Rising Wedge in BONK, Elliott Wave in PEPE: Which Coin Will Break Out?
coinedition.com 01 October 2024 12:44, UTC The crypto market shows signs of movement for BONK and PEPE, with technical analysis suggesting potential breakouts for both assets.
BONK has been trading sideways for three days, but this consolidation could soon lead to a breakout.
3 days of essentially sideways is so close to breakout, will probs be a sustained move imo$BONK pic.twitter.com/6MsnkVyVBY
— Bluntz (@Bluntz_Capital) September 30, 2024
The Elliott Wave count suggests the price is in the fourth corrective wave, with a fifth impulsive wave expected. This could drive BONK’s price to 0.000003000.
A rising wedge pattern between the third and fourth waves supports this analysis. These patterns often signal temporary consolidation before an upward price move.
The Relative Strength Index (RSI) on the 1-hour chart is 53.86, indicating a neutral to slightly bullish sentiment. Moreover, the volume has decreased during this consolidation phase, which is typical as the market prepares for a breakout.
PEPE Shows Bullish Momentum
Similar bullish momentum has been observed on PEPE, with technical analysis on the 4-hour time frame highlighting a strong Elliott Wave pattern. PEPE is currently in the fourth corrective wave after an upward move.
This slight pullback indicates temporary consolidation, but the fifth and final wave could push the price higher, potentially to 0.012000.
Read also: Memecoins Rally: PEPE, BONK Lead the Charge, DOGE Lags
The RSI on the 4-hour chart reads 62.95, placing PEPE in a bullish phase. Although the asset is nearing overbought territory, the overall market sentiment remains positive, with traders anticipating further upward movement.
Market Overview and Volume Trends
As of press time, BONK was priced at $0.000025, with a trading volume of $467.6 million. BONK has recorded an increase of 3.55% in price with its market cap standing at $1.80 billion within the last 24 hours.
Meanwhile, PEPE was trading at $0.000011 with a market cap of $4.75 billion and a trading volume of $1.04 billion, recording an increase of 0.55% in price over the previous day.
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