Dogwifhat (WIF) and PEPE Prices Are Pumping: Are Major Meme Coin Rallies Here?
Release: 2024/09/19 23:34 Reading: 986
Dogwifhat (WIF) and PEPE Prices Surge: Resumed Rally or Temporary Bounce?
Over the past two days, Pepe and Dogwifhat (WIF) have experienced significant price increases, with WIF rising over 15% and PEPE over 10%. This surge has attracted the attention of buyers, leading to increased trading volumes (WIF up 127%, PEPE up 60% in 24 hours).
The question arises: have these meme coins embarked on a decisive rally?
Technical Analysis
An examination of the price charts reveals similar patterns for both WIF and PEPE. For several months, they have traded beneath descending trendlines.
WIF
WIF has been trading within a range since early August, between $1.3 and $1.9. After bouncing off the lower boundary, it moved sideways before initiating an uptrend. This surge, however, remains part of a larger consolidation. A breakout above the descending trendline is necessary to confirm a decisive uptrend.
PEPE
Similar to WIF, PEPE has been trading beneath a descending channel since May. It has also moved sideways recently, and the current upward movement is merely a part of the larger bearish trend.
Until a breakout above the descending trendline occurs, the current price action should be considered a retracement.
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