In the past week, the PORK coin price has jumped 75% to $0.0000001481, breaking the $0.0000002148 resistance before falling below it.
On Thursday, Pepe Fork (PORK) saw its value jump to a two-month high of $0.00000023 during intraday trading. Though it has since corrected, PORK still shows impressive double-digit gains over the past 24 hours. It has formed an ascending price channel on the 4-hour chart, marked by a series of higher highs and higher lows
Trading volume for PORK has also surged significantly, increasing by over 130% during this time. It currently stands at $7.02 million, the highest level since June 17.
Can PORK Outperform Pepe (PEPE)?
PORK Coin recent price jump has led to speculation about whether it might surpass Pepe (PEPE) in performance in the short term. Crypto trader Alex Gomez highlighted on X that PORK’s 24-hour trading volume is just $0.5 million less than PEPE’s, even though PEPE’s market cap is 64 times larger. Gomez suggested that it’s not a question of if but when PORK could potentially outperform PEPE.
Others on X have encouraged the market to closely examine PORK’s trading volume and performance.
For the price to maintain its bullish trend, it needs to close a 4-hour candle above this resistance in the next 12 hours. However, PORK failed to maintain so it is now trading at $0.0000001714, with a risk of dropping further to $0.0000001325 if selling pressure continues.
Market Volatility and Potential Decline
Despite the excitement, PORK’s recent surge has increased market volatility. PORK’s Bollinger Bands on the 12-hour chart are widening, indicating increased market volatility.
PORK’s Average True Range (ATR), which measures price volatility, has also risen, currently standing at 0.0000000026. A higher ATR indicates large price fluctuations, suggesting PORK might face continued volatility.
Price Prediction: Possible Correction Ahead
The technical indicators for PORK Coin are signaling a possible correction. On Thursday, PORK’s RSI hit 88, indicating it was overbought and might drop. Now, the RSI is 64.89, meaning there’s still buying pressure, but selling is picking up.
Technical indicators suggest a potential correction may be near. The Moving Average Convergence Divergence (MACD) is showing bullish momentum, while the Relative Strength Index (RSI) indicates overbought conditions with its recent leveling off in the high 80s. This suggests that while PORK is currently strong, a price pullback might be imminent.
Experts predict that PORK Coin may lose some of its recent gains, with the next price target potentially being $0.00000012. However, if new demand emerges and boosts the coin’s value, PORK could rebound to around $0.00000017.
PORK Coin has been doing well lately, but it might see some short-term drops because of market ups and downs. Keep an eye on trends to make smart choices.
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