The cryptocurrency market is on the way back. Bitcoin is currently staging a 17% recovery over the past 3 days, and altcoins are following suit. Nevertheless, it's the memecoins that are putting in the highest gains - $WIF, $PEPE, and $BONK are leading the fight-back.
When Bitcoin starts to put on a spurt, the memecoin niche is normally the one that surges the hardest. The current crypto recovery fight-back is no different. $BTC is up 16.7% since its bottom on Monday, and leading large cap altcoin $SOL is up 39%, also since Monday. However, it's the memecoins that are really outperforming, with $WIF up 61%, $PEPE 41%, and $BONK 38% over the same period.
Retail sends $WIF rocketing
Source: TradingView
Dog Wif Hat ($WIF) is indisputably still in a down trend. A series of lower highs and lower lows still needs to be broken back to the upside. However, that said, when retail traders get behind $WIF, they can really send the price rocketing.
Up 23% on Wednesday so far, $WIF looks to have regained the important support at $1.49. The next major resistance is at $2.36, and not only will $WIF need to surmount this, but also the downward-sloping trend line, which could come into confluence with the resistance.
$PEPE arrives at major resistance
Source: TradingView
$PEPE looks to have come up against its potential major stumbling block already. The price has put on another 7.3% at time of going to press on Wednesday. However, further upside price action will depend very much if $PEPE can break through this major resistance, which also coincides with the 0.236 fibonacci. If $PEPE can break through, $0.00001, and then $0.000013 are important fibonacci level targets above.
$BONK support holds
Source: TradingView
It seems that $BONK has bounced nicely from the band of support from $0.000020, down to $0.000018. Also a wick down was held up by the bull market trend line below. Facing a big resistance now at $0.0000216, the $BONK price will need to break this in order to progress further. Resistance targets overhead are at $0.00003 and at $0.000034.
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.