Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
Memecoins $WIF, $BRETT, and $BONK at, or approaching, good buy zones

Memecoins $WIF, $BRETT, and $BONK at, or approaching, good buy zones

CryptodailyCryptodaily2024/07/03 14:13
By:Laurie Dunn

Table of Contents

  • Keep an eye on $BTC
  • $WIF hitting a bottom?
  • $BRETT respects upward sloping trend line
  • $BONK battles at support
  • Utmost caution advised

With Bitcoin currently under some major selling stress, and threatening to break down under the $60,000 support, now could be a good time to start picking up some memecoin bargains as most investors are potentially looking to sell. $WIF, $BRETT, and $BONK are all at, or near, good buy zones.

Keep an eye on $BTC

Before buying any memecoins, or probably any other cryptocurrency, it must be borne in mind that there needs to be some positive sentiment around Bitcoin, the king of the cryptocurrencies. If $BTC is trending downwards , the rest of the crypto market will likely be doing the same, but in spades. Therefore, keeping one eye on $BTC is always a major factor before trading in and out of memecoins. 

The three memecoins that are being analysed in this article are the 3 best-performing cryptocurrencies over the past year. Dog Wif Hat ($WIF), up 29,550%, $BRETT 15,221%, and $BONK 3,206%. No other cryptocurrencies come close. 

$WIF hitting a bottom?

Memecoins $WIF, $BRETT, and $BONK at, or approaching, good buy zones image 0

Source: TradingView

So $WIF is the undisputed king of the outperformers for the last 12 months. Currently the $WIF price is potentially hitting a bottom. $1.94 is that support level, and it might be expected that $WIF bounces from here. $1.49 would be the last line in the sand should $WIF lose this level.

$BRETT respects upward sloping trend line

Memecoins $WIF, $BRETT, and $BONK at, or approaching, good buy zones image 1

Source: TradingView

$BRETT has been respecting its upward sloping trend line since mid-May. Below this line there is a support band that stretches from $0.14 down to the 0.382 fibonacci level at $0.13. Other than that, $BRETT is in a range spanning $0.14 up to $0.165. It could also be said that the $BRETT price is in an ascending triangle bounded by the top resistance and the trend line - a rather bullish pattern.

$BONK battles at support

Memecoins $WIF, $BRETT, and $BONK at, or approaching, good buy zones image 2

Source: TradingView

$BONK looks to be a slightly slower horse than the other two. That said, it is in an uptrend, and has recently made a higher low. It can be seen in the chart above that the price is currently battling to stay above the combination of the 0.618 fibonacci and the support level of $0.000021. $0.0000177 is probably the last possible line to buy at, as the 0.786 fibonacci level would see a lower low.

Utmost caution advised

The utmost caution would be advised if taking any of these trades. If $BTC were to suddenly plummet and lose the $60,000 level, and God forbid, $58,000, memecoins would go down like lead balloons. Stop losses and all proper risk management should be employed.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

Investment Disclaimer
0
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

The Financial War of Bitcoin: How Digital Gold is Disrupting the Traditional Banking System?

The "financialists" are not opposing bitcoin because it poses a threat, but are fighting to get a share of it, as they have realized that bitcoin is the cornerstone of the next financial system.

Chaincatcher2025/12/14 17:18
The Financial War of Bitcoin: How Digital Gold is Disrupting the Traditional Banking System?

A decade-long tug-of-war ends: "Crypto Market Structure Bill" heads to the Senate

This bill uses classification-based regulation to end the debate over whether crypto assets are securities or commodities, reshapes the division of responsibilities between the SEC and CFTC, and accelerates the institutionalization of crypto regulation in the United States.

Chaincatcher2025/12/14 17:18
A decade-long tug-of-war ends: "Crypto Market Structure Bill" heads to the Senate

AiCoin Daily Report (December 14)

AICoin2025/12/14 17:03
© 2025 Bitget