The crypto market has been experiencing a lot of volatility lately, and meme coins are finding it challenging to make a bullish comeback. Despite some meme coins surpassing critical resistance levels, the lack of momentum has kept their prices stagnant at lower levels. Investors are eagerly waiting to see if a broader market recovery will propel these meme coins into a moonshot rally this week. Let’s delve into a detailed price analysis to see what the future holds for meme coins.
Meme Coins Awaiting Breakout Rally:
Dogwifhat (WIF):
The price trend of Dogwifhat (WIF) has shown a bullish breakout of a falling wedge pattern, indicating a surge in bullish momentum. Additionally, the formation of higher highs suggests a recovery rally is in progress. The WIF price trend is currently supported by a local trendline, ensuring the uptrend remains intact. The 50-day and 200-day Exponential Moving Averages (EMA) are also showing a bullish trend, following a recent golden crossover.
At present, the breakout run in WIF price is challenging the 38.20% Fibonacci level at $2.52. If a bullish breakout occurs, we can expect the meme coin to target the 61.80% level at $3.31 this week.
Floki:
Floki’s price has experienced a bullish breakout of a falling channel pattern, surpassing the overhead trendline. However, the lack of momentum has resulted in a sideways trend. The current price action analysis suggests that Floki needs to surpass the $0.00017 mark for a decisive uptrend. The overhead resistance levels for the meme coin are at $0.00021 and $0.00032.
Traders and investors are eagerly anticipating whether Floki will create a new all-time high. For a more in-depth price prediction for Floki from 2024 to 2030, be sure to check out Coinpedia’s analysis.
BONK:
BONK’s price action has shown a bullish conclusion to the lower high trend formation, signaling a breakout event. However, the uptrend has struggled to gain momentum amidst the broader market pullback. The golden crossover in the 50-day and 200-day EMA has been delayed due to the bullish slowdown, with the meme coin finding support above the dynamic lines.
Based on the price action analysis and Fibonacci levels, a bullish reversal in BONK’s price could target $0.0023 and $0.0033 as potential price levels to watch out for.
In conclusion, meme coins are eagerly awaiting a breakout rally to propel them to new heights. Traders and investors should closely monitor the price action and key levels mentioned above to capitalize on potential opportunities in the market.