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The cryptocurrency market is currently facing significant volatility, intensified by the upcoming U.S. inflation data and the Federal Open Market Committee (FOMC) interest rate decision. Despite the downward trend, some altcoins like Pepe (PEPE) and Bonk (BONK) are emerging as potential catalysts for market recovery. These altcoins are showing signs of reversing the downtrend, leading to optimism among investors.
PEPE’s Potential for Reversal
The well-known memecoin PEPE has shown resilience against the market downturn. PEPE’s price chart reveals a pullback phase as the altcoin recently retested the 50-day Exponential Moving Average (EMA). Over the past four days, the price moved sideways without a decisive direction, but an overnight 5.41% price increase and a 1.04% intraday rise today indicate a potential reversal.
Technical indicators also point to a bullish outlook for PEPE. The Moving Average Convergence Divergence (MACD) and signal lines are approaching a bullish crossover in the positive region. This technical outlook suggests that PEPE’s price could rise following the FOMC meeting, potentially reaching all-time highs.
From an optimistic perspective, PEPE could break the $0.000018 level and target the psychological level at $0.000020.
Bonk’s Bullish Expectations
Another well-known memecoin, BONK, also shows signs of potentially reversing the downtrend into an uptrend. The altcoin is trading within an ascending channel formation but recently fell below the 50-day EMA. Additionally, BONK lost the crucial 50% Fibonacci retracement level and the psychological level at $0.000030. Despite these setbacks, the altcoin‘s price action indicates a possible end to the correction phase.
BONK’s price is forming a bullish “morning star” pattern at a significant support level, indicating a recovery. An intraday jump of 3% also supports this bullish trend. If buyers can overcome the selling pressure, BONK could leave the downtrend behind and start an uptrend. The potential price target for this rally could be $0.00003756.
