Memecoins $WIF, $BRETT, and $BONK at, or approaching, good buy zones

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As a researcher with a background in cryptocurrency analysis, I’ve seen my fair share of market volatility and unpredictability. With Bitcoin currently experiencing significant selling pressure and threatening to break below the $60,000 support level, it seems counterintuitive to consider buying memecoins. However, history has shown us that such market downturns can create opportunities for those willing to take calculated risks.

Given the significant selling pressure on Bitcoin, which is nearing the brink of a potential breakdown below the $60,000 support level, this could present an opportunity for investors to consider purchasing memecoins such as $WIF, $BRETT, and $BONK. Many investors might be considering selling due to the Bitcoin downturn, making these coins potentially undervalued at their current prices.

Keep an eye on $BTC

When considering the purchase of memecoins or any other cryptocurrencies, it’s essential to note that Bitcoin’s (BTC) performance plays a significant role. Bitcoins’ positive sentiment often sets the tone for the entire crypto market. If Bitcoin is experiencing a downturn, it’s likely that the rest of the crypto market will follow suit, possibly even more significantly. Consequently, monitoring Bitcoin’s trend closely becomes crucial before engaging in memecoin trading.

In this article, I’ll be examining the three top-performing memecoins from the past year: Dog Wif Hat ($WIF), which saw a staggering growth of 29,550%, and BRETT ($BRETT) with its impressive 15,221% increase. Additionally, there’s BONK ($BONK), which managed to boost its value by an astounding 3,206%. No other cryptocurrencies have come close to matching their success.

$WIF hitting a bottom?

Over the past 12 months, $WIF has undeniably reigned supreme among outperforming stocks. At present, its price is showing signs of reaching a bottom. The significant support level for $WIF is currently at $1.94. It’s likely that $WIF will rebound from here. If it fails to hold this level, the last line of defense would be at $1.49.

$BRETT respects upward sloping trend line

Since mid-May, Brett’s price has adhered to an uptrend with a gradual incline. Beneath this trendline lies a supportive band encompassing levels from $0.14 to the 0.382 Fibonacci level at $0.13. The price fluctuations for Brett primarily remain within the range extending from $0.14 to $0.165. Alternatively, this price behavior can be described as an ascending triangle where the resistance level and trendline define its boundaries – a bullish pattern implying potential upward price movements.

$BONK battles at support

Based on my analysis, $BONK appears to be lagging slightly behind the other two horses in terms of speed. However, it’s important to note that it’s currently trending upwards and has recently formed a higher low. As depicted in the chart above, the price is now attempting to hold above the confluence of the 0.618 Fibonacci level and support at $0.000021. At this point, it might be prudent to consider buying at $0.0000177 as a resistance level could lead to a lower low, aligning with the 0.786 Fibonacci level.

Utmost caution advised

It is strongly recommended that great care is taken before engaging in any of these trades. In the event that Bitcoin ($BTC) unexpectedly drops below the $60,000 mark and even further to $58,000, memecoins could experience a significant downturn. Implementing stop losses and practicing thorough risk management is crucial under such circumstances.

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2024-07-03 16:04