After the recent kerfuffle over the movement of the US government’s Silk Road Bitcoin, it appears that the king of the cryptocurrencies is not ready to begin its big upside move just yet. When it does, prominent memecoins, such as $WIF, $BONKwill be ready for this green light.
Memecoins primed to move
The Bitcoin (BTC) anticipated next big move to the upside is still in abeyance. Of course, if any market stock is ‘anticipated’ to move in one direction, the market is likely to start moving it in the opposite direction.
Nevertheless, if the $BTC price does suddenly start moving out of its bull flag to the upside, and this move is confirmed, the strongest of the altcoins will be waiting in the wings, ready to follow this move, and one of the fastest moving niches within the altcoin sector is without doubt the memecoins.
Top-performing memecoins such as $WIF, $BONK are probably going to be among the first to move, and they are arguably likely to move the quickest.
$WIF respects the fibonacci levels
Source: TradingView
From its all-time high on the last day of March this year, $WIF has experienced a really solid correction of just shy of 70%. The price chart for $WIF over the last 5 months has followed a well defined pattern, with baseline support at $1.49, and with the next step support coming in at $2.36, where the price is currently hanging out.
The $WIF price has been respecting the fibonacci levels with some great accuracy. For targets, the 0.382 is at $2.77, the 0.618 at $3.56, and the 0.786 at $4.13. Should the $WIF price manage to break all these levels, the all-time high is at $4.86.
$BONK breakout and retest
Source: TradingView
$BONK is still following its uptrend. The price broke out of the downward trend line, and has retested. However, resistance at $0.00002929, and $0.00003400 still need to be overcome. The price has already touched both of these levels before being rejected. That said, if $BTC starts to sail higher, expect $BONK to have another chance at these resistances.
To read article in Arabic, please visit the website Crypto Mena
Risk Disclaimer
Although Sponsored Trading can be profitable, it is associated with a significant risk of losing your investment. The risks will increase when trading on margin companies. Traders must exercise due diligence and be careful when making their trading decisions. It is the sole responsibility of the Trader to learn and acquire the knowledge and experience required to use the Trading Platform and anything that will be required to trade properly
