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- The prices of PEPE and BONK plunged significantly in the last 30 days.
- PEPE’s lower high sequence might stop and could trigger a jump to $0.0000011.
- A 25% increase for BONK looked possible if it flips the $0.000011 resistance.
Frog-themed meme coin Pepe (PEPE) and dog-themed Bonk (BONK) have failed to come out of their misery as prices continue to fall. As of this writing, PEPE has shredded 17.58% of its value in the last 30 days.
BONK likewise has failed to put up a good performance, dumping by 8.02% within the last week. These retraces came amid a bearish turn in the market, which has seen prices of major cryptocurrencies fall from recent highs.
PEPE Price Analysis
PEPE’s structure on the 4-hour chart showed that the token was trading in a largely bearish state. Since January 11, PEPE has recorded a steady sequence of lower highs. Also, the decline has caused the meme coin to hit lower lows while forming a descending channel.
However, the price shown by the movement of February 6 indicated that the bottom may be in for PEPE. At press time, the price had increased slightly to $0.000000935, suggesting that sellers were losing momentum.
This was also evident in the Awesome Oscillator (AO) indications. As of this writing, the AO was positive, indicating a possible upward momentum for PEPE. Also, it seemed that the AO had previously formed a bullish twin peak.
If buying pressure increases, PEPE might break out beyond the $0.000000975 resistance. Should this be the case, traders can target $0.0000011 as the first point to take profits. However, if buyers do not show up, PEPE’s price might continue to slide.
PEPE/USD 4-Hour Chart (Source: TradingView)
Meanwhile, signals from the MACD suggest that sellers might not invalidate PEPE’s bullish turn. This was because the MACD was positive, and the 12 EMA (blue) had risen above the 26 EMA (orange).
BONK Price Analysis
BONK’s market structure was similar to PEPE’s. At press time, the memecoin’s price was $0.000010 after bouncing from support at $0.0000095
In a highly bullish condition, BONK might flip the $0.000011 resistance. Should buying pressure increase, a 25% increase toward $0.0000135 looked possible. However, bulls would need to hold the $0.00000955 support to validate an uptick.
If bears overpower bulls at $0.000010, then BONK might lose hold of the crucial support. Moreover, indications from the RSI showed that BONK was exiting its bearish trend. If the RSI rises past the 50.00 midpoint, BONK’s price might surpass $0.000011.
BONK/USD 4-Hour Chart (Source: TradingView)
Still, traders need to watch out for the momentum. Should sellers neutralize the bullish thesis, BONK might fall back to the $0.0000095 region.
The post PEPE, BONK Prices Plunge but Bears May Soon Be Exhausted appeared first on Coin Edition.