- Bitcoin rebounded from $76,000 to around $84,000, with memecoins PEPE and SHIB breaking out of bearish structures showing weekly gains.
- PEPE broke above its falling wedge resistance at $0.0000046 and is now trading at $0.0000070, with potential upside targets at $0.00001028 and $0.00001478.
- SHIB also broke above its falling wedge pattern resistance and is trading at $0.000013, with next resistance at $0.000015 and potential upside target of $0.00001967.
- Both memecoins show signs of potential recovery, but traders should watch for retests of breakout zones and monitor Bitcoin's strength above $84K for continued altcoin support.
Date: Sun, March 16, 2025 | 08:18 AM GMT
The cryptocurrency market is showing early signs of recovery, with Bitcoin (BTC) rebounding from its weekly low of $76,000 to trade around $84,000. After experiencing steep corrections over the past three months, popular memecoins like Pepe (PEPE) and Shiba Inu (SHIB) are beginning to break out of their bearish structures, signaling a potential shift in trend with noticeable weekly gains.
Both PEPE and SHIB have successfully broken key resistance levels, adding bullish momentum to their price action. Let’s analyze their latest technical developments and what to expect next.
Pepe (PEPE) Analysis
On the daily chart, PEPE had been consolidating within a falling wedge pattern, a historically bullish formation that often precedes trend reversals. This pattern developed following a sharp decline from its December 9 high of $0.000028, eventually bottoming out at $0.0000052 on March 10.
However, PEPE has now successfully broken above the wedge’s resistance trendline at $0.0000046, sparking an upward move. Currently trading at $0.0000070, the price is at a crucial point where it could either retest the breakout level or continue its ascent.
If bullish momentum continues, the next significant resistance lies at $0.00001028, aligning with the 50-day moving average (MA). A decisive breakout above this level could trigger a strong rally, potentially pushing PEPE towards $0.00001478, aligning with the 100-day moving average (MA), marking a 108% upside from the current price.
Shiba Inu (SHIB) Analysis
Similar to PEPE, SHIB also formed a falling wedge pattern after a major correction from its December 8 high of $0.000033, eventually testing a low of $0.000010 on March 11.
Today, SHIB has successfully broken above its upper resistance trendline, trading at $0.000013 at the time of writing. This breakout indicates a potential reversal in momentum, but further confirmation is needed with a retest.
If SHIB maintains its bullish momentum, the next significant resistance lies at $0.000015, aligning with the 50-day MA. A decisive breakout above this level could trigger a strong rally, potentially pushing SHIB towards $0.00001967, marking a 51% upside from the current price.
Is a Recovery Ahead?
Both PEPE and SHIB have taken crucial steps toward potential recoveries. While breakouts from falling wedges are generally bullish, the next few days will be crucial in determining whether these memecoins can sustain their gains.
Traders should watch for a retest of the breakout zones and monitor overall market sentiment. A continuation of Bitcoin’s strength above $84K could provide additional support for altcoins, including PEPE and SHIB.
Disclaimer This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any investment decisions.
The opinions and market insights shared on CoinsProbe represent the views of individual authors based on prevailing market conditions at the time of publication. Cryptocurrency investments carry significant risk and volatility. Readers are encouraged to conduct their own research and seek professional financial advice before making investment decisions. CoinsProbe and its contributors do not accept responsibility for financial losses or decisions made based on published content.
CoinsProbe may publish sponsored articles, affiliate links, or promotional collaborations. All sponsored material is clearly labeled to maintain transparency with our audience. Our editorial decisions remain fully independent, and advertising partnerships do not influence reviews, rankings, or published opinions.
Since 2023, CoinsProbe has delivered reliable insights on cryptocurrency, blockchain, and digital assets. Our content is created by experienced researchers and analysts who follow strict editorial standards focused on accuracy, transparency, and credibility. Every article is carefully reviewed and verified using trusted sources and current market data. We provide unbiased analysis and timely updates covering everything from emerging crypto projects to major industry developments.
