Many altcoins are already spiking in price, and those who were not able to ride the rally from the beginning are looking for the next big opportunities. At the time of writing, the prices of Memecoin (MEME) and SushiSwap (SUSHI) are presenting opportunities that could turn out to be significant rallies.
This observation was made by World of Charts in two posts on X. Let’s go into the details of his analysis.
The analysis of the MEME chart shows a falling wedge pattern, which is a bullish reversal formation. The convergence of trendlines suggests that the price has consolidated, leading to a breakout above the upper trendline.
Following the breakout, the price has retraced to retest the upper trendline, which has held as support, reinforcing the validity of the breakout.
The analysis anticipates a potential rally exceeding 200% fot MEME price, consistent with typical price movements following a falling wedge pattern.The price appears to be in a consolidation phase after the breakout and retest, which may provide an accumulation zone for buyers before the next upward movement.
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SUSHI Price Has One More Hurdle to Overcome
For SUSHI, the chart displays a symmetrical triangle pattern, indicating a period of consolidation characterized by lower highs and higher lows. This setup typically signals a potential breakout.
Recently, SUSHI has broken above a significant horizontal resistance level, confirming bullish momentum and setting the stage for further gains. A long-term descending trendline serves as a key resistance level, which the price is projected to approach as the next major hurdle.
If the price clears the descending trendline, the analysis suggests a potential rally of 300-350%, supported by historical patterns.
The tweet aligns with the technical analysis, emphasizing the significance of the symmetrical triangle and the breakout above horizontal resistance as indicators of a recovery phase. Clearing the multi-year descending trendline could confirm a long-term trend reversal, making the projected price targets plausible based on historical trends.
