Cryptocurrency bulls dominated the market as Bitcoin jumped towards $70,000 following weekend stability.
BTC trades near $68,900 during this publication, and the Fear & Greed Index at 63 suggests continued upswings.
Meanwhile, a look at Bitcoin’s daily chart signals potential near-term dips before the late “Uptober.”
Thus, the top digital coin by market value could explore $66,000 again.
Savvy investors will likely use the retrace as a dip-buying opportunity to join the much-anticipated market reversal.
Attention has shifted to the altcoin market, especially meme tokens, amidst such narratives, with PepeCoin (PEPE) and the fashioned-themed Poodlana (POODL) in the spotlight.
Let us dig deeper.
BTC to correct before exploding?
While Bitcoin price targets record highs, its near-term outlook suggests caution. CryptoQuant data shows BTC’s NVT ratio soared in the past few days.
That hints at overvalued conditions and potential price plunges in the upcoming sessions.
Moreover, BTC faced rejection at a resistance zone on its daily timeframe as the Relative Strength Index approached the overbought territory. Also, renowned analyst Ali Martinez forecasted bearish pressure before high highs as Bitcoin’s TD Sequential indicator flashed sell signals.
That suggests that investors could start offloading the asset, implying magnified selling momentum and price dips.
Therefore, Bitcoin might hit $66,000 again before bullish resurgences push prices to $73,000. Meanwhile, the future remains bright, with enthusiasts expecting massive rallies if Trump wins the upcoming presidential elections.
PEPE losses steam after 30% monthly gains
The frog-themed crypto topped charts over the past month after jumping 31% on its monthly chart.
PEPE trades at $0.00001060 during this publication, hinting at brief dips before extending the upside.
Source: Coinmarketcap
The meme token hovers in a symmetrical triangle after its recent reaction to the $0.00001068 resistance – which has prevented upsurges twice. That highlights significant selling momentum in this region.
Retracements will take the altcoin towards the support at $0.00001025.
The token will potentially rebound at this foothold amidst buyer pressure resurgence.
That would push PEPE’s price toward the triangle pattern’s upper boundary, where a breakout would send the alt to record peaks.
Poodlana eyes robust recovery
Poodlana is an early-stage meme token that attracted the attention of crypto fans with its uniqueness – merging Asia’s luxury fashion industry, meme culture, and cryptocurrencies.
Meanwhile, factors such as the delayed altcoin season, uncertainty in the broad financial space, and war-driven crypto volatility saw Poodlana lose its initial appeal.
That sent POODL price downward, plummeting by 65% on its 1-month chart.
Nevertheless, tides appear to shit, and Poodlana could be among the hard-hit tokens poised to lead the upside to new ATHs.
Source: Coinmarketcap
Its focus on utility will possibly set POODL ahead of its competitors in the themed crypto sector.
With new tokens often outperforming established projects amidst bull runs, Poodlana could swiftly recover what it had lost and attain its 100x objective.
Therefore, POODL’s discounted price might yield massive gains upon broad-based rallies.
You can find more Poodlana information here.
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