Meme coins Pepe Coin (PEPE) and BONK have experienced significant price increases in the last 24 hours, despite the broader cryptocurrency market experiencing a slump. PEPE has gained 16.30%, while BONK has risen by 12.51%. Our technical analysis suggests that both tokens may be poised for further upside if market conditions turn favorable.
What you'll learn 👉
Pepe Coin (PEPE) Rebounds from Support, Eyes Breakout
Our analysis of Pepe Coin reveals that the token has rebounded after hitting its previous support level of $0.000005 on March 5. Following this bounce, PEPE reached a high of $0.00001 before experiencing a price drop alongside the broader market slump.
However, PEPE now appears ready to break out of a descending channel, provided market conditions improve. The token is currently trading at $0.000006994, with a 24-hour low and high of $0.000006005 and $0.000007393, respectively.
PEPE’s 200-day moving average (MA) stands at $0.00000173. When a token trades above its 200-day MA, it is generally considered a bullish sign, indicating that the long-term trend is positive. With PEPE currently trading well above this level, the token may have room for further growth.
The daily chart Relative Strength Index (RSI) for PEPE is currently at 69. An RSI above 70 typically indicates that a token is overbought and may be due for a correction. However, in strong bull markets, tokens can remain overbought for extended periods. While PEPE’s RSI suggests some caution, the overall trend remains bullish.
BONK Bounces from Support, Prepares for Potential Breakout
Similar to PEPE, BONK has also rebounded after hitting its previous support level of $0.0000194 on March 3. Following this bounce, BONK reached a high of $0.00004725 before suffering a price drop alongside the broader market slump.
BONK now appears ready to break out of a descending channel if market conditions turn favorable. The token is currently trading at $0.00002221, with a 24-hour low and high of $0.00001957 and $0.00002285, respectively.
BONK’s 200-day moving average (MA) stands at $0.0000093. With the token trading above this level, it suggests that the long-term trend is positive.
The daily chart Relative Strength Index (RSI) for BONK is currently at 58. An RSI between 50 and 70 indicates that a token is neither overbought nor oversold, suggesting that there may be room for further price appreciation.
Despite the broader market slump, Pepe Coin and BONK have demonstrated strong resilience, bouncing off key support levels and potentially preparing for further upside. As meme coins continue to attract investor interest, these tokens may be well-positioned to capitalize on any improvement in market sentiment.
However, investors should always exercise caution when investing in highly volatile assets like meme coins and conduct thorough research before making any investment decisions.
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