With Bitcoin bulls fighting hard to keep the $BTC price above the $60,000 horizontal level, and the rest of the cryptocurrencies foundering, The memecoins, probably the furthest out on the risk curve, are being hit even harder. $PEPE, $WIF, and $BONK, are feeling the pain.
$PEPE falls heavily, but higher low looks likely
Source: TradingView
The $PEPE (PEPE/USD) weekly chart shows a strong rejection from the 0.5 Fibonacci level at $0.00000115, and the price has been falling heavily since then. Currently at a fairly strong horizontal support level, it remains to be seen if a bounce can take place from here.
If the price does continue down, the 0.618 Fibonacci for the downside move, is another area of support below. The final strong support can be found at the 0.786 Fibonacci level at $0.00000718.
On a more positive note, depending on whether Bitcoin is able to turn things around, $PEPE is looking likely to make a higher low. Following on from its recent higher high, the trend change could remain intact, leading to the possibility of another future higher high.
$WIF descends to Fibonacci support
Source: TradingView
$WIF (WIF/USD) has lost 23% since its strong breakout of the descending trend line. After hitting a local high of $2.64, the price has fallen heavily over the last three days.
Currently at a good horizontal support level, further reinforced by the 0.382 Fibonacci, there could be a bounce from here. Should the price fall through, the 0.5 Fibonacci is below at $1.85, and the 0.618 Fibonacci provides stronger support at $1.67. Final support can be found at the 0.786 Fibonacci at $1.40.
If $BTC can survive the current onslaught from the bears, the probabilities are that the $WIF price could start to recover soon.
$BONK encounters strong rejection
Source: TradingView
The $BONK (BONK/USD) price is down 23% since the top of its recent upswing. This ended when the price met the 0.618 Fibonacci, together with the ascending trend line.
$BONK is currently at a reasonable level of support at $0.00002, but should this fail, it would appear that the price is probably heading back to the 0.786 Fibonacci level, which could mean a total 33% reversal.
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.
