Memecoins
Rising meme coins PEPE and BONK in the bear market anticipate the bull run
Volatility is peaking as the cryptocurrency market plummets with the FOMC meeting and inflation report coming on June 12th. However, some meme coins like PEPE and BONK are re-emerging as optimistic eyes expect a recovery in this segment.
With PEPE price jumping 5.41% last night and BONK poised for a morning star, meme coins are poised for a turnaround. Will this reversal rally lead to a broader market comeback this month?
Let’s examine the price chart and technical analysis of PEPE and BONK to know more.
PEPE predicts the reversal of the meme coin segment
With a pullback phase on the daily chart, the Price PEPPER the trend shows a retest of the 50D EMA. After the retest, the price trend of meme coins has undergone a sideways shift without any decisive movement in the past four days.
However, with the recent overnight jump of 5.41% along with the intraday move of 1.04% today, PEPE’s price action reveals a potential comeback move. Furthermore, the MACD and signal lines predict a bullish crossover into the positive territory.
Therefore, if the broader market recovers after the FOMC meeting, the PEPE price could reach all-time highs. Optimistically, the bull run can lead the meme coin to break $0.000018 and reach the psychological level of $0.000020.
A morning star bull run for BONK?
With a negative cycle in the ascending channel pattern, BONK price drops below the 50D EMA. Furthermore, the meme coin misses the critical 50% Fibonacci level and the psychological value of $0.000030.
THE VERY GOOD price The stock reveals a bullish failure of the rounding bottom pattern and tests the support zone at the 38.20% Fibonacci level at $0.00002679. However, the price action of the meme coins suggests the end of the correction phase with the 3% intraday jump.
With the bullish rally, a morning star pattern forms at a crucial support level, causing a comeback rally. If buyers weaken the selling pressure to reverse the trend polarity, the uptrend of the meme coin can reach $0.00003756.
Did you know : Bitcoin Plunges Ahead of FOMC & CPI, While PEPE & BONK Show Extreme Strength – Here’s What to Expect!