Pepe ($PEPE) surges ahead while Dogecoin ($DOGE) and Bonk ($BONK) strive for a comeback
The memecoin market seems almost forgotten, with most coins having dropped over 50% from their peak values. Despite this downturn, Pepe ($PEPE) appears to be making a significant move, whereas Dogecoin ($DOGE) and Bonk ($BONK) enthusiasts are working to change their luck.
$PEPE breaks free from its channel
Source: TradingView
$PEPE is once again breaking out from the descending channel. Yet, it's uncertain if this breakout will hold or if another false alarm might disappoint the bulls.
Currently, the price is at a resistance level, requiring significant effort to surpass this barrier and establish above it. It's also crucial to be aware of a possible bearish head and shoulders pattern that might challenge the bulls if the price ascends.
The bullish targets are set at $0.000023 at the 0.618 Fibonacci level and $0.000025 at the 0.786 Fibonacci level. To continue its bullish trend, $PEPE must also exceed its all-time high of $0.000028.
$DOGE seeks support
Source: TradingView
The $DOGE price appears to be trying to stabilize above $0.31 and break through the initial Fibonacci level at 0.236. If this support holds, there is a strong possibility that $DOGE enthusiasts, bolstered by ongoing speculation that Elon Musk might use $DOGE as a payment method, could push the price higher.
The Fibonacci targets are illustrated on the chart above. For $DOGE to continue its upward trend, it must surpass these targets and reach a local high above $0.48.
$BONK poised for a breakout
Source: TradingView
Bonk ($BONK) experienced a 60% decline from its peak on 20 November. However, $BONK supporters are actively working to reverse this trend. A local bottom seems to have formed, and now it's up to the bulls to push the price through the descending trendline. The Fibonacci levels indicated on the chart above suggest potential price targets.
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.
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