As a seasoned crypto investor with battle-tested nerves and a knack for spotting opportunities amidst market turbulence, I find myself intrigued by the current state of memecoins – $PEPE, $WIF, and $FLOKI. While the ongoing correction has taken its toll, these tokens are still perched comfortably above their bull market support levels.
Despite the prolonged downturn in the cryptocurrency market, meme coins like $PEPE, $WIF, and $FLOKI remain above their key support levels from the bull phase. Once Bitcoin ($BTC) signals an uptrend, these coins could significantly increase in value
$PEPE holding support beautifully
The current price of PEPE is impressively maintaining its position above a robust support at approximately $0.00000590. On a weekly basis, the PEPE price appears to be following a series of stair-like patterns, and it’s quite remarkable how closely the price movement adheres to these steps. Furthermore, the Fibonacci 0.786 level is serving as an additional layer of support, with the price currently finding solace at this point
If Bitcoin ($BTC) recovers within the upcoming weeks and maintains its position, while $PEPE remains stable, this could set an excellent foundation for further upward momentum. However, if the top support weakens and the price falls below the mark, it would be a challenging journey to regain the ground, potentially leading us back down to the lower price level at $0.00000160
$WIF ripe for exiting bull flag
It may be that the $WIF price is down 3.5% for the day so far, but zooming out into the weekly time frame the price action looks very positive. A bull flag is continuing to form, and the price is currently up against the resistance at $1.60. Below is the bottom of the bull flag, plus the 0.786 fibonacci, also acting as support.
If obstacles can indeed be surpassed, it might be that the convergence of Fibonacci sequence, and the peak of the ox-tail flag may very well lead to the discovery of prices above
From the chart’s base, it appears that the Stochastic RSI is preparing to ascend towards its upper region. If this upward trend persists and the two indicators surpass the 20 level without any false alarms, such a movement might suggest that the momentum will propel WIF out of the flag’s peak
$FLOKI ready to reverse downtrend
In the world of finance, the Fibonacci sequence is a mathematical model used to approximate the behavior of certain real-world situations, particularly in the context of stock prices and interest rates. The Fibonacci sequence starts with 0 and operates by simply adding one to the previous term each time
If the Sigma (Stochastic RSI) is in a sustained downtrend and shows signs of potentially reversing that trend, it may indicate the presence of significant upside potential. This is based on the assumption that future returns converge towards the long-term expected value as more data becomes available. However, if it successfully crosses the 20 level, it also signals the existence of substantial upward momentum. The key here lies in understanding the properties and behavior of the Sigma (Stochastic RSI) and its potential to reverse trends or signal upside momentum based on the information it represents and how it’s expected to behave over time as more data is gathered
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2024-09-05 16:03