Butthole Coin (BUTTHOLE) Price Gearing Up For A Bullish Rally From Descending Wedge Pattern

The BUTTHOLE price has been consolidating within a falling channel, as evidenced by the two downward-sloping trendlines that create a narrowing range.

The Butthole Coin (BUTTHOLE) price surged 389% in the last week and 9% in the last 24 hours to trade at $0.06097 as of 11:05 p.m. EST on trading volume that plunged 30% to reach $35.6 million.

Despite the BUTTHOLE price jump, the meme coin space plunged 5% in the last 24 hours to reach a market cap of $110 billion.

Butthole Coin Price Gearing Up For A Bullish Rally

The BUTTHOLE price has been consolidating within a falling channel, as evidenced by the two downward-sloping trendlines that create a narrowing range.

This pattern often indicates a potential reversal or breakout scenario, as traders typically monitor such setups for a breakout to the upside or downside.

Earlier, the Butthole price experienced a significant upward trend, with prices reaching a high near the resistance level marked at approximately $0.12, according to data from GeckoTerminal.

Since then, BUTTHOLE has corrected downward but has respected the 200-day Simple Moving Average (SMA) at $0.05445, suggesting this level is acting as strong support. Moreover, the 50-day SMA at $0.07280 is currently acting as a dynamic resistance.

Furthermore, the current candlesticks are nearing the apex of the falling channel, which is a bullish reversal pattern, increasing the likelihood of a breakout to the upside. A breakout above the upper trendline could signal a move toward the key resistance zone at $0.12.

The Relative Strength Index (RSI) is currently at 44.32, placing it in the neutral zone, slightly closer to the oversold region. This indicates that the asset has not yet reached an extreme level of selling pressure, but there is room for bullish momentum to build.

Meanwhile, the Moving Average Convergence Divergence (MACD) is also showing a generally bullish outlook, as the blue MACD line briefly crosses above the orange signal line.

BUTTHOLE Price Prediction

Given the current setup, the Butthole Coin price appears poised for a potential bullish breakout from the descending wedge pattern.

If the breakout occurs, the first target is the $0.08–$0.10 range, corresponding to prior resistance levels.

Should buying pressure continue, the price of BUTTHODE could then attempt to retest the $0.12 resistance zone.

However, if BUTTHOLE fails to break above the 50-day SMA and descends below the 200-day SMA, it could revisit lower levels, with the next major support likely around $0.045–$0.05.

As the Butthole Coin price climbs, investors are also buying a new coin called Meme Index (MEMEX). According to crypto analyst and YouTuber Jacob Bury, who has over 53k subscribers, MEMEX has the potential to be the next 10x crypto.

Meme Index Raises Over $2 Million In 2 Weeks—Next Crypto To Explode?

The Meme Index presale continues to gain traction in the meme coins sector, with the project now garnering over $2.1 million in about two weeks.

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