DOGE, PEPE, WIF, POPCAT, SPX struggle for direction

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DOGE:

• DOGE currently has a negative Funding Rate of -0.006%, indicating that there is more interest amongst traders going Short than Long.
• Price broke out of its downtrend but it unfortunately rejected the local resistance of $0.284.
• Price then broke $0.24 and has pushed down to new lows.
• Price has now seemingly found some support between the $0.203 and $0.219 zone.
• The area of $0.181 to $0.219 is a big area of support, but granted it's a large zone.
• The RSI is in oversold territory, and it's below its moving average, whilst being in a longer-term downtrend. This isn't great. But, the oversold conditions could help produce a small bounce in the very near term, more of a small relief rally.

• Next Support: $0.181
• Next Resistance: $0.219
• Direction: Neutral
• Upside Target: $0.24
• Downside Target: $0.181

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Cryptonary's take

Like most Alts/memes, DOGE has pulled back substantially from its highs. Price has now entered what should be a relatively strong support zone whilst the indicators are oversold.

This may set up for a small relief rally in the immediate term, although we do think its upside is limited. It's possible we see a retest of $0.24, but perhaps that's as good as it gets in the short term. Beyond that, we expect $0.18 to be tested in the coming weeks/month.

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PEPE:

• PEPE is a really interesting chart here.
• Price broke the $0.000009 local support and then put in new lows.
• However, the price is now pushing into its main downtrend line, whilst it's in a major support zone between $0.00000711 and $0.00000826.
• The RSI is also just above oversold territory, and it's put in a bullish divergence (a lower low in price and a higher low on the oscillator). This could see a small relief rally.
• If the major support of $0.00000711 is lost, that would be a major breakdown of the structure, and the chances would be that a recovery is much, much harder.

• Next Support: $0.00000711
• Next Resistance: $0.00000920
• Direction: Neutral/Bullish
• Upside Target: $0.0000113
• Downside Target: $0.00000711

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Cryptonary's take

PEPE is now in a key support zone, whilst it's squeezing against its main downtrend line, and it's put in a bullish divergence. If we see Majors just hold, then PEPE may be set up to break out here. We would still expect major upside to be capped.

But it's possible, if a break out comes, $0.00000920 and then $0.00001137 could be reached. However, we expect that if that happens, that's about it for the upside, and then we'd expect the lows to be retested in the coming weeks/months.

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WIF:

• Over the last few weeks, the general bleed lower has slowed and the price has potentially found a support range between $0.46 and $0.72.
• Even though the price broke out of the local downtrend line, the price rejected the horizontal resistance of $0.72 twice. This sent the price back down to the support area.
• For now, the price is set on top of the $0.46 horizontal support. This was the old horizontal resistance area a year ago, before WIF went on a major run higher. If the price falls back into the old range ($0.21 to $0.46), it'll then be likely that the price stays in that range for a number of months.
• The RSI provides a more positive view here as it's out of oversold territory and above its moving average. The concern still remains around WIF's narrative, and a positive RSI setup likely isn't enough to offset this.

• Next Support: $0.46
• Next Resistance: $0.72 Direction: Bearish
• Upside Target: $0.72
• Downside Target: $0.21

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Cryptonary's take

WIF is still a hard one to become interested in here. It's possible we see the price just fluctuate between $0.50 and $0.72 for a few more weeks, but ultimately, we do expect WIF's price to return back to its old range between $0.21 and $0.46. For that reason, if WIF were to return to the range highs (say $0.65 to $0.72), we'd consider Shortening it.

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POPCAT:

• POPCAT broke out of its local downtrend line but the price couldn't even rally into the horizontal resistance of $0.40.
• Price has since pulled back to the horizontal support of $0.23, with price recently breaking below it and now butting up into it as resistance.
• The next horizontal support is at $0.15. So it's possible that price is now in a new range between $0.15 and $0.23.
• The RSI is now well out of oversold territory, but it's now using its moving average as a resistance.

• Next Support: $0.15
• Next Resistance: $0.23
• Direction: Bearish
• Upside Target: $0.32
• Downside Target: $0.15

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Cryptonary's take

Like WIF, it's hard to get excited about POPCAT here. It's likely that the price falls back into the $0.15 to $0.23 range if it hasn't already. We're not sure we'd Short POPCAT if it went higher (unlike WIF).

If POPCAT does break out (we're not expecting it to, then $0.32 is likely a local topping area. We just expect POPCAT to slowly bleed to $0.15 over the coming weeks.

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SPX:

• Really interesting setup, this is moving closer to the crunch point.
• SPX has held the $0.56 level for a long time now. This is likely the 'line-in-the-sand' level. If the price loses this support, we'd expect a much deeper correction to be likely.
• The price did attempt to break out of the main downtrend line, however, the price was pretty immediately rejected at the horizontal level of $0.76. Price has since pulled back and it's now at the horizontal support of $0.56.
• Generally, volumes are declining as well, which is a negative sign.
• If $0.56 is lost as a major support, it's possible that over the following weeks, that price can move back to $0.24.
• If the price can bounce from $0.56 (we're not expecting it to), then $0.76 is likely to be a local top again, where we expect the price to be rejected from there.

• Next Support: $0.56
• Next Resistance: $0.76
• Direction: Bearish
• Upside Target: $0.76
• Downside Target: $0.24

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Cryptonary's take

SPX doesn't look great here. In the coming days/week, we wouldn't be surprised to see SPX break below its main horizontal support of $0.56. This would be a break in structure and it would be hard to be bullish on SPX after that.

We believe we were very right in our calls to de-risk SPX well above $1.00. In the short term, we think a breakdown is the most likely outcome.