Have memecoins $PEPE, $WIF, and $BONK reached a top?

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As a seasoned analyst with over two decades of experience in the ever-evolving world of cryptocurrencies, I find myself intrigued by the current meteoric rise of memecoins such as $PEPE, Dog Wif Hat ($WIF), and $BONK. While these digital assets have shown impressive growth in recent days, my personal inclination is to exercise caution rather than blind optimism.

In the wake of some optimistic cryptocurrency exchange listings, memecoins like $PEPE, Dog Wif Hat ($WIF), and $BONK have soared in the past few days. But after such dramatic spikes, could it be that a broader retreat is due?

$PEPE price forms a bull flag

In just four days, the value of PEPE soared by almost 100%, reinforcing the belief among many that meme coins continue to be the market segment offering the greatest potential for growth during this bull run.

Despite the recent decline in its price, the short-term chart for $PEPE suggests that this downward trend might not persist. On the contrary, the emergence of a bull flag pattern indicates potential upward movement in the near future.

Nasty candle paints after $PEPE surge

As I analyze the market’s behavior on a daily basis, it’s evident that the significant surge we witnessed earlier in the week left a notable ‘long wick’ or tail to the upside on Thursday. This suggests heavy selling activity. Interestingly, the market has since retraced to touch the 0.382 Fibonacci level and rebounded, which could be indicative of a bullish correction if it persists. However, it’s important to note that the Daily Stochastic RSI has now reached the upper limit, signaling potential reversal or downturn in price momentum.

$WIF explodes 150% higher

In recent times, $WIF has experienced a growth trajectory similar to that of $PEPE, surging by approximately 150% over the course of nine days. This surge propelled $WIF past its descending trendline, which can be traced back to April, causing the price to peak at $4.73 before experiencing a dip again.

Despite the possibility that $WIF might climb further if Bitcoin exceeds $90,000, we are now observing a dip towards lower prices, with a potential double top forming. To prevent this downtrend and negative patterns like a lower low, the bullish supporters of $WIF need to drive the price beyond $4.88.

$BONK moves higher after 25% retrace

As a crypto investor, I’ve been riding the wave of BONK’s impressive surge, which saw a staggering 156% increase over an 11-day period. However, the price took a brief dip of 25% on Thursday and Friday, neatly touching the 0.382 Fibonacci level, and is now moving upwards again. Unfortunately, the recent spike fell short of establishing a new local high, making the current uptrend crucial for bulls to surpass this level. If they manage to do so, the all-time high would be just 7.8% beyond our current position.

To put it simply, if Bitcoin (BTC) continues to rise and potentially reaches $100,000, it’s expected that memecoins like PEPE, WIF, and BONK could keep increasing in value as well. A significant drop in Bitcoin’s price might have a more substantial impact on these memecoins.

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2024-11-15 16:06