Meme coins Pepe and Bonk have witnessed significant price hikes over the last 24 hours amid a downturn in the market. The current trading prices show PEPE at $0.00001319, up by 10.77%, and BONK at $0.00002873, marking a 9.23% increase within the same timeframe.

Pepe Resilience and Bullish Outlook

Cryptocurrency analyst Davie Satoshi has noted Pepe's resilience in bouncing off a long-term support line, interpreting it as a positive bullish signal. Analyst CJ concurs, expressing confidence in Pepe's potential post retesting its previous consolidation level, aligning with March's peak.

CJ has strategically positioned into a spot and plans to accumulate more if the price hits a specified level. Breaking above the resistance line could indicate a local low, although CJ warns about the impact of Ethereum's price fluctuations on Pepe.

Pepe's Bullish Breakout

Technical analysis from altFINS indicates Pepe's current uptrend following a bullish breakout from a channel up pattern. The recent price encounter with resistance at $0.000017 resulted in rejection.

A potential retracement to the $0.0000113 support level presents a swing trading entry opportunity with a potential 50% upswing to $0.000017. The analysis advises setting a stop loss at $0.0000110.

Source: altFINS

Should Pepe breach its all-time high of $0.0000173, Fibonacci Extensions indicate resistance levels at $0.0000184 (61.80%), $0.0000200 (78.60%), $0.0000215 (100%), and $0.0000266 (161.80%).

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Bullish Divergence on Bonk and Positive Signals

Analyst Bluntz identifies a 4-hour bullish divergence on both Bonk and Pepe, hinting at potential relief rebounds. Clifton fx highlights a falling wedge formation on Bonk's 6-hour chart, suggesting a breakout for a substantial bullish wave. Furthermore, Webtrend Analytics' DCAMAP indicator shows Bonk trading within a historically favorable range for entries during the recent uptrend.

Rekt Capital anticipates a volatile retest for Bonk, emphasizing the importance of maintaining a critical support level by the end of the month for a successful outcome.

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