Bonk & Pepe Price Initiates a Massive Upswing; Will They Rise by Another 20% to Enter the Bullish Pattern?
Release: 2024/07/09 13:49 Reading: 611
Bonk & Pepe Poised for Another Bullish Surge
As Bitcoin hovers above $57,000, market sentiment is leaning bullish, with investors anticipating an upward trend. Memecoins are gaining traction, led by the rally in BONK, followed by Pepe and others. With prices on the rise, speculation has emerged regarding whether bulls can push these tokens back into a bullish range.
Bonk Breaks Wedge Pattern
BONK's price is poised to establish a new upward trend, having broken a downward wedge pattern after reaching its apex. Despite facing resistance earlier this month, the price has maintained a steep descending trend within this pattern. Such patterns often indicate a breakout, and BONK's price is now primed for a 20% upswing.
The BONK price has risen above the falling wedge, and with the RSI maintaining a positive trajectory, the token is expected to continue its ascent. The DMI (Direct Movement Index) is also signaling a potential bullish crossover, indicating the direction of the forthcoming trend. However, the ADX (Average Directional Index), which measures the strength of the rally, is declining, which could limit price gains within a range. A surge in buying volume could reverse the ADX trend, triggering a substantial rise beyond the local resistance of $0.00003 in the coming days.
Pepe Rebounds Towards $0.00001
Pepe's price has staged a strong recovery from monthly lows, rebounding after failing to hold support at $0.00000925. This has attracted buying volume, pushing prices closer to $0.00001. However, volume remains a concern, as bulls may be losing momentum. The price could subsequently remain within a range before another significant price movement.
Pepe's price has been trading within an ascending parallel channel for several months. The recent bearish action briefly broke this support, but the price has since rebounded. The RSI has also turned positive, and the MACD is on the verge of a bullish crossover, suggesting increased buying pressure is imminent. Until this occurs, the price may consolidate, followed by a surge above $0.000012.
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