2 hours ago
1 ARTICLE AD
On the back of some very bullish exchange listings, memecoins $PEPE, Dog Wif Hat ($WIF), and $BONK, have been flying high in recent days. However, after such explosive surges, is it now time for a comprehensive pull-back?
$PEPE price forms a bull flag
Source: TradingView
The $PEPE price surged nearly 100% over four days, confirming the view of many that memecoins are still the niche sector with the most potential upside for this bull market.
Even though the price has suffered a dip since then, the short-term chart for $PEPE does not show that this drop in price is likely to continue. Instead, the formation of a bull flag promises more upside to come.
Nasty candle paints after $PEPE surge
Source: TradingView
On the daily time frame, it can be seen that the fierce upward drive did leave quite a nasty candle behind on Thursday. The long wick to the upside signals heavy selling. However, the price has retraced to the 0.382 Fibonacci and has bounced. If this continues, this is a bullish retracement. That said, the daily Stochastic RSI has reached the top, signalling potentially negative price momentum.
$WIF explodes 150% higher
Source: TradingView
$WIF has been on a similar run to $PEPE, having climbed 150%, but over a 9-day period. The surge took $WIF through the descending trendline, which goes all the way back to April, and enabled the price to hit $4.73, before falling back down.
Although there is the potential for $WIF to continue higher, especially if Bitcoin starts to leave $90,000 in the rear view mirror, we are currently looking at a lower low, as well as a potential double top. In order to avoid these negatives, the $WIF bulls will need to push the price higher than $4.88.
$BONK moves higher after 25% retrace
Source: TradingView
$BONK has had its own huge run-up recently with a surge worth 156% over an 11-day period. The price did retrace 25% over the course of Thursday and Friday, nicely retesting the 0.382 Fibonacci, and is now heading higher again. The spike did just fail to make a local higher high, so this will be an important achievement for bulls to make, perhaps in this current upturn. If they are successful, the all-time high is only around 7.8% above this.
In summary, $PEPE, $WIF, and $BONK are all capable of continuing their price rises, as long as $BTC continues its own climb towards $100,000. Any decent reversal for Bitcoin would likely impact far worse on the memecoins.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
