July may start with exciting developments in the cryptocurrency markets, especially for memecoin investors. According to technical analysis data, three popular memecoins such as $PENGU , $WIF (Dogwifhat) and $MOG may be on the verge of new uptrends by giving important break signals. Indicators such as Fibonacci corrections, RSI and MACD indicate buying opportunities in these coins.
๐ง #PENGU is Ready: Technical Breakout Gives Bullish Signal
๐ Technical Developments:
PENGU price completed an important technical structure by breaking the long-term descending resistance trend line in May.
The price action after the breakout formed a 5-wave bullish structure according to Elliott Wave Theory, indicating the beginning of a potential bullish trend reversal.
๐ What is the Correction Status?
The price pulled back after the $ 0.017 peak seen on May 14.
However, this decline has a correction character. The move is trapped within a parallel downward channel and has been reacted to at a significant support level.
๐ Indicator Support:
The daily RSI has given a bullish divergence during the price decline.
This has strengthened the potential for a reversal.
๐ฏ Target:
The price has regained the 0.618 Fibonacci support at $0.009.
In case of a repeat of a similar rally in July, PENGUโs potential target is $0.037 (a move of the same length as the previous rally).
๐ถ Dogwifhat (#WIF ): A New Breakout is Imminent
๐ After the April Uptrend:
WIF exhibited a five-wave uptrend in April.
After this rally, the price corrected within a descending wedge formation.
โ Reaction at Support:
WIF found strong support at the 0.618 Fibonacci retracement level.
After the failed breakout attempt on June 25, it is preparing for a second attempt to exit the formation.
โ ๏ธ RSI Warning:
There is no bullish divergence observed in the RSI yet, indicating that the momentum is slightly weaker compared to PENGU.
๐ฏ Target:
If an upward breakout occurs from the falling wedge, the potential target for WIF: $2.76.
๐ฑ #MOG Coin: Breakout Occurred, New Peak on the Way
๐ Elliott Waves:
MOG has made a 5-wave rise since April.
It has entered a correction process since May 23, forming an A-B-C structure.
๐ Critical Support:
The correction ended around the 0.618 Fibonacci level, where the price reacted upwards.
After this bounce, the falling resistance trend line was broken.
๐ Indicators:
Although there is no bullish divergence on the RSI side, the MACD indicator gave a bullish crossover.
This shows that the buying momentum is starting to increase.
๐ฏ Target:
MOG price target: $0.0000019 if the upside move is as long as the previous rally.
๐ Conclusion: July Could Be a Memecoin Wind!
PENGU, WIF and MOG could be potential shining stars in July thanks to strong technical structures, critical Fibonacci levels and formation breakouts:
โ ๏ธ Warning:
This analysis is based solely on technical indicators and is not investment advice. Memecoin markets are highly volatile, careful risk management is important.
