Memecoins are making the most of bitcoin’s current strength. When bitcoin and the crypto market are having success, memecoins ride the crest of the wave. $WIF, $PEPE, and $BONK are leading the charge.
Don’t bet the farm on memecoins
Whatever might be said about the total ridiculousness of memecoins, when crypto is running, the memecoins are generally ahead of most of the field.
For new traders coming into crypto, attracted by the promise of gains, and aware that they won’t be getting anything via traditional finance, the memecoin niche is where many will end up.
They will hopefully know that there is absolutely nothing backing most of the memecoins, and that what they are doing is akin to a visit to the roulette wheel. But that said, it is exciting, and fun if one doesn’t bet the farm.
$WIF makes spectacular gains
Source: Coingecko/Trading View
Dog wif hat (WIF) appears to be the most popular memecoin right now. A picture of a cute dog with a hat on is providing some quite spectacular gains.
As can be seen in the above chart, the price has broken the resistance (blue line), which it may still come back to confirm. The first target, as per the fibonacci 1.618 extension is at $2.68.
$PEPE up 500% in two weeks
Source: Coingecko/Trading View
Pepe (PEPE) has been the king of ethereum-based memecoins for a while now, and this bull market it has really taken off, with more than 500% gains since late February. The next target for $PEPE is $0.000011, taken from the 1.618 fibonacci, with the confluence of the breakout of the W pattern. This would equate to a 31% gain from here.
$BONK big potential gains
Source: Coingecko/Trading View
$BONK is the main Solana-based memecoin, and this one possibly has the biggest gains in front of it. $BONK has recently gone through a healthy 50% correction, and therefore looks primed to run.
The price has followed a trend line late February, and retouched this line on Thursday. RSIs have reset, and therefore momentum could propel the price higher from here. The 0.618 and 0.786 fibonacci levels are the first targets, but looking further out, the price could reach the target of $0.0000628.
For new traders, the trading of memecoins is a perilous occupation. Gains can be fantastic, but taking profits regularly is probably the safer way to go.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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