As a seasoned analyst with a decade of market observation under my belt, I find myself intrigued by the current state of these memecoins – $PEPE, $WIF, and $BONK. The resilience of Bitcoin bulls is commendable, but the restless sea of altcoins seems to be feeling the turbulence more acutely.
As Bitcoin enthusiasts strive to maintain its value above the $60,000 mark, other cryptocurrencies are struggling, with the memecoins like $PEPE, $WIF, and $BONK taking a particularly harsh blow in this volatile market.
$PEPE falls heavily, but higher low looks likely
The weekly graph of $PEPE (PEPE/USD) indicates a robust resistance at the 0.5 Fibonacci level, specifically at $0.00000115. After this point, the price has been experiencing a significant drop. At present, it’s hovering around a sturdy horizontal support zone. Whether it will rebound from here or not is yet to be determined.
If the price keeps falling, a potential additional support level could lie at the 0.618 Fibonacci retracement point for this downtrend. The most robust support might be found at the $0.00000718 level, which corresponds to the 0.786 Fibonacci level.
Looking on the brighter side, if Bitcoin manages to recover, it seems that $PEPE might be forming a higher bottom. If this holds true, following its latest peak, the direction of the trend may continue, potentially leading towards another potential high point in the future.
$WIF descends to Fibonacci support
As a researcher examining the WIF (WIF/USD) pair, I’ve noticed a significant 23% drop since its robust breach of the descending trendline. Following a local peak at $2.64, the price has seen a substantial decline over the past three days.
At a stable position now, this level is also bolstered by the 0.382 Fibonacci, which might trigger a rebound. If the price drops, it may find a floor at the 0.5 Fibonacci around $1.85, with the 0.618 Fibonacci offering additional support slightly lower at approximately $1.67. The most solid support can be expected at the 0.786 Fibonacci, located around $1.40.
If Bitcoin (BTC) manages to withstand the present pressure from the sellers, it’s likely that the price of WIF might begin to rebound shortly.
$BONK encounters strong rejection
Over the past while, the BONK price has dropped approximately 23% from its peak during the latest upward trend. This decline came to a halt at the 0.618 Fibonacci level and an ascending trendline.
Right now, BONK seems stable around $0.00002, a good support point. However, if this support doesn’t hold up, it looks likely that the price might revert and potentially reach the 0.786 Fibonacci level. This could result in a possible 33% decrease in value.
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2024-10-03 13:05