DOGE, PEPE, WIF, POPCAT stuck in ranges

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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DOGE:

• DOGE has been downtrending since early December, and the rice has broken below the main horizontal support at $0.30.
• During Sunday/Monday's capitulation event, the price wicked into the old horizontal levels and price bounced from $0.20.
• Price is now range bound between $0.22 and $0.30, and we have little interest whilst it's in this range.
• In order to get a bullish reversal, we'd need to see DOGE reclaim the $0.30 horizontal level.
• The RSI is close to oversold territory, and it's currently printing a bullish divergence. This may help aid a move higher, potentially back into $0.29.

• Next Support: $0.22
• Next Resistance: $0.29
• Direction: Neutral/Bearish
• Upside Target: $0.30
• Downside Target: $0.20

Cryptonary's take

Out of all the memes, DOGE was the last one to have a material breakdown, and it came during the liquidation event. But, DOGE now finds itself below the key bullish horizontal level of $0.30, which suggests we won't have any material upside (at least above $0.30) in the short term. In the immediate term, we're expecting the price to be range-bound between $0.22 and $0.29.

It may be worth a Long around the $0.22 area and just play a Long trade from the bottom of the range. But, other than that, we're not too interested in DOGE here, and we'll be patient and see how this move/range develops.

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PEPE:

• Like DOGE, PEPE has also been experiencing a downtrend since early December.
• The price held the horizontal support of $0.0000168, but this level broke, and the price continued to break towards the downside as a result.
• The price bounced from the key support range of $0.0000071 to $0.0000082, but the price wasn't able to recover back above $0.0000113.
• Price is likely to now remain range bound between $0.0000082 and $0.000011.
• The RSI is close to oversold, and it is currently putting in a bullish divergence (higher low on the oscillator, lower low in price). This may cause the price to have another stab at the horizontal resistance of $0.000011.

• Next Support: $0.0000082
• Next Resistance: $0.000011
• Direction: Neutral/Bearish
• Upside Target: $0.000011
• Downside Target: $0.0000082

Cryptonary's take

The bullish divergence may result in the price trying to bounce here; however, with the key horizontal level of $0.000011 just above current levels, it's potentially not worth the Long opportunity here.

A bullish reversal would come with a break out of the main downtrend line and a comfortable reclaim of $0.000011. Until we get that, we'll likely remain range-bound, and therefore, we'll just keep patiently watching it and letting this move develop further.

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WIF:

• WIF has pulled all the way back to the Yellow Box as we had perfectly predicted and called for.
• WIF is now at the bottom of the Yellow box, and the price is extremely oversold, but the RSI is still below its moving average.
• When the price lost the $1.40 horizontal level, there was quite a lot of 'air' between $0.46 and $1.40; hence, we called for the price to have a more material decline.
• The next horizontal resistance above the price is now at $1.10.
• The price is now resting on top of the next support at $0.80.

• Next Support: $0.80
• Next Resistance: $1.10
• Direction: Neutral
• Upside Target: $1.10
• Downside Target: $0.46

Cryptonary's take

Memes, in general, have seen a liquidity suck out of them, and WIF hasn't been immune to this. Price is now getting to the point that it's very oversold, and whilst that doesn't mean it can't go down further, we certainly wouldn't be looking for Shorts here.

Instead, our focus is now on identifying a bottom. If a positive narrative comes back into the wider market, WIF might be one of the plays to look for Longs in. This is because when a play is very oversold, you can get large reversions back (in this case, to the upside).

But, we do need the market to pick up again and see some positive narratives come back in that can then give WIF the aid it needs.

For now, again, we'll just wait for WIF to show signs of bottoming. We're potentially beginning to see the first signs of this. We're expecting WIF to form some kind of rounded bottom in the short and medium term. Let's be patient and wait for that.

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POPCAT:

• After rejecting at the $0.92 horizontal resistance, POPCAT has essentially been down only since.
• Price has continually broken down from key horizontal supports and then flipped those into resistances that it hasn't been able to reclaim.
• Price is now down approximately 90% from the highs and price has moved into some of the last horizontal supports. $0.15 and $0.23. Currently at $0.23.
• Price has also fallen below the Yellow Box, something we perhaps didn't expect to happen, but again, we've been directionally correct.
• $0.40 is the next major horizontal resistance. However, the price is currently a long way below that level.
• The RSI is oversold, but it's still beneath its moving average and downtrending. So, for now, there aren't signs of an imminent breakout.

• Next Support: $0.015
• Next Resistance: $0.40
• Direction: Neutral/Bearish
• Upside Target: $0.40
• Downside Target: $0.15

Cryptonary's take

For now, it's best to remain patient with POPCAT and see where it bottoms. It's likely we'll build a base of support between $0.15 and $0.23. We'll then be looking for a reclaim of $0.30 for signs of a breakout. In the immediate term, we're just expecting the price to be range-bound, and we have little interest in playing it at that point.

However, when there are signs of the market turning around, POPCAT (and WIF) might become really interesting setups (Longs) again.