Dogecoin (DOGE), Pepe (PEPE), and Bonk (BONK) at Crucial Support Points: Is It Time to Invest?
If you're optimistic about the continuation of the crypto bull market, especially concerning memecoins, popular picks like Dogecoin (DOGE), Pepe (PEPE), and Bonk (BONK) are currently sitting at significant support levels. Is this the moment to make a move?
Potential BTC Sell-Off by DOJ Triggers Further Decline
The current Bitcoin (BTC) bull market is facing challenges. After pulling back from the highs just over $100,000, the market took another hit when news of a possible $6.5 billion BTC sale by the U.S. DOJ prompted a deeper sell-off.
Signs of Market Indicators Reaching a Bottom
Bearish market conditions typically aren't ideal for crypto purchases, particularly for high-risk assets like memecoins. However, there are indications that market indicators are reaching a bottom, suggesting a rebound could be on the horizon. For those willing to take the risk, this might be a good time to consider investing in well-known memecoins.
$DOGE Approaches Key Support Levels
Source: TradingView
$DOGE is nearing critical horizontal support thresholds, first at $0.31 and then at $0.28. The latter may align with the ascending trendline shown in the chart above. Despite the corrections of 35% and 42%, the upward trend for $DOGE remains intact, making these levels potentially appealing for those looking to invest in one of the most popular memecoins.
$PEPE at Its Bull Market Foundation
Source: TradingView
$PEPE is positioned at a crucial horizontal support level that could define its ongoing bull market. So far, the price has successfully formed market structure above this point, maintaining its position, which suggests it could act as the foundation for $PEPE's bull market.
However, should the price drop below this level and confirm a breach, the next support is at $0.00001324, with additional levels indicated on the chart above.
Investing at this juncture should incorporate a tight stop loss to manage risk. Fortune favors the bold.
Is This the Right Moment to Initiate a $BONK Position?
Source: TradingView
$BONK is situated at a solid horizontal support level, having recently retested the descending trendline. This presents an opportunity to begin building a position, with other lower levels outlined on the chart. If the price dips below the lowest point and the bull market trendline, the upward momentum for $BONK could potentially end.
At the chart's base, the Stochastic RSI is decreasing. It might continue to drop to the lower boundary or rebound at the 20.00 mark, as it has done previously. For significant upward momentum, the indicator lines need to cross upwards, so keep a close eye on this indicator.
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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