Memecoins
Will meme coins like PEPE, FLOKI and BONK give a double boost?
As the cryptocurrency market recovers, with the price of Bitcoin surpassing the $65,000 barrier overnight, meme coins appear slightly subdued. Under a healthy correction, they are waiting for the next huge leap.
Meme coins could soon skyrocket, with altcoins taking further bullish momentum from the recovering market. However, small-cap coins are predicting more chances of a quick and bigger jump in the coming weeks. So, let’s take a closer look and check the price analysis of some high-potential altcoins.
The new PEPE price test prepares another spree
PEPE, one of the best performing meme coins in 2024, shows a descending wedge breakout rally completing a rounded bottom reversal. The uptrend crosses the psychological threshold of $0.000010, but shows a new test in action.
With the VI lines in positive alignment and the ADX trending up, the DMI indicator shows a bullish trend in action. The underlying demand for the PEPE meme coin shows a high probability of a price increase.
In case of an uptrend, PEPE price could reach the $0.000019 mark. On the other hand, a decline below $0.000010 could test the support at $0.00000925.
Uptrend in Floki Eyes $0.00042
With a bull run in motion, FLOKI price action shows a descending wedge rally gaining momentum with a double bottom. As the meme coin breaks out of the neckline at $0.00019, the resistance at $0.00021 leads to a retest of the bullish breakout.
Currently, FLOKI price consolidates within two crucial Fibonacci levels and awaits a surge in buying pressure. An uptrend will push the meme coin to the 1.618 Fibonacci level at $0.00040. However, a decline below $0.00019 would reverse the breakout to $0.00016.
Solana’s meme coin prepares a double bottom
The largest meme coin in the Solana ecosystem, BONK price action shows a breakout of the wedge pattern. Also, similar to Floki, he attempts a double bottom reversal to gain further momentum.
As the meme coin finds support at the 50D EMA and 38.20% Fibonacci level, the chances of an uptrend are improving. However, the lack of divergence between the RSI casts doubt on the uptrend.
Considering that the broader market will improve, BONK price could break out of the neckline at $0.000028. If that happens, the rally could reach the $0.00003786 mark.