Following the recent market correction, technical indicators point towards memecoins Dogecoin (DOGE), Pepe (PEPE), and Bonk (BONK) potentially leading a new uptrend. Analyzing this emerging trend.
Although Dogecoin (DOGE) has undergone a correction after reaching a low, technical indicators show encouraging signs of an imminent rebound. This is also the case for other memecoins. The solid support at $0.21 and the improving Stochastic RSI suggest a bullish recovery that could reach up to 70%.
According to the weekly chart analysis, DOGE has formed a series of higher highs and higher lows, suggesting that the upward trend will continue after this recent correction. The price has returned to test the horizontal support at $0.23, offering an attractive entry opportunity for investors.
After breaking out of its bearish channel, PEPE‘s price formed a bullish channel. Although the current correction has forced it out of the lower part of this channel, PEPE has stabilized on a horizontal support at $0.000012. If bulls manage to trigger a bounce from this level, PEPE could target $0.000016 followed by $0.000018, before challenging its all-time high.
Analysis of the weekly chart shows that support at $0.000012 appears to be holding strong. A breakthrough of the local high at $0.000016 could pave the way for further PEPE advancement.
While the majority of cryptocurrencies display negative performance, BONK stands out as an exception by maintaining its position above the support at $0.000032. Once the market returns to a bullish trend, BONK could target resistance at $0.000039. If buyers manage to break through and maintain this level, the all-time high will then become accessible.
Although the Stochastic RSI indicators are already in the overbought zone, they are likely to remain above the 80 threshold, thus favoring a new upward movement for BONK.
Want to invest in Dogecoin (DOGE), Pepe (PEPE), or Bonk (BONK) via Bitget? Here’s a simple guide to acquiring these cryptocurrencies quickly and securely :
Before investing, always take time to analyze market trends and adjust your strategy according to your objectives.
Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
DISCLAIMER
This article is for informational purposes only and should not be considered as investment advice. Trading cryptocurrencies involves risks, and it is important not to invest more than you can afford to lose.
InvestX is not responsible for the quality of the products or services presented on this page and cannot be held liable, directly or indirectly, for any damage or loss caused by the use of any product or service featured in this article. Investments in crypto assets are inherently risky; readers should conduct their own research before taking any action and invest only within their financial means. This article does not constitute investment advice.
Risk Warning : Trading financial instruments and/or cryptocurrencies carries a high level of risk, including the possibility of losing all or part of your investment. It may not be suitable for all investors. Cryptocurrency prices are highly volatile and can be influenced by external factors such as financial, regulatory, or political events. Margin trading increases financial risks.
CFDs (Contracts for Difference) are complex instruments with a high risk of rapid capital loss due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should assess whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Before engaging in financial or cryptocurrency trading, you must be fully informed about the associated risks and fees, carefully evaluate your investment objectives, level of experience, and risk tolerance, and seek professional advice if needed. InvestX.fr and the InvestX application may provide general market commentary, which does not constitute investment advice and should not be interpreted as such. Please consult an independent financial advisor for any investment-related questions. InvestX.fr disclaims any liability for errors, misinvestments, inaccuracies, or omissions and does not guarantee the accuracy or completeness of the information, texts, graphics, links, or other materials provided.
Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
