The cryptocurrency market experienced a period of intense volatility that peaked after the June 12 FOMC meeting and the release of the inflation report. However, some optimistic observers expect a recovery in the space, and some meme coins like PEPE and BONK are gaining renewed attention.

With PEPE up 5.41% last night and BONK poised for a Morning Star, these memecoins are ready to reverse their trend. Will this month’s reversal rally lead to a broader market recovery?

Let's take a look at the technical analysis of PEPE and BONK

PEPE Plans to Reverse the Meme Coin Market

With the pullback phase of the daily chart, the PEPE price trend showed a retest of the 50-day EMA. After the retest, the price trend of the meme coin entered a horizontal shock phase, and no obvious trend has appeared in the past four days.

However, with the recent explosive growth, PEPE has blossomed in the market like a firework, with its price rising by an astonishing 5.41% in a short period of time, and soaring again by 1.04% in today's intraday. This dynamic is shocking, as if the market is opening the door for PEPE. In addition, the MACD and signal lines are about to cross in the positive zone, indicating a strong upward wave.

If the market recovers as expected after the FOMC meeting, PEPE prices are expected to rush to all-time highs and even break through the previously unattainable $0.000020 mark. This will be a frenzy feast in the memecoin world, let us get ready for this magnificent bull market show!

BONK’s Morningstar Bull Market is Coming?

BONK price declined below the 50D EMA as the ascending channel pattern developed a negative cycle. Moreover, the meme coin fell below the critical 50% Fibonacci level and the psychological mark of $0.000030.

However, BONK’s price action seems to have failed to live up to the bullish expectations of the rounding bottom pattern and instead tested the 38.20% Fibonacci level support area at $0.00002679. Nonetheless, the memecoin’s price action showed a glimmer of hope and after a 3% intraday gain, the correction phase seems to be over.

The market is signaling a rebound as buyers gradually suppress selling pressure and form a Morning Star pattern at key support levels. If this buyer momentum continues to increase, it could lead to a rise in the price of MEMECOIN to $0.00003756. This will be a major turning point in the MEMECOIN market, so let's wait and see and witness this compelling market story! #pepe #bonk