- Pepe price encounters resistance from a descending trendline.
- BOOK OF MEME price finds support at the weekly level of $0.00944.
- TRUMP price finds support along an ascending trendline.
Pepe (PEPE) price has encountered resistance at a critical level, whereas Trump (MAGA) and Book of Meme (BOME) are testing crucial support levels. The technical outlook suggests potential short-term corrections for PEPE and BOME, while MAGA appears poised for a rally.
Pepe price eyes for a short-term fall
Pepe price currently faces resistance by a descending trendline drawn from joining three swing high points from the end of May to mid-June, as shown in the four-hour chart.
If this trendline holds as resistance, then PEPE could crash around 14% from its current trading price of $0.0000119 to $0.0000106, the 50% price retracement of the $0.0000039 to $0.0000172 up move.
The Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the four-hour chart support this bearish scenario, as both indicators are below their respective mean levels of 50 and 0.
This suggests the exhaustion among bulls and continued momentum favoring bears, potentially leading to a further decline in PEPE's price.
PEPE/USDT 4-hour chart
On the other hand, if Pepe’s price closes above $0.0000138, it would invalidate the bearish thesis by producing a higher high in the daily time frame, leading PEPE to rally 10% and hitting the previous daily high of $0.0000152 on June 6.
BOOK OF MEME price set to retest lows
BOME price current stability hinges on the $0.00944 weekly support, but a breach below could trigger a 13% plunge to revisit its May 1 low of $0.00826.
The Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the four-hour chart support this bearish scenario, as both indicators are below their respective mean levels of 50 and 0.
This suggests the exhaustion among bulls and continued momentum favoring bears, potentially leading to a further decline in BOME's price.
BOME/USDT 4-hour chart
However, if the BOME daily candlestick closes above the $0.0111 daily resistance level and flips it in support, and the RSI and AO surge above their mean levels of 50 and 0, then a pivotal market shift from bearish to bullish could transpire.
This structural change would be marked by BOME forming a higher high in the daily timeframe. In such an event, BOME could potentially rally by 27%, aiming to retest its June 6 high of $0.014133.
TRUMP price shows potential
MAGA price (TRUMP) finds support around an ascending trendline drawn from joining multiple swing low points from May to June, as shown in the four-hour chart. If this support holds and TRUMP’s price closes above the $14.127 daily resistance level, then it could rally 25% to tag the daily high of $17.79 on June 1.
The Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the four-hour chart support this bullish outlook by both being above the mean levels of 50 and 0, indicating that bulls still have steam to push TRUMP's price higher.
TRUMP/USDT 4-hour chart
On the other hand, if MAGA's daily candlestick breaks below the trendline and closes below the $12.10 level, it would produce a lower low and signal a break in the market structure. This move would invalidate the aforementioned bullish thesis, potentially triggering a 17% crash to the daily support level of $10.03.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.