Memecoins are starting to surge in price again. Could this be the sign that confidence is returning to the crypto market?
Memecoins have become the canary in the coal mine that signify that all is well in the cryptocurrency market. With bitcoin safely tucked inside its bull flag, and with the most likely direction being to the upside from both bitcoin and the altcoins, this latest surge from the memecoins could be the sign that retail investors believe it’s safe to come back into the market.
Dog Wif Hat $WIF
Source: Coingecko/TradingView
When it comes to the memecoins, Dog Wif Hat (WIF) is fast becoming the crowd favourite. The $WIF price has just broken out of the down trend, which has been in force for more than three weeks now. As can be seen in the chart above, $WIF has just retested the trend line (also support) and should it hold, the price will likely climb higher from this perfect entry. Targets are at the all-time high of $4.86, and the 1.618 fibonacci at $6.65.
Pepe $PEPE
Source: Coingecko/TradingView
$PEPE has broken out nicely from a down trend that started in mid-March. The price has left the down-channel and looks to be flipping the resistance at $0.00000763 into support. If successfully held, the measured move for the channel would be to $0.0000109, with a more aspirational next target of $0.00001515 at the 1.618 fibonacci level.
Jeo Boden $BODEN
Source: Coingecko/TradingView
Both Jeo Boden (BODEN), and Trump (MAGA), will be very interesting to follow as the November elections draw nearer. After a confident breakout, the $BODEN price has retreated back inside its triangle chart pattern. There is the chance that price could still break out, as there are plenty of hours left in the day. $0.6150 is a reasonable level of support, or the bottom of the triangle could also support the price. If the breakout does still occur, $0.906 is the target, with $1.49 as a more aspirational objective.
Trump $MAGA
Source: Coingecko/TradingView
Among these 4 memecoins, Trump (MAGA) has suffered the longest downturn, which led to a very significant 70% correction. The price is still fighting with resistance at $5.58, although once through this, the route higher could start opening up for $MAGA. Targets for the short term are $6.94, $9.00, and $10.45.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
