Meme Coin Roundup: Winners and Underperformers

PEPE

Although there wasn’t much action on this pair, it did trigger a buy above the $0.000008 level. However, the return was minimal, and it failed to hold above that level, returning to its starting point.

Our new bid level is $0.0000065, which is part of the original plan and still active. I’d like to see Bitcoin reclaim $60k within the next two days to gain more conviction on this trade.

The macro picture still looks solid. As anticipated, PEPE is likely to be a slow mover, trading sideways above $0.0000072 until mid-September. Be cautious with bids, as price movements have been anemic.

WIF

This trade was incredibly straightforward and visually appealing. I had been waiting for this setup, and the trigger finally happened as mentioned earlier. After over 20 days of waiting (which is relatively brief given the current slow pace of the crypto market), we saw a +30% gain.

It’s almost back at the entry level. You can try re-entering, but I’m considering letting it rest and observing its behavior. A higher low above $1.4 would be ideal for a continuation trade, so keep an eye on that level if it drops.

BONK

This trade was fluid and quick, resulting in a +18% gain. BONK formed a rounding bottom following the trend line, making it a buy-and-wait situation.

No immediate action is needed. For now, observe how the higher lows form, or watch for a potential drop to the yearly level of $0.000013.

POPCAT

Took a more cautious approach here, which in retrospect was a mistake. The price tapped the $0.40 weekly level, which had sufficient confluence to bid. Often, charts may not seem ready, leading to a “no trade” approach, only for the asset to move significantly shortly after.

New Trade Setup:

• I’ve added some above $0.65, anticipating a resistance flip. If this fails, then the market is incorrect 😸.
• Another setup lies just below, using the mid-level of the current up move. With new highs being made, I expect demand to step up and protect these key levels.

Summary:

Stay alert for higher lows within these levels, as they could signal a shift in market dynamics. I’m not looking to re-bid previous levels but am focused on the bulls defending the current price levels. Currently, $POPCAT shows the most strength. The other meme coins are likely to remain stagnant as we approach a potential week of inactivity.