The prices of PEPE and BONK have surged by over 30% amid a $400 million liquidation event. Buyers are striving to keep the PEPE/USDT pair above the 20-day EMA ($0.00001034). If they succeed, the price could climb back to $0.0000128, a critical level for bears to defend, as a rally past this point could push the price towards the resistance zone of $0.000015 to $0.000017. Conversely, if the price breaks below the $0.00001-$0.000008 support zone, a bearish pattern would be confirmed, potentially dropping the price to the strong support at $0.0000055. The RSI level is rising sharply towards the overbought region, suggesting a possible correction.
For BONK, the price has recently trended upward, with bulls pushing it above the overhead resistance of $0.000029. BONK is currently trading at $0.0000323, marking a surge of over 27% in the last 24 hours. Bulls are now targeting $0.00003693, and a successful push could see the price rise to $0.000047, though bears might resist any surge at these levels. A key level to watch is the EMA20 trend line. A strong rebound from this level would indicate bulls buying on dips, increasing the chances of breaking the resistance at $0.000037. However, if the price drops below the 20-day EMA, it suggests bulls are exiting, potentially triggering a correction down to the 50-day SMA at $0.00002275. On the 4-hour price chart, the RSI is around 70, indicating a potential bearish correction.
