PEPE and BONK rising in bear market foreshadow bull market
While the cryptocurrency market crashed due to the June 12 FOMC meeting and the release of the inflation report, and volatility reached its peak, some meme coins such as PEPE and BONK bucked the trend and regained the market focus.
PEPE's price trend has experienced a correction phase on the daily chart and retested the 50D EMA. After this phase of sideways changes, the meme coin has not shown a clear trend in the past four days. However, with PEPE's price rising by 5.41% last night and rising another 1.04% during today's session, its price trend shows signs of a potential rebound. In addition, the MACD and signal lines plan to have a bullish crossover in the positive zone, further strengthening its expectations of rising.
If the market recovers after the FOMC meeting, PEPE's price has the potential to soar to its all-time high. Optimistic predictions suggest that the bull run could propel memecoin past $0.000018 and reach the psychological barrier of $0.000020.
In BONK’s price action, the ascending channel pattern saw a negative cycle, which caused its price to fall below the 50D EMA, while also falling below the critical 50% Fibonacci level and the psychological barrier of $0.000030. However, after testing the support area of the 38.20% Fibonacci level, memecoin seemed to end the correction phase after rising 3% intraday.
As the bullish momentum revived, a Morning Star pattern was formed at the critical support level, which foreshadowed a possible rebound. If buyers can weaken the selling pressure and reverse the trend polarity, the uptrend of memecoin could reach $0.00003756.
Whether the positive performance of these two memecoins indicates a comeback in the broader market remains to be seen. But in any case, the rise of PEPE and BONK has brought a ray of optimism to the market.
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