After Bitcoin (BTC) plumbed its recent depths to $58,400 on Monday, a bounce on Tuesday has followed. With this bounce the memecoins have been let off the leash. $PEPE, $WIF, and $TRUMP are among those with the biggest upside moves.
Although the $BTC bounce may not be sustained, at least for the time being the memecoins are being allowed to make some hay while this Bitcoin sun is shining.
$PEPE continues bullish uptrend
Pepe ($PEPE) is the biggest memecoin by market capitalization, outside of Dogecoin and Shiba Inu. Any newcomer traders who gravitate towards the memecoin space will probably be looking at $PEPE.
Source: TradingView
As can be seen from the macro weekly chart of $PEPE, the price is in an uptrend and looks to be finding support on top of the 0.382 fibonacci. If the price continues to bounce from here, this would be extremely bullish. The target for $PEPE would be the 1.618 fibonacci level at 0.000022.
$WIF surges 30% in 48 hours
Source: TradingView
Dog Wif Hat ($WIF) is the biggest success story for the newcomers to the memecoin space. However, the $WIF price has taken quite a tumble since the local high of $4. That said, the bounce over the last two days has taken the price 30% higher, and it is now sat above the 0.786 fibonacci once again. A breakout of the descending trendline would also help the price to get back to $2.50.
$TRUMP best performing memecoin in last two days
Source: TradingView
Of the three memecoins mentioned in this article, $TRUMP has performed the best over the last 48 hours. From the bottom two days ago at $6.50, $TRUMP has increased 40%, and is currently at $9. As can be seen in the chart above, $9 is the 0.618 fibonacci level. The price would need to get above this level with a daily candle close and confirmation in order to keep increasing. Should this happen, the next target would be $12.38.
Trade with extreme caution
When betting on upside for the memecoins it needs to be borne in mind that they are very reliant on $BTC maintaining positive price action. The current $BTC bounce needs to be taken with extreme caution. If the bounce is just a test of the recently made resistance at $61,500, look for possible further downside for the Alpha cryptocurrency, and another potential dip all through the altcoins.
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.
