PEPE, WIF, FLOKI, BRETT Lead Market in Gains Amid ETF Euphoria

Key Takeaways

• Ethereum ETF launch fuels bullish sentiment.
• Memecoins PEPE, WIF, FLOKI, and BRETT are today’s biggest gainers.
• PEPE, WIF, FLOKI, and BRETT are poised for potential new uptrends.

News surrounding the potential approval of Ethereum ETFs  on July 23 has breathed life back into the crypto market, with bullish sentiment pushing prices higher across the board. 

However, memecoins, particularly PEPE, WIF, FLOKI, and BRETT, benefited the most and emerged as the biggest gainers.

What’s next for these memecoins, and were these price spikes a temporary reaction or an onset of a larger bullish advancement?

PEPE Price Analysis 

PEPE continued its long-lasting uptrend in April, peaking at $0.0000046. By May 27, it had risen to $0.000017, marking a 275% increase. However, the memecoin has been slipping since, forming a descending channel. On July 5, PEPE bottomed out at $0.0000077.

On July 8, PEPE tried to retest the previous level but only moved sideways, near the horizontal resistance at $0.000010. A week later, on July 15, the memecoin broke past its descending channel resistance and reached a high of $0.0000126. 

The 4-hour chart showed that this 47% gain pushed PEPE into the overbought zone on the RSI indicator, reaching 83%. This surge likely represented wave 3 of a new five-wave impulse to the upside. 

With wave 3 concluded, we can expect a descending move, which would act as a retest of the broken resistance that has now turned into support. If this level holds, it could validate the start of a new uptrend, with a potential target of $0.0000135.

WIF Price Analysis 

In February, WIF surged from a low of $0.20 to a high of $4.88 by the end of March, representing an almost 4000% increase. By April 13, WIF had dropped to $1.98 but quickly recovered, closing above $2.30.

Since dropping in April, WIF climbed within an ascending channel, steadily progressing and reaching $3.80 by May 29. However, it wasn’t long before the memecoin was rejected at the resistance line. 

On June 24, WIF made a lower low of $1.50, marking the end of an 85-day correction. This level was recently tested on July 5 and July 11, but it held strong, leading to the memecoin peaking at $2.30 on July 15.

Should WIF continue to rise until $3.20, it could result in a larger uptrend that could push the memecoin to a new all-time high.

FLOKI Price Analysis 

On June 5, FLOKI reached an all-time high of nearly $0.00035, marking a 177% increase from its low of $0.00012 on April 19. However, by July 5, it had declined, returning to its previous low levels.

As the price approached horizontal support, FLOKI bounced back, peaking at nearly $0.00020 on July 15. This price action likely represents the third wave of a five-wave impulse. 

Analyzing indicators, FLOKI’s 4-hour RSI chart was at the extremely overbought level of 83%, suggesting a potential correction from its current levels. If the price holds above $0.00016, another higher high could push FLOKI to $0.00022, validating the start of a bull run.

BRETT Price Analysis  

BRETT reached its all-time high of $0.20 on June 9, only to be followed by a correction phase that formed a descending channel, leading to the memecoin bottoming out at $0.10 on July 5. 

The retest of the July low in the past week provided the much needed support for BRETT to trigger a price surge.

On July 15, BRETT peaked at $0.15. Currently, the memecoin remains within the resistance of a descending channel.

According to technical indicators, the 4-hour RSI chart suggests an impending rejection. Should BRETT remain successful in holding $0.12, it could form a five-wave pattern for its next rally. However, for confirmation, the memecoin has to break out above its descending resistance.