As a seasoned crypto investor with battle scars from numerous market cycles, I find myself at the crossroads once again, with the market looking like it was fished out of the trash can. The cacophony of FUD (Fear, Uncertainty, and Doubt) echoing across social media has many investors running for cover. But as they say, every storm passes, and the sun always rises again in the crypto world.
The cryptocurrency market seems to be at its lowest point yet again, with a generally negative mood prevailing. On social platforms, there’s a common chatter about large investors offloading their holdings. Given this scenario, is it wise to invest now? Let’s take a closer look at $PEPE, $WIF, and $BONK.
$PEPE respects huge support level
Among the prominent players in the meme coin market, $PEPE stands out. If meme coins see an upward trend, keep an eye on $PEPE as it is likely to be one of the coins spearheading the movement.
Over a weekly time span, I’ve noticed an interesting pattern with the PEPE price. Last week, it dipped to an astonishing low, yet remarkably held firm at the $0.00000592 horizontal support. In fact, during the initial sell-off, not only did the PEPE price plunge below the 0.786 Fibonacci level, but it also momentarily touched this very support level.
The random RSI (Relative Strength Index) seems to be reaching its lowest point, suggesting an increase in positive trends might occur soon, within the next seven to fourteen days.
$WIF ready to reverse trend
In simple terms, the digital currency known as Dog With a Hat ($WIF) has become the preferred meme token during this bull market. However, it’s important to note that it has experienced a significant drop of up to 78% from its peak at the end of March.
A descending trendline has been established in the price chart for $WIF, marked by consistent lower peaks (highs) and troughs (lows). For the downward trajectory to change, it’s hoped that $WIF will maintain its current strong horizontal support level. Following this, the price may rebound, break free from the channel, exceed the recent high of $2.89, and potentially reach the all-time high of $4.86 again.
$BONK could arrest the slide here
As an analyst, I’ve observed a downward trend in the $BONK price since late May, marked by successive lower highs and lower lows. However, this descent might be about to halt at this juncture. The current price is exhibiting signs of stabilization, finding support at the 0.786 Fibonacci level, a horizontal support line, and adhering to an upward trend line.
As someone who has been actively trading cryptocurrencies for several years now, I cannot stress enough the importance of being cautious when dealing with memecoins. My personal experience has shown me that these digital assets are notoriously volatile, capable of skyrocketing to new heights in a matter of days or even hours, only to plummet just as quickly if the market takes a turn for the worse. The potential rewards can be substantial, but so too can the risks, and I have seen many traders lose significant sums due to hasty decisions and an over-reliance on luck rather than strategy. In short, my advice would be to approach memecoins with caution, do your research thoroughly before making any trades, and never invest more than you are willing to lose.
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2024-08-15 14:10