Memecoins have been hit hard over this long and grinding crypto correction. That said, $PEPE, $WIF, and $FLOKI are still well above their bull market support levels, and as soon as Bitcoin ($BTC) gives the green light, all can potentially surge much higher.
$PEPE holding support beautifully
Source: TradingView
The $PEPE price is holding beautifully above the strong support at $0.00000590. The weekly time frame shows the stair steps for the $PEPE price, and it can be seen that price structure is respecting them almost perfectly. In addition, the fibonacci 0.786 level is acting as an extra support, where the price is currently.
If Bitcoin ($BTC) can turn around in the next couple of weeks or so, and $PEPE can hold that top stair step, this can serve as a great platform for the next surge skyward. That said, if the top support does fail, and the price confirms below, it is a long way back down to the lower price structure at $0.00000160.
$WIF ripe for exiting bull flag
Source: TradingView
It may be that the $WIF price is down 3.5% for the day so far, but zooming out into the weekly time frame the price action looks very positive. A bull flag is continuing to form, and the price is currently up against the resistance at $1.60. Below is the bottom of the bull flag, plus the 0.786 fibonacci, also acting as support.
If the resistance can be surmounted, it may be that the confluence of the 0.618 fibonacci, and the top of the bull flag could provide the next major hurdle. A breakout beyond this could eventually lead to the blue skies of price discovery above.
The Stochastic RSI at the bottom of the chart looks to be starting its climb back to the top. If this can continue, and the two indicator lines get above the 20 level without another fake out, this would likely signal the momentum, to boost $WIF out of the top of the flag.
$FLOKI ready to reverse downtrend
Source: TradingView
The $FLOKI chart is another that could eventually indicate some promising price action. The downtrend is still in force, and the $FLOKI price continues to make lower highs. There is the possibility that the price continues back down to the 0.786 fibonacci, which has already seen two tests so far. Should the price fall down below this, it would likely presage a free fall down to the base price structure at $0.00004.
The Stochastic RSI is also in a downtrend. Therefore, the indicators need to rise above the previous lower high at the 20 level. Should this successfully take place, not only could the downtrend be reversed, but this could also signal some big upside price momentum.
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.
Source: https://cryptodaily.co.uk/2024/09/memecoins-pepe-wif-and-floki-still-ready-to-surge-when-bull-market-returns