The memecoins are ready to run, and $PEPE, $WIF, and $BRETT will be among the favourites to get out of the blocks first. However, everything still depends on whether $BTC can also continue its upward trend.
Watch for Bitcoin rebound
With Bitcoin Dominance at 57.54%, the influence that the king of the cryptocurrencies has over the rest of the crypto market is undoubted. If $BTC sneezes, the altcoins catch a cold, and if $BTC puts on a spurt, the best of the altcoins can hope to at least match it.
Among altcoins is the memecoin niche. Nobody can doubt just how hard this niche can surge, at least when Bitcoin is playing ball. So as Bitcoin prepares to continue its latest rally, with an incoming rebound, the memecoins could once again be let off the leash.
$PEPE first stage of reversal completed
Source: TradingView
The $PEPE price has moved through the first stage of reversing its downtrend. A higher high, and higher lows, look to be continuing. The price has come back to the horizontal support at $0.00000837, and a bounce from here, or the upward trend line could be forthcoming.
The resistance at the 0.618 fibonacci also lines up with a horizontal resistance line, and the price has seen a rejection from here. The next bounce could potentially succeed in piercing this level, and could go on to challenge the main downward trend.
$WIF needs to break out of channel
Source: TradingView
The $WIF price has been in a downward trend since the end of March. Five months later, and $WIF is trying once again to reverse its way out of the downward sloping channel. A higher high and a higher low have initiated this process.
This needs to continue, and the price of $WIF must head back towards the top of the channel. This is likely to coincide with a retest of the 0.618 fibonacci. Should $WIF manage to successfully break through here, its emergence from the top of the channel should follow.
$BRETT coming to strong support – bounce likely
Source: TradingView
The $BRETT price has also copied the previous two memecoins with a higher high and a higher low. That said, the resistance at $0.010270 needs to be broken. The price is currently descending to the band of horizontal support stretching from $0.0825 to $0.0783. This coincides with the upward trend line, so a bounce might be expected from there.
All these three charts look bullish, but once again, it must be understood that these memecoins will only run if Bitcoin starts moving back to the upside. Over to the king of the cryptocurrencies …
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/2024/08/memecoins-pepe-wif-brett-reversing-downtrend-everything-now-depends-on-btc