Three Memecoins That Can Hit New Highs | Credit: Hameem Sarwar
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Key Takeaways
MemeCore (MEME) is breaking out from a descending parallel channel.
Pudgy Penguins (PENGU) is validating the previous diagonal resistance.
Pump.fun (PUMP) has completed a fourth-wave pullback and could move to new highs.
September has been a relatively bearish month for the crypto market. Memecoins have been hit especially hard, with several retracing months of steady gains.
However, there are exceptions to the norm, and some memecoins have created bullish formations that could lead to new highs.
With that in mind, let’s analyze the charts of three memecoins with bullish charts that can reach new all-time highs in October.
While a sharp decline followed afterward, it was contained within a descending parallel channel, a sign that it was corrective.
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Alongside the price breakout, the RSI is surging above 50, confirming that the breakout is legitimate.
If the count transpires as expected, the MemeCore price will reach a new all-time high in October, hitting the 1.61 external Fibonacci retracement resistance level.
Has PENGU Reached Its Bottom?
PENGU was one of the first memecoins to pump in July, nearly reaching a new all-time high.
However, the trend reversed on July 23, and the price has fallen since.
Even though PENGU broke out from its diagonal resistance trend line on September 8, it has since fallen, declining below its pre-breakout levels.
Despite this decline, hope is not yet lost. On the contrary, the PENGU price bounced at its diagonal resistance (green icon), which confirms it as support.
If successful, it will mean that wave four is over, and the fifth and final wave will take the price to a new all-time high.
While wave four may retrace a little deeper, tagging the 0.618 Fibonacci retracement support level at $0.022, an ideal structure would have the memecoin validating the diagonal resistance in October before moving to new highs.
PUMP Completes October Memecoins
The final memecoin that can reach new highs in October is PUMP. Like MEME and PENGU, PUMP is likely in the fourth wave of a five-wave upward movement.
PUMP’s decline has been a deep fourth-wave pullback, reaching the 0.618 Fibonacci retracement support level and the resistance trend line of an ascending parallel channel.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
