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.
Source: Coinmarketcap
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.
PEPE Daily Chart/Coinsprobe (Source: Tradingview)
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.
Shiba Inu (SHIB) Daily Chart/Coinsprobe (Source: Tradingview)
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.
