Bitcoin (BTC) is reversing its downtrend, and the altcoins are following. However, the most volatile sector is that of the memecoins. Pepe ($PEPE), Dog Wif Hat ($WIF), and Floki ($FLOKI) are leading the pack.
The king of the cryptocurrencies is of course Bitcoin (BTC/USD), and its trajectory is currently very much to the upside. However, in a risk-on environment, the most explosive cryptocurrencies are usually the memecoins, and this is the case right now.
$PEPE moving faster than higher market cap memes
Source: TradingView
$PEPE (PEPE/USD) is ranked #28 in CoinGecko, and has a $4.5 billion market capitalization. This is still far short of $DOGE at $18.2 billion, and $SHIB at $11.6 billion, but $PEPE is moving much faster than these two, and is definitely one to keep an eye on.
The short term chart above shows that $PEPE is currently up 21.5%, since breaking through the descending trend line on Thursday. The price is up against resistance right now, but if it breaks through, the targets, as given by the Fibonacci levels, are $0.0000115 (0.5 Fibonacci), $0.000013 (0.618 Fibonacci), and $0.000015 (0.786 Fibonacci). The all-time high is at $0.0000172.
$WIF breaks out of long-time wedge pattern
Source: TradingView
The $WIF price (WIF/USD) was traversing inside a descending wedge since the beginning of April. A definitive breakout occurred on Tuesday, and the price has risen 32.3%, to $2.36 since then.
Targets to the upside, as defined by the Fibonacci levels, are $2.51 (0.382), $2.96 (0.5), $3.40 (0.618), and $4.04 at (0.786). The all-time high is at $4.84.
$FLOKI up 31% since breaking descending trend line
Source: TradingView
Since breaking out of its descending trend line, and confirming it, the $FLOKI price (FLOKI/USD) has risen 31%. It appears that the price may be coming back to test the strong horizontal support at $0.00016, before rising higher.
Targets to the upside, once again as per the Fibonacci levels, are $0.000192, at the 0.382 Fibonacci; $0.000222 at the 0.5 Fibonacci; $0.000252 at the 0.618 Fibonacci; and $0.000294, at the 0.786 Fibonacci level. The all-time high is at $0.000349.
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-sniff-out-crypto-resurgence-pepe-wif-and-floki-explode