Memecoins are struggling for a bullish recovery amid increasing volatility in the cryptocurrency market. Although many memecoins have broken through key resistance levels, prices are still stuck at lower levels due to lack of momentum.
Will a broader market recovery this week drive a crazy rally in these meme coins?
Meme coins awaiting a breakout rally:
Dog Hat (WIF)
The WIF price trend shows a surge in bullish momentum following a bullish breakout of a falling wedge pattern. Moreover, a higher highs trend formation suggests that a recovery rally is in play.
The WIF price trend shows that a local support trendline is forming to keep the uptrend intact. Moreover, the bullish trend of 50D and 200D EMA is gaining space after the recent golden cross.
Currently, the breakout in WIF price is challenging the 38.20% Fibonacci level at $2.52. This week, a bullish breakout could push the meme coin to the 61.80% level at $3.31.
Floki
Following a bullish breakout of a descending channel pattern, FLOKI price surpassed the upper trendline. However, the breakout failed to gain momentum, resulting in a sideways trend.
FLOKI’s sideways trend has failed to break out of the 50D and 200D EMA at the $0.00014 level. According to the price action analysis, a breakout rally must surpass the $0.00017 mark to form a decisive uptrend.
The memecoin’s overhead resistance levels are $0.00021 and $0.00032.
Bunker
BONK price action showed a breakout event as the trend lower formed to a bullish conclusion. However, the uptrend failed to lift off the key EMAs amid the broader market pullback.
The golden crossover of 50D and 200D EMA was delayed as the meme coin found support at the dynamic line due to slowing bullish momentum. Moreover, the pullback was a retest of the trendline breakout.
According to price action analysis and Fibonacci levels, a bullish reversal would place $0.0023 and $0.0033 as the next potential price targets.
