Former hedge fund manager and entrepreneur Raoul Pal has been pushing his thesis that crypto is about to enter the second phase of what he calls the “Banana Zone”. Meme coins $PEPE, $BONK, and $TRUMP are up double figures on Thursday. Are they the first into the Banana Zone?
$PEPE on brink of major breakout
Source: TradingView
The $PEPE price has burrowed through the descending trendline, has made a higher high, and is currently battling with the major resistance level at $0.00000917.
The Stochastic RSI for the daily time frame has the indicator lines heading up. Once they both cross the 20.00 level, upside price momentum will enter the fray.
According to the Fibonacci levels, drawn from the top of the swing high, down to the bottom, the next targets are $0.000010 (0.236), $0.000014 (0.382), $0.000017 (0.5), $0.000019 (0.618), and $0.000023 (0.786).
$BONK has major resistance levels above
Source: TradingView
The $BONK price is telling a similar story. $BONK is up 10.6% currently, and after breaking through the down-trendline, the price is heading back to the major horizontal resistance levels, plus the ascending bull market trendline. This is a lot of resistance for the bulls to break back above, but should they be successful, the Fibonacci target levels are in the daily chart above.
$TRUMP battles major resistance level
Source: TradingView
The $TRUMP price burst through the descending trendline and is currently battling with the major resistance at $12.40. In order to break this particular downtrend, the bulls have to push $TRUMP above the last swing high at $16.43. If they can do this, the trend change is on. Major targets are at $17.73 and $24.53.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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