On Monday, $BTC shot up to touch what is now resistance at $58,000. This impetus has spread through the crypto market, and as usual, memecoins have bounced the hardest. $PEPE, $WIF, and $BONK have all bounced from critical levels. Will this positive price action continue?
All rests on Bitcoin
The 100 million dollar question is: “has Bitcoin found a bottom?” If the king of the cryptocurrencies can continue this recent rally and gain acceptance above the 200-day moving average again, the bottom may have been found, and it could be upwards from here.
Obviously, this all remains to be seen. It could just be that $BTC has just retested and confirmed the resistance at $58,000, and from here it may go to lower levels, such as the support at $51,000. That said, the $BTC price has recently hit the bottom of its bull flag, and the weekly stochastic RSI (momentum indicator) looks as though it is about to turn back to the upside and bring positive momentum back to the alpha crypto currency.
$PEPE bounces from 200-day EMA
Source: TradingView
The $PEPE chart on the daily time frame shows that $PEPE still has some work to do, but if the price can gain acceptance above the resistance at $0.000009, this would be the first step towards getting back to the all-time high.
The price has dropped beneath its bull trend line, but has managed to find some great support above the 200-day EMA, and also the support level at $0.0000084. If $PEPE can manage to flip resistance into support, the next target would be $0.000010.
$WIF approaches breakout
Source: TradingView
$WIF is at a very critical point right now. The price is bouncing off of the support at $1.49, and also from the trend line. It now remains for $WIF to break out of the downward-sloping trend line. If it can do this, the next target is the important resistance at $2.27.
$BONK surges 11% on the day
Source: TradingView
The $BONK price is putting on one of the biggest memecoin surges so far on Monday - up around 11% so far. The bull trend line, and the support level at $0.00002 are upholding $BONK. The next task is to break out from the downward-sloping trend line and move up to the resistance, first at $0.000029, and then at $0.000034.
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.
