The memecoins have been quiet of late, as all eyes have been on Bitcoin ($BTC). Is it now time for the memes to bounce? What are the best price levels to pick up $DOGE, $PEPE, and $WIF?
Time to take a position in $DOGE?
Source: TradingView
The $DOGE price is in an ascending channel on the daily time frame. Having just touched the bottom of the channel, and currently sitting on some good horizontal support, this could be the time to take a position. If the price does bounce from here, the top of the channel is at around $0.50. A breakout of the top of the channel, with confirmation above, could lead to a measured move of at least $0.60, depending on where the breakout occurs.
If, on the other hand, the price falls through the bottom of the channel, and makes a lower low, the uptrend would be negated and it would be back to the drawing board once again. That said, a continuation of the trend seems more likely.
$PEPE retests – now the bounce?
Source: TradingView
$PEPE has been in a local downtrend for the past nine days now, and the price has almost come down to retest the top of the bull flag. The price has retested the 0.618 Fibonacci, and there is the potential for a wick to come down and retest the bull flag trendline, and also the 0.786 Fibonacci.
Source: TradingView
With the main trend still very much to the upside, it would not be expected that the price breaks back inside of the bull flag, although if it did, a price below $0.00001730 would make a lower low. That said, this level is very good support, as can be seen in the chart above.
$WIF at very strong support
Source: TradingView
$WIF does look primed for a bounce here. The price has come all the way down to the deepest Fibonacci level for this move at the 0.786, which also happens to be a very strong horizontal support level. If the price did wick through, the ascending trendline, as well as the descending trendline from the all-time high, would act as good support.
In conclusion, all three of the above memecoins look as though they are ready for a bounce. As usual, much will depend on Bitcoin. The $BTC price will either have to go up, or remain relatively stable for a while.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
