Meme Coins Price Prediction: Solana-based BONK, PENGU, WIF could lead the next market bull run
- Bonk’s breakout rally gains traction, printing its fourth consecutive bullish candle.
- Pudgy Penguins' steadies amid the announcement of the upcoming launch of a multiplayer game, eyes further gains.
- Dogwifhat’s recovery run nears the 200-day EMA, with bullish technical signals.
Meme coins such as Bonk (BONK), Pudgy Penguins (PENGU), and Dogwifhat (WIF) recorded double-digit gains last week, driven by uplifted sentiments in the crypto market. The Solana-based BONK and WIF meme coins eye further gains as the uptrend holds momentum, while the launch of a multiplayer game could extend the PENGU rally.
BONK’s channel breakout eyes further gains amid Golden Cross chances
Bonk, the largest Solana-based meme coin by market capitalization of $2.29 billion, extends the nearly 20% surge from last week. At the time of writing, BONK appreciates over 6% on the day, printing its fourth consecutive bullish candle.
The falling channel breakout rally in BONK aims to surpass the 61.8% Fibonacci retracement level, drawn between the November 20 peak of $0.00006230 and the April 7 low of $0.00000886, at $0.00002958.
A decisive daily close above this level could prolong the bullish run in BONK towards the 78.6% Fibonacci level at $0.00004105.
The rising 50-day Exponential Moving Average (EMA) inches closer to the 200-day EMA, increasing the chances of a golden cross. Sidelined investors could consider the golden cross a buying opportunity.
The Moving Average Convergence/Divergence (MACD) and signal line display a steady uptrend in the positive territory on the daily chart, indicating a surge in bullish momentum. The Relative Strength Index (RSI) at 76 enters the overbought condition, signaling heightened buying pressure.
BONK/USDT daily price chart.
However, if the Solana-based meme coin takes a bearish reversal, the 50% Fibonacci retracement level at $0.00002350 could act as a support zone.
PENGU targets the $0.030 breakout amid an upcoming multiplayer game launch
Pudgy Penguins surged over 88% last week, outperforming the top 100 cryptocurrencies as the broader market recovered. The meme coin edges lower by 1% at press time as it faces opposition to surpass the $0.030 round figure.
If PENGU exceeds this level, the 78.6% Fibonacci level at $0.037, drawn from the December 17 peak of $0.070 to the $0.003 low of April 7, would be the next crucial resistance.
The 50-day and 200-day EMAs manifest a Golden Cross, signalling short-term positive momentum while increasing the chances of a bullish crossover between the 100-day and 200-day EMAs.
The RSI at 84 indicates overbought conditions on the daily chart, while the MACD and its signal line are in an uptrend, suggesting a gradual rise in bullish momentum.
PENGU/USDT daily price chart.
Pudgy Party, a multiplayer game set to be launched on Android and iOS, could act as the next bullish catalyst, extending the PENGU gains. Alongside the launch, Pudgy Penguins announced a giveaway of $5,000 worth of PENGU tokens to 5 individuals.
On the contrary, if the Solana-based meme coin reverses from the $0.030 level, it could extend the decline to the 61.8% Fibonacci retracement at $0.022.
Dogwifhat struggles to surpass the 200-day EMA
WIF edges lower by 3% at press time on Tuesday, dropping below the $1.00 psychological level. The Solana-based meme coin struggles to surpass the 200-day EMA at $1.06, resulting in a short-term sideways trend below the dynamic resistance.
However, the next bullish wave in the broader market, fueled by the next potential swing high in Bitcoin, could push WIF above the 200-day EMA. A clean push above the average line could test the 50% Fibonacci retracement level, drawn from the November 13 high of $4.93 to the April 7 low of $0.3, at $1.21.
Typically, investors with an entry position above the 50% Fibonacci level fuel buying pressure to boost the prices up to a desirable exit level. In such a case, the investor could witness a profit booking in WIF around the 61.8% Fibonacci retracement at $1.67.
Due to the sideways trend, the momentum falls flat as indicated by the RSI at 56 on the daily chart, edging closer to the midway point while the MACD and signal lines flatten out.
WIF/USDT daily price chart.
On the downside, a bearish reversal in Dogwifhat could test the 50-day EMA at $0.87.
Author
Vishal Dixit
FXStreet
Vishal Dixit holds a B.Sc. in Chemistry from Wilson College but found his true calling in the world of crypto.
