The crypto market is in the bottom of the trash can once again. Sentiment is awful, and all one can hear across social media is that the big holders are selling. Is this the time to buy? $PEPE, $WIF and $BONK are analysed.
$PEPE respects huge support level
Source: TradingView
$PEPE is one of the big dogs as far as memecoins are concerned. If memecoins go up, look to crowd favourite $PEPE to be among those leading the charge.
Zooming right out in the weekly time frame, it can be seen how the $PEPE price has perfectly respected the horizontal support at $0.00000592. At the worst of the dump at the beginning of last week, the $PEPE price not only shot through the 0.786 fibonacci, but also tapped that support level precisely.
The stochastic RSI is bottoming, and therefore upward momentum is potentially coming, possibly in the next week or two.
$WIF ready to reverse trend
Source: TradingView
Dog Wif Hat ($WIF) is the new favourite memecoin on the block for this bull market. That said, it has suffered as much as a 78% reversal since its top at the end of March.
A down channel has formed, with a solid series of lower highs and lower lows so far. In order for this downtrend to be reversed, $WIF would hopefully hold the strong horizontal support it is currently respecting, and then traverse back to the top of the channel, break out, and then take out the local high at $2.89. If it can do this, the all-time high at $4.86 could be a possibility.
$BONK could arrest the slide here
Source: TradingView
The $BONK price has made lower highs and lower lows since the end of May. However, this could be the point where this slide is arrested. The price is finding support at the 0.786 fibonacci level, horizontal support, and is respecting the upward trend line.
For traders, especially those not well-versed in this art, it must be remembered that memecoins are the most volatile of all cryptocurrencies. While they can go up fast, If there is a dump, they can also plummet. Trade with caution.
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.
