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As August progresses, meme coins like Bonk, Book of Meme, and Brett face key resistance levels, while new entrants like Pepe Unchained capture investor attention during presales.
BONK Poised for Rebound?
Bonk (BONK), a meme coin built on the Solana blockchain, has gained significant popularity in 2024. Launched in 2022 with a free airdrop, BONK’s value has skyrocketed, reaching a market cap of $2.7 billion by May. Out of a total supply of 93 trillion tokens, 66 trillion are currently in circulation. BONK’s value is supported by a deflationary mechanism that systematically reduces the token supply over time, helping to sustain its price.
Although it started as a joke, BONK has evolved to offer practical applications through various projects. These include Bonk Swap, a decentralized exchange for trading tokens; Bonk Rewards, a system that distributes bonuses; and Bonk BOT, an automation tool. These features have added utility to BONK, contributing to its strong market performance.
On the technical front, BONK/USDT is attempting to break above a downward trendline on the 4-hour chart, with the price currently hovering around $0.00001824.
This trendline has been a significant resistance, particularly at the $0.0000182 level. However, the 50-day Exponential Moving Average (EMA) at $0.00001859 is likely to be the next critical resistance, potentially limiting further upside movement.
The Relative Strength Index (RSI) is currently at 52.98, indicating neutral momentum with a slight bullish bias. If BONK can close above the $0.0000182 pivot point, it may signal a potential shift to a bullish trend.
Traders might consider buying above $0.0000182, but be cautious as the 50 EMA at $0.00001859 could act as a resistance. If BONK fails to break above this level, a reversal could occur, leading to a potential sell-off.
Book of Meme Coin (BOM) Gains Bullish Momentum, Targets $0.0073
The Book of Meme (BOME) project fuses memes with decentralized technology, offering a blend of blockchain storage and trading in a digital library. Each meme is stored immutably on the blockchain, with the $BOME meme coin operating on the Solana blockchain and utilizing Arweave and IPFS for storage. The project plans to expand to Bitcoin inscriptions, aiming to create a decentralized social media platform where memes are preserved forever.
The Book of Meme Coin (BOM/USD) is showing signs of bullish momentum as it trades at $0.006970. Recent price action has led to the formation of two bullish engulfing candles, which are typically strong indicators of a potential upward move.
Notably, the latest candle has successfully crossed above the 50-day Exponential Moving Average (EMA), which is currently positioned at $0.006915.
This technical signal suggests that the bullish sentiment is gaining strength, setting the stage for a possible move towards the next resistance level at $0.007310.
Additionally, the Relative Strength Index (RSI) has moved into the buying zone, with a reading of 56.18. This further supports the likelihood of continued upward movement in the short term. The RSI’s movement into positive territory is often seen as a sign that the market is beginning to favor buyers over sellers, reinforcing the potential for a bullish trend.
Given these developments, the current outlook for the Book of Meme Coin is positive. The immediate support level to watch is at $0.006575, while resistance is expected at $0.007310. As long as the price remains above $0.006970, the bullish bias is likely to persist, making it an opportune time to consider buying.
Brett Price Approaches Key Pivot Level Amid Emerging Bullish Signals
Brett is a meme coin on Coinbase’s Base blockchain, created by Matt Furie, the artist behind Pepe. With a $656.52M market cap, Brett ranks as the 7th-most valuable meme coin, driven entirely by hype without any utility or staking rewards.
Brett is currently trading within a downward channel, indicating a general bearish trend. However, recent price action shows the formation of three white soldiers on the 4-hour timeframe, which is a bullish candlestick pattern that suggests a potential shift in momentum.
This pattern indicates that buyers might be gaining strength, and the market could be preparing for an upward move.
The key level to watch is the pivot point at $0.0730. If the price breaks above this level, it could confirm a bullish trend continuation, with resistance levels to watch at $0.08131, $0.08768, and $0.09498.
On the downside, support is expected at $0.07321, with further support at $0.06702 and $0.05979.
The Relative Strength Index (RSI) currently sits at 38.01, indicating that the asset is still in a bearish zone, but the recent bullish pattern may change that. The 50-day Exponential Moving Average (EMA) is positioned at $0.08394, which could act as a resistance level in the short term.
Overall, while the downward channel suggests caution, the appearance of bullish signals makes it important to monitor the $0.0730 level closely. If Brett/USDT holds above this level, a bullish trend could emerge.
In addition to the consolidation seen among established coins like Bonk, Book of Meme, and Brett, emerging meme coins in their presale stages also capture new investors’ attention. These coins, particularly Pepe Unchained, are highlighted for potential growth opportunities.
Pepe Unchained: Emerging Player in the Meme Coin Market
Pepe Unchained (PEPU) is making waves by introducing a Layer-2 blockchain on Ethereum. It aims to revolutionize the meme coin market by increasing transaction speed by 100 times while lowering fees.
Pepe’s on fire! 🔥 We’ve hit $8.5M!
This journey is only getting more exciting, and we couldn’t have done it without you! pic.twitter.com/4ZsjnrAXAH
— Pepe Unchained (@pepe_unchained) August 13, 2024
The presale has already generated nearly $9 million, with tokens priced at $0.0090901. This gives early investors a prime opportunity to participate before potential price surges.
The project’s expanding social media presence includes nearly 11,000 Twitter followers and a 5,000-member Telegram community.
