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Bitcoin Bounce Boosts $PEPE, $WIF, and $TRUMP Memecoins

After Bitcoin (BTC) dropped to $58,400 on Monday, it bounced back on Tuesday, allowing memecoins to surge. $PEPE, $WIF, and $TRUMP saw significant upward moves.

Although this Bitcoin bounce may be temporary, it has enabled memecoins to capitalize on the positive momentum.

$PEPE Continues Bullish Uptrend

Pepe ($PEPE) is a leading memecoin by market capitalization, following Dogecoin and Shiba Inu. New traders in the memecoin space often look at $PEPE.

The macro weekly chart shows $PEPE in an uptrend, finding support at the 0.382 Fibonacci level. If this support holds, the target could be the 1.618 Fibonacci level at 0.000022.

$WIF Surges 30% in 48 Hours

Dog Wif Hat ($WIF) has been a standout success for new memecoin traders. Despite a drop from its local high of $4, $WIF has bounced back, rising 30% in the last two days and sitting above the 0.786 Fibonacci level. A breakout above the descending trendline could push the price back to $2.50.

$TRUMP Best Performing Memecoin in Last Two Days

Among the highlighted memecoins, $TRUMP has performed the best over the last 48 hours. After bottoming out at $6.50, $TRUMP surged 40% to reach $9, which is the 0.618 Fibonacci level. A daily candle close above this level could target $12.38.

Trade with Extreme Caution

Investing in memecoins relies heavily on Bitcoin maintaining positive price action. The current Bitcoin bounce should be approached with caution. If the bounce merely tests the recent resistance at $61,500, further downside for Bitcoin could affect all altcoins.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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