sold part of the holdings for 576 BNB, worth approximately $363,500. Currently, the trader retains 5.16 million tokens, valued at $764,000, spread across three wallets.
What’s Behind This New Meme Coin Frenzy
The Mubarak meme coin has gained significant traction in the last two days following an investment by Binance founder Changpeng Zhao. This announcement was enough to garnet significant trader attention leading to a sharp rally in a very short time period.
Furthermore, the listing of this meme coin on the Binance Alpha platform has led to a huge trading activity around it. Pseudonymous crypto analyst Thanos has expressed strong optimism about the token, describing it as a “no-brainer” investment at its current price levels.
According to Thanos, the recent Binance Futures listing triggered a market shakeout, eliminating overleveraged long positions. With this correction behind, the analyst believes the token can continue its upward trajectory.
BNB Price Rally to Continue?
The launch of the MUBARAK meme coin on the BNB Chain has led to a huge surge in network activity thereby pushing the BNB price higher to the breakout resistance of $630. As a result of this, the decentralized exchange (DEX) volumes on the BNB chain have also skyrocketed.
In a recent milestone, the daily trading volumes on the BNB chain also surpassed that of the popular Solana network. Over the last few months, the meme coin market has been shifting from Solana to Binance, as the latter sees a strong surge in address activity.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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