Memecoins $PEPE, $WIF, and $BONK bounce from important levels

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As a seasoned analyst with extensive experience in the crypto market, I believe that the recent price action in Bitcoin ($BTC) and its impact on memecoins like $PEPE, $WIF, and $BONK is a significant development that warrants close attention. The potential for a sustained rally in Bitcoin could be a game-changer for these altcoins, as they often follow the lead of the market’s dominant player.

On Monday, Bitcoin‘s value surged to hit a resistance level of $58,000. This surge has created a ripple effect throughout the cryptocurrency market. As is common, memecoins such as $PEPE, $WIF, and $BONK have experienced particularly robust rebounding from crucial price points. Will this upward trend in pricing persist?

All rests on Bitcoin

“The billion-dollar query at hand is whether Bitcoin has reached its lowest point. If Bitcoin’s current surge continues and the digital currency manages to break above its 200-day moving average once more, it’s possible that the bottom has been reached, leading to potential gains in the future.”

It’s important to note that the current situation with Bitcoin (BTC) remains uncertain. The resistance at $58,000 may have been tested and confirmed, potentially leading to a drop in price towards the support level of $51,000. However, it’s also worth mentioning that Bitcoin has reached the bottom of its bull flag pattern on the weekly chart. Additionally, the stochastic RSI indicator is showing signs of reversing direction and could bring positive momentum back to Bitcoin soon.

$PEPE bounces from 200-day EMA

On a daily basis, the $PEPE price chart indicates that it has more ground to cover before reaching its peak. However, if $PEPE manages to surpass the current resistance at $0.000009, this could mark the beginning of a journey back to the record high.

The price of $PEPE has dipped below its bullish trendline but has found notable support not only above the 200-day moving average, but also at the level of $0.0000084. If $PEPE successfully converts resistance into support, a potential target for further growth lies at $0.000010.

$WIF approaches breakout

At the current moment, $WIF is experiencing a crucial juncture. The value is rebounding from the significant support level at $1.49 and also from the descending trendline. If $WIF manages to surpass this downtrend line, the subsequent objective would be the pivotal resistance at $2.27.

$BONK surges 11% on the day

The cost of $BONK has experienced a significant jump of nearly 11% on Monday, marking one of the most substantial memecoin rises yet. Both the bull trendline and the support level at $0.00002 are maintaining the value of $BONK. In order to continue climbing, $BONK needs to surpass the downward-tilting trendline and reach the first resistance point at $0.000029, followed by the second resistance at $0.000034.

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2024-07-08 14:09