Meme Coin Mania Returns – Dogwifhat (WIF) Price Leads the Rally, PEPE Follows
Release: 2024/09/25 16:19 Reading: 815
As meme coin enthusiasts anticipate the resurgence of the meme coin frenzy, two coins, Dogwifhat (WIF) and PEPE, have emerged as focal points. Amidst the rising interest, investors are closely monitoring the performance of these tokens, with their substantial market capitalization potentially signaling the revival of meme coin mania.
WIF's price has experienced a commendable 11% surge, positioning it as one of the sector's leading gainers. While PEPE has exhibited a modest 5% appreciation, a potential concern for meme coin traders lies in the current outperformance of AI-focused cryptos.
However, renowned analyst Dentoshi, boasting over 139k followers on X (formerly Twitter), has suggested that the market may be poised for a significant breakout, potentially initiated by WIF. With the token teetering on the verge of a trend reversal and PEPE experiencing a pricing increase, the following days could determine the future trajectory of meme coins.
WIF Price Approaching Breakout
Dentoshi's WIF chart reveals a critical Fibonacci retracement level around 0.618, a zone known as the "golden pocket." According to Dentoshi, this level may indicate the potential for a substantial retracement preceding a breakout.
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Image Source: X/Dentoshi
Should WIF maintain this level and surpass the descending trendline, traders can anticipate a movement towards the $2.50 to $3.00 range, aligning with Fibonacci extensions.
Bluntz, another crypto analyst, has also noted that WIF is close to breaking free from a -77% downtrend. WIF's chart exhibits similar strength, with the RSI indicating growing momentum and volume steadily increasing.
If volume continues to rise and WIF breaks above the trendline, the token could spearhead the next rally in meme coins.
RSI and Volume Indicate Growing Momentum
Bluntz's WIF chart suggests that the RSI stands at 59.9, indicating that momentum is building but has yet to enter overbought territory. This suggests the potential for further upward movement without excessive selling pressure.
$wif is a bees dick away from a major -77% downtrend breakout, strap in, are you ready for round 2? pic.twitter.com/QMg7K5Z2Gd
— Bluntz (@Bluntz_Capital) September 24, 2024
The volume profile supports this notion, indicating increasing trader interest as the price approaches crucial resistance.
A breakout from the downtrend could lead to price targets of $2.50 and $3.00, corroborated by Fibonacci retracement levels and historical price action. The upcoming days will determine whether the WIF price can break free of its consolidation phase and ignite another phase of memecoin mania.
PEPE Pumps, But Long Road to ATH
PEPE, another meme coin under scrutiny, has experienced a 10% price increase this week. While this surge has garnered trader interest, the token remains far from challenging its all-time high market cap of around $7 billion, achieved in May. The price action suggests that while PEPE is gaining traction, it is still a substantial distance from retesting these levels.
With both WIF and PEPE exhibiting signs of vitality, meme coin enthusiasts are closely monitoring the charts. If the momentum is sustained, the next rally could be just around the corner.
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