Memecoins
Will Meme coins like PEPE, FLOKI and BONK give a 2x increase?
As the crypto market rebounds, with the price of Bitcoin surpassing the $65,000 barrier overnight, meme coins are looking slightly in bad shape. Under a healthy correction, they await their next massive jump.
Meme coins could soon soar, with altcoins siphoning additional bullish momentum from the recovering market. However, small-cap coins project better 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 altcoins with high potential.
New PEPE price test prepares another frenzy
PEPE price action, one of the best performing meme coins in 2024, shows a falling wedge breakout rally completing a reversal from the rounded bottom. The uptrend breaks the psychological $0.000010 mark but presents 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 rise.
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.
Bullish trend in Floki’s eyes $0.00042
With a bull run in motion, FLOKI price action is showing a descending wedge rally gaining momentum with a double bottom. As the meme coin breaks above the neckline at $0.00019, resistance at $0.00021 leads to a retest of the bullish breakout.
Currently, FLOKI price is consolidating between two crucial Fibonacci levels and awaits an increase in buying pressure. An uptrend will propel the meme coin up to the 1.618 Fibonacci level at $0.00040. However, a slide below $0.00019 will negate the breakout and bring it back to $0.00016.
Solana’s Meme Piece Prepares a Double Bottom
The largest meme coin in the Solana ecosystem, BONK price action is showing a wedge breakout. Additionally, like Floki, he attempts a double bottom reversal for extra momentum.
As the meme coin supports the 50D EMA and the 38.20% Fibonacci level, the chances of an uptrend improve. However, the lack of RSI divergence calls into question the uptrend.
Since the market as a whole will improve, BONK price could break above the neckline at $0.000028. In such a case, the rally could reach the $0.00003786 mark.