Meme Coins Surge: BONK, PENGU, and WIF Show Double-Digit Gains
Fueled by positive sentiment in the cryptocurrency market, meme coins like Bonk (BONK), Pudgy Penguins (PENGU), and Dogwifhat (WIF) experienced significant gains last week. BONK and WIF, both built on the Solana blockchain, are poised for further increases as the bullish trend continues. The upcoming launch of a multiplayer game could extend PENGU’s rally.
BONK’s Breakout Signals Further Upside Potential
Bonk, the largest Solana-based meme coin with a market capitalization of $2.29 billion, is extending its gains from last week. Currently, BONK is up over 6%, marking its fourth consecutive bullish candle.
The breakout rally aims to surpass the 61.8% Fibonacci retracement level at $0.00002958. A decisive daily close above this level could propel BONK towards the 78.6% Fibonacci level at $0.00004105.
The 50-day Exponential Moving Average (EMA) is approaching the 200-day EMA, increasing the likelihood of a Golden Cross. Investors might view this Golden Cross as a buying opportunity.
The Moving Average Convergence Divergence (MACD) and signal line show a consistent uptrend in positive territory, indicating rising bullish momentum. The Relative Strength Index (RSI) at 76 suggests overbought conditions, signaling strong buying pressure.
However, if BONK experiences a bearish reversal, the 50% Fibonacci retracement level at $0.00002350 could act as a support zone.
PENGU Eyes $0.030 Breakout Amid Game Launch
Pudgy Penguins surged over 88% last week, outperforming many top 100 cryptocurrencies. Currently, the meme coin is down slightly as it faces resistance in breaking above the $0.030 mark.
If PENGU surpasses this level, the 78.6% Fibonacci level at $0.037 would be the next crucial resistance. The 50-day and 200-day EMAs are displaying a Golden Cross, signaling positive short-term momentum. The RSI at 84 indicates overbought conditions, while the MACD and signal line suggest a gradual increase in bullish momentum.
The launch of “Pudgy Party,” a multiplayer game for Android and iOS, could act as a bullish catalyst, extending PENGU’s gains. Alongside the launch, Pudgy Penguins announced a $5,000 PENGU token giveaway for five individuals.
Conversely, a reversal from the $0.030 level could extend the decline to the 61.8% Fibonacci retracement at $0.022.
Dogwifhat Struggles to Overcome 200-Day EMA
WIF is down 3% as it struggles to break above the 200-day EMA at $1.06, resulting in a short-term sideways trend below the dynamic resistance.
However, a potential upcoming surge in the broader market, driven by Bitcoin, could push WIF above the 200-day EMA. A clean break above this level could test the 50% Fibonacci retracement level at $1.21.
Investors with entry positions above the 50% Fibonacci level may fuel buying pressure to drive prices to a desirable exit point. In this scenario, profit-taking could occur around the 61.8% Fibonacci retracement at $1.67.
Due to the sideways trend, momentum remains flat, as indicated by the RSI at 56. A bearish reversal in Dogwifhat could test the 50-day EMA at $0.87.
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