With Bitcoin (BTC) potentially on the brink of rejection, other cryptocurrencies may become difficult to hold, at least in the short to medium term. At the top of the risk curve, memecoins are even more at risk. PEPE and WIF are the frontrunners, but are they now running out of steam?
PEPE Price Rejected – How Much Lower Can It Fall?
The short-term time frame chart for PEPE (PEPE/USD) shows that the price has broken above the long-term downtrend line. After the initial price surge, the price declined and is now making some higher highs and higher lows while following the new uptrend line.
However, PEPE price did hit the 0.786 Fibonacci level and currently appears to be retreating from this level. The short-term Stochastic RSI indicator is declining and it remains to be seen when a rebound will occur.
The uptrend line might be the favorite, but PEPE bulls need to prevent the price from making lower lows, especially if it breaks below $0.00000835.
The following is a strong support from $PEPE
On the weekly chart, it can be seen that the price is still holding above the 0.236 Fib level. If PEPE falls below this level, the 0.382 Fib level ($0.00000963) is a good support level below, while 0.618 and 0.786 are also strong support levels below.
WIF rose strongly
The 4-hour chart of WIF (WIF/USD) is looking really good so far. After the breakout, the price has increased by 66%. The consecutive higher and lower moves do not indicate any reversal. The latest minor price correction is currently struggling to stay above the 0.236 Fib level at $2.73. However, if the price breaks below this level and hits the 0.382 Fib level at $2.58, it will be the first lower low.
WIF encounters strong resistance on the weekly chart
On the higher weekly timeframes, there are some concerns about WIF price in the charts. Price action shows that WIF has hit the 0.5 Fibonacci level, which is a strong resistance level. Additionally, at the bottom of the chart, the Stochastic RSI is currently topping out. This could mean that a price drop is imminent – it just remains to be seen whether this will lead all the way back up to the $1.97 support level.