Meme coins Pepe and Bonk have seen price increases over the past 24 hours amidst a slumping market condition. PEPE is currently trading at $0.00001319, up 10.77%, while BONK is trading at $0.00002873, up 9.23% in the past 24 hours.
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Pepe Bounces Off Multi-Month Support Line
Davie Satoshi, a prominent crypto analyst, has noted that Pepe’s ability to bounce off a multi-month support line is a bullish sign. This sentiment is echoed by analyst CJ, who believes that Pepe looks promising after retesting its prior consolidation level, which is in line with the March highs.
CJ has scaled into a spot position and plans to add more if the price reaches the box level. A break above the diagonal resistance would likely signal that a local low is in, but the analyst cautions that Pepe’s performance is heavily dependent on Ethereum’s price action.
Pepe Bullish Breakout
According to a technical analysis by altFINS, Pepe is currently in an uptrend following a bullish breakout from a channel up pattern. The price recently reached resistance at $0.000017 and was rejected.
A pullback near the $0.0000113 support level could present a swing trade entry opportunity, with a potential upside of 50% back to $0.000017. The analysis suggests setting a stop loss at $0.0000110.
Source: altFINS – Start using it today
If Pepe breaks above its all-time high of $0.0000173, the next possible resistance levels based on Fibonacci Extensions are $0.0000184 (61.80%), $0.0000200 (78.60%), $0.0000215 (100%), and $0.0000266 (161.80%).
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Show more +Bonk Shows Bullish Divergence and Falling Wedge Formation
Analyst Bluntz has identified a 4-hour bullish divergence on both Bonk and Pepe, suggesting that relief bounces may be imminent. Bluntz considers these two meme coins as favorites for bounces around the current price levels.
Clifton fx has also noted a falling wedge formation on Bonk’s 6-hour timeframe, indicating that an upside breakout could lead to a massive bullish wave. Additionally, Webtrend Analytics’ DCAMAP indicator shows that Bonk is trading within the yellow mid-range, which has historically been a great spot for entries during the recent uptrend.
Rekt Capital, another well-known analyst, has pointed out that Bonk is likely undergoing a volatile retest. For the retest to be successful, Bonk needs to hold above a crucial level of support by the end of the month. The analyst believes that there is ample time for the price to turn things around during this retest.
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