The markets are undergoing a drastic shift as the major tokens are facing extreme upper pressure as the selling volume escalates. The Bitcoin price has slumped below $68,000, while the Ethereum price is approaching $3500. In the meantime, the memecoins are gearing up and trying to flip the bearish narrative while BTC & ETH prices consolidate.
Will memecoins like Pepe & Bonk’s price trigger a bullish rebound?
Pepe’s price has been trading within a range after experiencing the latest pullback from $0.000014. While the markets are experiencing a pre-FOMC pullback, PEPE price has been maintaining significant strength. As the price remains within an ascending parallel channel, the possibility of a bullish continuation remains pretty high. However, the bears are trying hard to drag the levels below $0.00001, but the recent recovery above $0.000012 has changed the perspective.
The recovery has led the PEPE price to attract more buying volume, due to which the price managed to rebound from the lower support. Although the volume rose marginally, the bulls managed to hold a significant dominance, due to which the bearish RSI also displayed a bullish divergence.
With this, the path towards the higher targets has been cleared and if the bulls maintain strength, then the PEPE price may even secure a new ATH close to $0.000018 in the coming days. Alongside this, the BONK price is also demonstrating a similar pattern, as the memecoin seems to be poised to mark new highs this month.
The price recently dropped below the crucial support at the 50-day MA and after a tough fight with the bears, the bulls managed to begin the day’s trade on a bullish note However, the token has yet to mark its presence above one of the key resistances at $0.000003, which may validate a rise above the bearish influence. However, the MACD displays a drop in the selling pressure, and hence, after consolidating for a while, the price is expected to trigger a healthy upswing and reach $0.000035 in the next few days.
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