As a seasoned crypto investor with years of market fluctuations under my belt, I can confidently say that the memecoin trio – $PEPE, $WIF, and $BRETT – are showing promising signs of a breakout. However, it’s crucial to keep a keen eye on Bitcoin’s performance, as its dominance over the crypto market is unquestionable.
It appears that the memecoins are all set for a fast start, with $PEPE, $WIF, and $BRETT being top contenders to lead the charge initially. Nevertheless, whether these coins will truly take off first is contingent upon whether Bitcoin ($BTC) can maintain its upward momentum as well.
Watch for Bitcoin rebound
Without a shadow of a doubt, Bitcoin’s dominance at 57.54% underscores its significant impact on the broader crypto market. If Bitcoin so much as sneezes, altcoins tend to catch a cold. Conversely, when Bitcoin experiences growth, the top altcoins can only aspire to keep pace with it.
Among altcoins is the memecoin niche. Nobody can doubt just how hard this niche can surge, at least when Bitcoin is playing ball. So as Bitcoin prepares to continue its latest rally, with an incoming rebound, the memecoins could once again be let off the leash.
$PEPE first stage of reversal completed
The $PEPE price has moved through the first stage of reversing its downtrend. A higher high, and higher lows, look to be continuing. The price has come back to the horizontal support at $0.00000837, and a bounce from here, or the upward trend line could be forthcoming.
At the Fibonacci level of 0.618, there’s a horizontal resistance line present. So far, the price has been rejected at this point. If it rebounds, it might be able to surpass this resistance level and aim for the primary downward trend’s challenge.
$WIF needs to break out of channel
Since the closing days of March, the price of $WIF has been on a steady decline. Now, approximately five months later, $WIF is attempting another reversal from its persistent descending path. This effort began with a new peak and a new base, marking the start of an uptrend.
The trend should persist, and the value of WIF is expected to regain its higher position within the channel. This might correspond with a second look at the 0.618 Fibonacci level. If WIF can push through this point, it’s likely that it will break free from the channel’s top afterwards.
$BRETT coming to strong support – bounce likely
The price of BRETT has followed a pattern similar to the past two meme coins by reaching higher peaks and lower troughs. However, it’s currently facing resistance at $0.010270. If this resistance can be overcome, there’s potential for a bounce back. Currently, the price is trending towards a band of horizontal support that spans from $0.0825 to $0.0783. This area aligns with an upward trend line, suggesting a possible rebound might occur from here.
These graphs suggest a positive trend, yet remember, the success of these meme coins heavily relies on Bitcoin resuming its upward journey. Now, let’s shift focus to the undisputed ruler of the cryptocurrency realm …
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2024-08-27 14:03