Top Crypto Gainers: WIF, PENGU, FET – Altcoins surge ahead of Fed’s rate cut

Dogwifhat (WIF), Pudgy Penguins (PENGU), and Artificial Superintelligence Alliance (FET) are leading the bullish charge over the last 24 hours. The meme and AI coins anticipate further growth as momentum shifts bullish amid the ongoing US Federal Reserve (Fed) meeting on a potential 25-basis-point interest rate cut. 

Dogwifhat faces opposition from the 50-day EMA

Dogwifhat trades below the 50-day Exponential Moving Average at $0.450, struggling to break above the resistance trendline connecting the October 13 and 29 highs on the daily logarithmic chart. At the time of writing, WIF is trading lower by nearly 1% on Wednesday, after a 12% rise the previous day. 

If the meme coin clears above $0.450, it could extend the recovery to $0.619, aligning with the October 13 high.

The technical indicators on the daily chart suggest a rise in bullish momentum. The Relative Strength Index (RSI) is at 54, holding steady above the halfway line with room on the upside reflecting growth potential before hitting the overbought zone.

Similarly, the Moving Average Convergence Divergence (MACD) indicates a rise in trend momentum as the average lines rise toward the zero line, accompanied by intense green histogram bars.

Looking down, if WIF reverses from $0.450, it could risk revisiting the November 22 low at $0.308.

Pudgy Penguins extends breakout rally 

Pudgy Penguins is down 1% at press time on Wednesday, following a 10% rise on the previous day. The meme coin steadies toward the 50-day EMA at $0.01485 after a bullish breakout from the descending channel on the daily logarithmic chart. 

Beyond the moving average, the November 11 high at $0.01665 and the 200-day EMA at $0.02064 could serve as overhead resistances.

The RSI is at 50 on the daily chart, reflecting a recovery to neutral levels from heightened selling pressure. Additionally, the MACD and signal line boost the upward trend, signaling increasing bullish momentum after the channel breakout.

On the flip side, the $0.01000 psychological level serves as a key support.

Artificial Superintelligence Alliance aims for a bullish breakout of a falling channel pattern

Artificial Superintelligence Alliance trades above $0.2600 at press time on Wednesday after gaining nearly 10% on Tuesday. The AI token eyes to break above the resistance trendline of the falling channel pattern at $0.2650. 

A decisive close above this level could confirm the pattern breakout, which could extend the rally to the 50-day EMA at $0.2977, followed by the 200-day EMA at $0.5144.

The MACD indicator flashes a bullish crossover on the daily chart, as the blue line crosses above the red one, accompanied by fresh green histogram bars. Meanwhile, the RSI at 48 hovers close to the midline, maintaining a neutral stance.

If FET reverses from $0.2650, a downcyle within the falling channel pattern could test the lower boundary near the $0.2000 round figure.