Meme Coins Pepe and Bonk Prices Are Pumping: Here’s Why

Meme Tokens Pepe and Bonk Surge Amidst Market Slump

In a recent market slide, meme tokens Pepe and Bonk have witnessed notable price increases over the past 24 hours. Pepe's current value stands at $0.00001319, marking a 10.77% rise. Bonk, on the other hand, trades at $0.00002873, climbing 9.23% within the same period.

Pepe's Bullish Bounce

Davie Satoshi, a respected crypto analyst, highlights Pepe's ability to rebound from a multi-month support line as a bullish indicator. Analyst CJ agrees, suggesting Pepe's promising trajectory after retesting its previous consolidation level, aligning with March highs. CJ has taken a spot position and intends to invest further if the price reaches the box level. A breakthrough above the diagonal resistance would potentially signal an established local low, although the analyst cautions that Pepe's performance remains highly influenced by Ethereum's price behavior.

Pepe's Technical Analysis

An analysis by altFINS reveals Pepe's current uptrend following a bullish breakout from a channel up pattern. The price faced resistance at $0.000017 but was met with rejection.

A pullback near the $0.0000113 support level may provide an entry opportunity for swing traders, aiming for a potential 50% gain to $0.000017. The analysis suggests a stop loss at $0.0000110.

Fibonacci Extensions indicate possible resistance levels if Pepe surpasses its all-time high of $0.0000173: $0.0000184 (61.80%), $0.0000200 (78.60%), $0.0000215 (100%), and $0.0000266 (161.80%).

Bonk's Technical Indicators

Analyst Bluntz has observed a 4-hour bullish divergence on both Bonk and Pepe, indicating potential relief bounces. Bluntz favors these two meme tokens for upward movements around current price levels.

Clifton fx notes a falling wedge formation on Bonk's 6-hour timeframe, suggesting an upside breakout could trigger a significant bullish wave. Additionally, Webtrend Analytics' DCAMAP indicator indicates Bonk's mid-range trading, which has historically offered favorable entry points during the recent uptrend.

Rekt Capital emphasizes Bonk's current volatile retest, highlighting the need to maintain support above a crucial level by month-end. The analyst expresses confidence in Bonk's potential to reverse its trajectory during this retest.