In the current crypto market recovery phase, meme coins like PEPE, FLOKI, and BONK are facing a slight slowdown. These coins are undergoing a healthy correction and are expected to make a significant leap soon.
Altcoins, including meme coins, are likely to experience a surge as the market recovers. However, lower-market capitalization coins have better prospects for quick and substantial growth in the upcoming weeks. Therefore, it is essential to closely examine the price analysis of these high-potential altcoins.
PEPE Upsurge Preparation
PEPE, a prominent meme coin in 2024, has shown a rally after a falling wedge breakout. The price is completing a rounding bottom reversal and has crossed the $0.000010 mark. However, a retest is currently in progress.
The VI lines are positively aligned, and the uptrend in ADX indicates a bullish trend for PEPE. This suggests a strong demand for the coin and a potential price increase. If the bullish trend continues, PEPE's price could reach $0.000019, but a drop below $0.000010 could test the $0.00000925 support level.
FLOKI Eyeing an Uptrend
FLOKI's price action is on an upward trajectory, with a falling wedge rally and a double bottom formation. As the coin surpasses the neckline at $0.00019, resistance at $0.00021 is being retested after the bullish breakout.
FLOKI's price is currently consolidating within key Fibonacci levels, waiting for increased buying pressure. A bullish trend could propel the coin to the 1.618 Fibonacci level at $0.00040. Conversely, a break below $0.00019 could reverse the breakout, leading to a drop to $0.00016.
BONK's Double Bottom Setup
BONK, the primary meme coin in the Solana ecosystem, has broken out of a wedge pattern. Similar to FLOKI, it is attempting a double bottom reversal to gain momentum.
The price of BONK is finding support at the 50D EMA and the 38.20% Fibonacci level, indicating improved chances of an uptrend. However, the absence of RSI divergence raises concerns about the uptrend.
If the broader market conditions improve, BONK's price could break above the neckline at $0.000028 and rally towards $0.00003786.
