Hello everyone, I am Penny.
Memecoins are hitting historical highs as the price of Bitcoin (BTC) rises. Have memecoins peaked, or will they continue to rise in the future? This article will analyze $DOGE, $PEPE, and $WIF.
$DOGE bulls are vying for critical resistance.
$DOGE price is at a key major resistance level of $0.22. It can be seen that there has been a fierce battle on this horizontal line, with wicks on both sides. The stochastic RSI indicator is close to the top, but if the market decides to continue rising, there is still some room for upward movement.
On the other hand, if it breaks down here, $DOGE may fall back to $0.16. The current level is indeed critical; even if the bulls successfully consolidate above, they still need to break through the downtrend line and then break the previous swing high of $0.48. This is quite a challenge.
In the altcoin sector, $PEPE is performing better.
$PEPE bulls are struggling at the 0.382 Fibonacci level. Since early April, $PEPE has risen 145%, which is astonishing compared to most other cryptocurrencies. Even so, it is still extremely difficult to break through the current level.
However, the daily stochastic RSI indicator does look quite good. All indicators are at the bottom, and the blue fast line is inclined upward, likely to break through the red slow line. If this occurs, once both lines break above the 20.00 level, upward price momentum may begin to appear. The target is the next Fibonacci line on the chart.
$WIF is making a comeback with an increase of 285%.
Like the resurrected Lazarus, $WIF's price has shown extraordinary rebound momentum so far. It has risen 285% since early April, even surpassing $PEPE. That said, the $WIF bulls really need to prove their worth now. The price has encountered significant resistance, and several funds that broke through that resistance quickly fell back.
Observing the Fibonacci levels of $WIF, the last upward movement touched the 0.236 Fibonacci level of the resistance at $1.39. The next level above that is the 0.382 Fibonacci level of the resistance at $2. Breaking through this level could lay the foundation for bulls to completely reverse the downtrend.
The market is booming, still not sure which coins to buy?
I am Penny, a long-term coin holding enthusiast. I don't touch contracts, nor do I use leverage. I earn coins in a bear market and earn USDT in a bull market. If you are also this kind of person, then welcome to follow Penny.
Let's traverse the bull and bear markets together, huddling for warmth, striving to be a bit of a chive.
