If crypto is going up, then the memecoins will probably go up faster than anything else. That said, the inverse of this is also true. Bitcoin continues to balk at the $104,000 resistance, and this has had the effect of putting the dampers on the rest of the market. Do memecoins $PEPE, $BONK, and $WIF still have a rally left in them?
Signs are that $PEPE could be about to roll over
Source: TradingView
$PEPE was not only the leading memecoin over the previous week, but also the highest percentage climber for just about any of the top 100 cryptocurrencies. That said, the $PEPE price has come up against solid resistance. The current weekly candle has stopped short of the 0.382 Fibonacci level and is shaping to leave a longish wick to the upside, unless the bulls can do something about this over Friday and the weekend.
Even if the bulls can turn the current weekly candle positive, the major horizontal resistance at $0.00001600 still remains an important barrier to upside continuation.
Finally, the Stochastic RSI indicators are getting back to the top. If they start rolling over before $PEPE is able to surpass the all-time high, this whole rally could be a failed one.
$BONK bulls must break back above major ascending trendline
Source: TradingView
The $BONK price has followed a nice rally thus far, with three higher highs and likely another higher low for this week. However, the price has run into the major horizontal resistance at $0.000025 and has been soundly rejected. The rejection has also taken the price below the bull market ascending trendline, but it is currently holding the strong horizontal support.
Source: TradingView
The weekly time frame gives a clear picture, and shows the importance of the bulls breaking through the ascending trendline. The Stochastic RSI at the bottom of the chart is showing that unless some kind of catalyst arrives soon, the indicators could roll over and head back down, potentially putting paid to any decent upside for the next few weeks.
The writing may be on the wall for $WIF
Source: TradingView
$WIF is in a similar predicament. A good upside surge has come into heavy resistance levels and is looking like being rejected. Yes, there is the possibility that the Stochastic RSI indicators chop along the top for a while, but if a Bitcoin breakout does not happen over this weekend, the writing is probably on the wall for $WIF, and the next potential rally might have to wait several weeks for the Stochastic RSI to reset.
Keep your eyes on Bitcoin (BTC)
Finally, if Bitcoin (BTC) does succeed in breaking through its $104,000 major horizontal resistance, and goes on to surpass the all-time high, all bets are off. Memecoins would undoubtedly surge in this scenario. Bitcoin is definitely the one to watch.
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.