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Crypto Daily 2024-12-31 15:27:56

Pepe ($PEPE) breaks out as Dogecoin ($DOGE) and Bonk ($BONK) attempt recovery

The memecoin niche is almost the forgotten sector as most are down 50% and more from the highs. However, Pepe ($PEPE) looks to be staging a breakout, while Dogecoin ($DOGE) and Bonk ($BONK) bulls are attempting to turn their fortunes around. $PEPE breaks out of channel Source: TradingView $PEPE is breaking out of the descending channel once more. However, it still remains to be seen if this breakout will be successful, or whether yet another fake-out could dash the hopes of the bulls. The price is at resistance now, and therefore a big effort is required in order to break past this and settle above. It should also be noted that a potential bearish head and shoulders pattern could be waiting to ambush the bulls if the price does go higher. Bullish targets are $0.000023 at the 0.618 Fibonacci, and $0.000025 at the 0.786 Fibonacci. The all-time high at $0.000028 will also need to be surpassed if $PEPE is to continue its bull market trend. $DOGE finding support Source: TradingView The $DOGE price looks as though it is trying to now consolidate above $0.31 and also break through the first of the Fibonacci levels at 0.236. Should the support hold, there is a good chance that $DOGE bulls, ably assisted by the ongoing rumours that $DOGE could one day be used by Elon Musk as some kind of payment system, can send the price higher. Fibonacci targets are on the chart above. $DOGE will need to surpass all of these, plus make a local high above $0.48 in order to continue its own bull trend. $BONK breakout imminent Source: TradingView Bonk ($BONK) suffered a 60% reversal from its all-time high which it made on 20 November. However, the $BONK bulls are busy trying to reverse this trend. A local bottom looks to have been made, and it now remains for the bulls to push the price through the descending trendline. The Fibonacci levels on the chart above provide the potential price targets. 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.