Memecoins
Even the most trendy pieces PEPE, BOME, TRUMP: bearish signs persist
- Pepe price meets resistance from a descending trendline.
- BOOK OF MEME price finds support at the weekly level of $0.00944.
- TRUMP price finds support along an ascending trendline.
Pepe (PEPE) price met resistance at a critical level, as Asset (MAGA) and Book of Meme (BOME) are testing crucial support levels. The technical outlook suggests possible near-term corrections for PEPE and BOME, while MAGA appears poised for a rally.
Pepe Price eyes short-term decline
Pepe price is currently facing resistance from a descending trendline that joins three high points from late May to mid-June, as shown on the four-hour chart.
If this trendline remains resistance, then PEPE could collapse approximately 14% from its current price of $0.0000119 to $0.0000106, the 50% price retracement of the upward move from $0.0000039 to $0.0000172.
The Relative Strength Index (RSI) and Awesome Oscillator (AO) on the four-hour chart support this bearish scenario, as both indicators are below their respective average levels of 50 and 0.
This suggests exhaustion of the bulls and continued momentum in favor of the bears, potentially leading to a further decline in PEPE price.
PEPE/USDT 4-hour chart
On the other hand, if Pepe price closes above $0.0000138, it would invalidate the bearish thesis by producing a higher high on the daily time frame, leading PEPE to rally 10% and reached the previous daily high of $0.0000152 on June 6.
BOOK OF MEME price expected to retest the lows
BOME’s current price stability hinges on weekly support at $0.00944, but a break below could trigger a 13% upside. dive to revisit its May 1 low of $0.00826.
The Relative Strength Index (RSI) and Awesome Oscillator (AO) on the four-hour chart support this bearish scenario, as both indicators are below their respective average levels of 50 and 0.
This suggests the exhaustion of the bulls and continued momentum in favor of the bears, which could lead to a further decline in the BOME price.
BOME/USDT 4-hour chart
However, if the daily BOME candlestick closes above the daily resistance level of $0.0111 and returns it to support, and the RSI and AO break above their average levels of 50 and 0, then a crucial market move from bearish to bullish could occur.
This structural change would be marked by the fact that BOME would form a higher peak on the daily period. In such a case, BOME could potentially rebound by 27%, aiming to retest its June 6 high of $0.014133.
TRUMP price shows potential
MAGA (TRUMP) price finds support around an ascending trendline from the junction of several low points from May to June, as shown on the four-hour chart. If this support holds and TRUMP price closes above the daily resistance level of $14.127, it could then rebound 25% to reach the daily high of $17.79 on June 1.
The Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the four hours chart support this bullish with the outlook both above the average levels of 50 and 0, indicating that the bulls still have strength to push TRUMP price higher.
TRUMP/USDT 4-hour chart
On the other hand, if the daily MAGA candlestick crosses below the trendline and closes below the $12.10 level, it would produce a lower low and signal a break in the market structure. This move would invalidate the aforementioned bullish thesis, potentially triggering a 17% crash to the daily support level of $10.03.