If you’re among those anticipating an ongoing bullish trend in the crypto market, particularly for meme-based coins like Dogecoin (DOGE), Pepe (PEPE), and Bonk, these popular picks have reached significant points of support. Could this be the right moment to make purchases?
DOJ potential BTC sell-off sparks deeper dip
Currently, the Bitcoin bull run appears to be at risk due to recent developments. Previously, the market had been on a decline from heights slightly over $100,000 per token. However, news about a possible sale of approximately $6.5 billion in BTC by the United States Department of Justice (DOJ) seems to have intensified this downward trend.
Market indicators starting to bottom
When markets are declining, it’s generally not advisable to invest in cryptocurrencies, especially riskier ones like memecoins. However, market signs are showing signs of improvement, which might lead to an upturn soon. For individuals seeking higher-than-average returns, now could be the perfect time to consider investing in popular memecoins.
$DOGE coming down to major support levels
The price of Dogecoin (DOGE) appears to be approaching significant horizontal support areas. Initially at approximately $0.31, then potentially dipping down to around $0.28. It’s worth noting that this second level could align with a rising trendline as shown on the chart above. The overall trend for DOGE remains positive, and potential pullbacks of about 35% and 42% might present attractive opportunities to establish a trading position in one of the most well-known meme coins.
$PEPE at its bull market base level
Right now, the PEPE token is positioned at a significant horizontal support line, which might be instrumental in shaping its upcoming bullish phase. So far, the price action has been constructing an impressive market structure above this level, and it’s holding strong. There’s a good chance that this level could serve as a foundation for PEPE’s bull market.
If the cost drops beneath this point, confirmed by data below, the next potential support lies around $0.00001324. Additional levels of support can be found below this, as indicated on the provided chart.
A buy-in at the current level should be protected by a tight stop loss. Fortune favours the brave.
A good place to start building a $BONK position?
Right now, $BONK appears to have found a strong horizontal support point. It has recently tested this level against a descending trendline, which suggests it could be an opportune moment to establish a position. If the price were to drop below the lowest levels indicated on the chart and beneath the bull market trendline, that might signal the end of $BONK’s uptrend.
At the base of the graph, the Stochastic RSI is decreasing. It might keep falling to its lowest point, or it could rebound at the 20.00 level, as it has in the past. For significant momentum to push the price upwards, the two indicator lines must cross again above. Keep a close eye on this indicator.
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2025-01-09 17:07