Sahana Vibhute
As Bitcoin sustains above $57,000, the market sentiments have turned bullish as the traders appear to be hopeful of the upcoming trend. The memecoins gained momentum with the BONK price leading the rally, followed by Pepe and other tokens. Now that the prices are surging, it would be interesting to know whether the bulls lift the levels back within the bullish range. To do so, prices of BONK & PEPE are required to rise by a minimum of 15% to 18% which appears to be a tedious job.
Bonk Price Breaks the Wedge!
In an interesting move, the BONK price is set to lay down a fresh ascending trend as the token has broken the pattern after reaching the apex. Ever since its rejection in the first few days of June, the price maintained a steep descending trend within a falling wedge. The pattern usually suggests a breakout after reaching the apex and hence, the price is primed to trigger a 20% upswing in the next few days.
The BONK price has risen above the falling wedge and as the RSI is maintaining a decent ascending trend, the token is expected to remain elevated. Besides, the DMI or the direct movement index which helps to determine the upcoming trend of the crypto is about to undergo a bullish crossover. However, the ADX which determines the strength of the rally is plunging which may compel the price to remain consolidated within a range. However, another significant influx of buying volume may flip the ADX which could initiate a fine rise beyond the local resistance close to $0.00003 in the next few days.
Pepe Price Heading Back Above $0.00001
Meanwhile, following a bullish track, the PEPE price has firmly rebounded from the monthly lows after failing to hold the support at $0.00000925. This attracted a significant buying volume, which is now pushing the prices close to $ 0.00001. However, volume remains the main constraint, as the bulls appear exhausted. Therefore the price could remain within an accumulated range for some time followed by a huge price action.
The PEPE price has been ranging high within an ascending parallel channel for over a few months. Unfortunately, the recent bearish action slashed the levels below the support; however, instead of extending descending action, the price has initiated a rebound. The RSI also flipped after testing the lower threshold; meanwhile, the MACD is about to undergo a bullish crossover, suggesting an influx of buying pressure is on the horizon. Till then, the price may remain consolidated, followed by a major upswing beyond $0.000012.
