Pepe (PEPE), Bonk (BONK), and Floki (FLOKI) Drive Memecoin Surge: Price Analysis
With Bitcoin (BTC) surging on the back of the massive $10 billion U.S. Treasury buyback, the memecoins have sparked into life and are leading the surge. Pepe (PEPE), Bonk (BONK) and Floki (FLOKI) are frontrunners.
$PEPE rises 10% but hits horizontal resistance
Source: TradingView
The 4-hour chart for $PEPE shows how the price came out of the top of the bear flag, but then collapsed as the crypto market deflated on Thursday. However, on reaching $0.00001038, a strong bounce has seen $PEPE rise more than 10% from that bottom.
Up against horizontal resistance now, it might be expected that the bulls break through and move the price up to the descending trendline. A break there, followed by a higher high above $0.00001296 would put $PEPE back on track to continue the trend reversal.
Only a breakdown below $0.00001038 would potentially put the bears back in control.
$BONK surge hits resistance plus descending trendline
Source: TradingView
$BONK is already at its own critical point. Horizontal resistance and the descending trendline are barriers to further upside. That said, if the crypto market continues to make further gains on Friday, and the U.S. stock market isn’t overly affected, $BONK could find itself above the resistance and trendline by the end of Friday. However, the bulls will need to drag the price above the last higher high at $0.0000181 in order to start breaking the downtrend.
$FLOKI experiences 17% spike but is rejected from resistance/trendline
Source: TradingView
$FLOKI did perform one of the highest surges among the memecoins on Friday with a 17% spike from the bottom. Nevertheless, horizontal resistance at $0.000085, together with the descending trendline, were enough to put a stop to this bullish price action.
If the bulls aren’t able to push the price through the belt of resistance and the descending trendline, the downtrend is just going to persist, and this does look like the more likely outcome. However, a W pattern has formed, and with some good market news, a trend reversal could start to take place. Getting above the last local high at $0.00009168 would be a great start.
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.
