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Bitcoin Bounce Boosts $PEPE, $WIF, and $TRUMP MemecoinsA
fter Bitcoin (BTC) dropped to $58,400 on Monday, it bounced back on Tuesday, allowing memecoins to surge. $PEPE, $WIF, and $TRUMP saw significant upward moves.
Although this Bitcoin bounce may be temporary, it has enabled memecoins to capitalize on the positive momentum.
$PEPE Continues Bullish Uptrend
Pepe ($PEPE) is a leading memecoin by market capitalization, following Dogecoin and Shiba Inu. New traders in the memecoin space often look at $PEPE.
The macro weekly chart shows PEPE in an uptrend, finding support at the 0.382 Fibonacci level. If this support holds, the target could be the 1.618 Fibonacci level at 0.000022.
WIF Surges 30% in 48 Hours
Dog Wif Hat has been a standout success for new memecoin traders. Despite a drop from its local high of $4, WIF has bounced back, rising 30% in the last two days and sitting above the 0.786 Fibonacci level. A breakout above the descending trendline could push the price back to $2.50.
$TRUMP Best Performing Memecoin in Last Two Days
Among the highlighted memecoins, $TRUMP has performed the best over the last 48 hours. After bottoming out at $6.50, $TRUMP surged 40% to reach $9, which is the 0.618 Fibonacci level. A daily candle close above this level could target $12.38.
Trade with Extreme Caution
Investing in memecoins relies heavily on Bitcoin maintaining positive price action. The current Bitcoin bounce should be approached with caution. If the bounce merely tests the recent resistance at $61,500, further downside for Bitcoin could affect all altcoins.
