Memecoins detect a comeback in cryptocurrency; $PEPE, $WIF, and $FLOKI surge

Altcoins are following Bitcoin (BTC) in reversing its downward trend. The memecoin market, however, is the most erratic. In the lead are Floki ($FLOKI), Dog Wif Hat ($WIF), and Pepe ($PEPE).

Of all the cryptocurrencies, Bitcoin (BTC/USD) is the king, and its present trajectory is largely upward. However, memecoins are typically the most volatile cryptocurrencies in a risk-on atmosphere, and this is the situation at the moment.

On CoinGecko, $PEPE (PEPE/USD) is ranked #28 and has a market capitalization of $4.5 billion. While $PEPE is growing significantly more quickly than $DOGE at $18.2 billion and $SHIB at $11.6 billion, they are still far behind and should be watched.

As of right now, $PEPE has increased by 21.5% on the short-term chart above, following its breakout of the declining trend line on Thursday. The Fibonacci levels indicate that if the price breaks past the resistance it is currently facing, it will reach the following targets: $0.0000115 (0.5 Fibonacci), $0.000013 (0.618 Fibonacci), and $0.000015 (0.786 Fibonacci). $0.0000172 is the all-time high.

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.

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.