Rising Meme Coins PEPE and BONK in Bearish Market Tease Bull Run
The post Rising Meme Coins PEPE and BONK in Bearish Market Tease Bull Run appeared first on Coinpedia Fintech News
The volatility is peaking as the crypto market crashes with the FOMC meeting and the inflation report coming on June 12th. However, certain meme coins like the PEPE and BONK are resurfacing as the optimistic eyes expect a recovery in this segment.
With the PEPE price jumping 5.41% last night and the BONK ready for a morning star, the meme coins are ready for a trend reversal. Will this reversal rally lead to a broader market comeback this month?
Let’s examine the price chart and technical analysis of PEPE and BONK to learn more.
PEPE Plans Meme Coin Segment Reversal
With a pullback phase in the daily chart, the PEPE price trend shows a retest of the 50D EMA. Following the retest, the meme coin price trend takes a lateral shift with no decisive move in the past four days.
However, with the recent overnight jump of 5.41% along with an intraday move of 1.04% today, the PEPE price trend reveals a potential comeback move. Furthermore, the MACD and signal lines plan for a bullish crossover in the positive territory.
Hence, if the broader market recovers post-FOMC meeting, the PEPE price could surge to its all-time high levels. Optimistically, the bull run can lead the meme coin to break $0.000018 and reach the psychological mark of $0.000020.
A Morning Star Bull Run For BONK?
With a negative cycle in the rising channel pattern, the BONK price drops under the 50D EMA. Further, the meme coin loses the critical level of 50% Fibonacci level and the $0.000030 psychological mark.
The BONK price action reveals a bullish failure of the rounding bottom pattern and tests the support zone at the 38.20% Fibonacci level at $0.00002679. However, the meme coin price action suggests an end of the correction phase with the 3% intraday jump.
With the bullish recovery, a morning star pattern forms at a crucial level of support, teasing a comeback rally. If the buyers undermine the selling pressure to reverse the trend polarity, the uptrend in the meme coin can reach $0.00003756.
Did You Know : Bitcoin Plunges Ahead of FOMC & CPI, While PEPE & BONK Demonstrate Extreme Strength: Here’s What to Expect!
