Memecoins Recovers 90% of Yesterday’s Losses: Will PEPE, SHIB & WIF Prices Remain Bullish This Week?

The post Memecoins Recovers 90% of Yesterday’s Losses: Will PEPE, SHIB & WIF Prices Remain Bullish This Week? appeared first on Coinpedia Fintech News

After a dreadful start to the week, the bulls are leaving no stone unturned in reviving a strong reversal. No sooner than the Bitcoin price initiated a recovery, the memecoins began to soar extraordinarily. Besides, Pepe & WIF prices appear to have recovered most of their losses, while Shiba Inu prices revived a bullish reversal during the previous day itself. With the growing optimism around memecoins, will these tokens uplift the entire crypto market?

Despite a minimal drop of nearly 2% in trading volume, the memecoin market capitalisation has surged by more than 20%. The PEPE price rally has received huge attention as the token recovered 90% of yesterday’s losses by triggering more than a 25% rise since the early trading hours. The technicals have turned bullish and hence the crypto flashes the possibility of maintaining a steep ascending trend. 

Ever since the PEPE price surged above the 200-day MA, it has never slipped below the range until the latest downfall. The bulls are trying hard to reclaim the levels that appear to be in line as the RSI has turned bullish. However, until the PEPE price does not reclaim the crucial resistance at $0.00000925, the fear of rejection may prevail. Once these levels are achieved, the token may be assumed to have begun a fresh upswing. 

As expected, the latest bearish action dragged the WIF price to its lowest support at $1.91, which attracted bullish volume. Meanwhile, the token continues to trade within a bearish range and is trying hard to rise above the crucial resistance at $1.516. However, the technicals have turned bullish and hence a rise of 40% could occur anytime from now. 

The WIF price remained stuck within a descending parallel channel and was approaching the lower support of the channel. However, the bearish trend is expected to continue as the MACD displays growing selling pressure and the Ichimoku cloud turns bearish. Therefore, the dogwifhat price is expected to plunge below $1 in a short while. Besides, if the bulls manage to reclaim $1.5 and secure the crucial range at $1.617, then the bearish trajectory becomes invalid, 

On the other hand, the Shiba Inu price has begun to recover since the previous day’s trade and hence is believed to remain bullish for a longer time frame. The other memecoins have also demonstrated acute strength, hence, a strong bullish trajectory appears to be imminent.