$DOGE, $PEPE, $WIF bounce zones

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As a seasoned researcher with years of experience in the volatile world of crypto trading, I have seen my fair share of market swings and trends. While it’s essential to approach every analysis with a dose of skepticism, I must admit that the current situation of these memecoins seems quite intriguing.

In its current downward trend, Bitcoin ($BTC) is experiencing a corrective phase. On the other hand, memecoins like $DOGE, $PEPE, and $WIF are plummeting at an accelerated pace among the crowd’s preferences. At which points might we expect a rebound?

$DOGE price in a bullish ascending triangle

In the short term, the Dogecoin price seems promising. A decline around $0.47 was likely, and currently, the price is moving lower again. We’ve already seen a touch on the 0.382 Fibonacci level at approximately $0.43, now it will be interesting to observe if the price continues to fall further.

Favourite level for a bounce is possibly $0.41, or a wick down to the 0.618 at $0.395 is also a possibility. The ascending trendline could also provide some support.

As a crypto investor, I’ve been closely observing the market trends, and one particularly encouraging sign is the possible formation of an ascending triangle with DOGE. Historically, these patterns are known for their bullish nature, suggesting that DOGE could potentially rebound from the lower trendline of this pattern. If DOGE manages to break through the upper boundary of this potential ascending triangle, the anticipated move, based on typical measurements, would be toward $0.58.

A possible flag retest for $PEPE

On the 4-hour chart of $PEPE, we’ve noticed a breakout from a flag pattern. However, before reaching the projected price move for this pattern, a correction is likely to occur first. This correction might push the price down to retest the flag’s top at approximately $0.000022. It’s also possible that the price could dip even further, potentially returning within the same pattern. Notable bounce levels during the correction could be around $0.000021 (at the 0.618 level) and $0.000019 (at the 0.786 level).

Potential W formation for $WIF

Today’s graph for WIF indicates a rapid decrease in its price. At present, there’s some underlying support, but more robust support can be found at $3.19. It’s possible that the price could drop even lower, reaching the support level at $2.95.

Should a rebound occur at either of these identified points, there’s a possibility that a significant “M” or “W” shaped chart pattern may develop. If this pattern unfolds as anticipated, it could potentially drive up the price of WIF significantly.

A cautionary note

When analyzing the three meme coins you’ve mentioned, it’s crucial to keep in mind that their weekly Stochastic RSIs are close to, or at, the highest point. This suggests a possibility of a more extended price correction, or pullback, in the long run.

For an extended period, those guide lines might remain at the top. However, this could serve as a warning sign for any upcoming price movements.

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2024-12-09 15:21