As meme coin mania makes its anticipated return, two coins, Dogwifhat (WIF) and PEPE, are in the spotlight. This is not unusual considering the fact that investors are closely watching both tokens. These huge-cap memes can point to whether meme mania is truly back.

The Dogwifhat price pumped 11% which means this meme coin is one of the top gainers in this sector. The PEPE price had a modest, 5% pump. One worrying sign for meme coin traders might be that AI cryptos are outperforming memes at the moment.

However, top analyst Dentoshi, with over 139k followers on X (formerly Twitter), pointed out that the market may see a major breakout, starting with WIF. With the token on the verge of a trend reversal and PEPE pumping, the next few days could determine the future of meme coins.

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Dentoshi’s WIF chart reveals a key Fibonacci retracement level around 0.618, an area referred to as the “golden pocket.” Dentoshi mentioned that this level could signal the deepest retrace before a potential breakout. 

However, should WIF hold this level and break past the descending trendline, traders may expect a move toward the $2.50 to $3.00 range, aligning with Fibonacci extensions.

Bluntz, another crypto analyst, also noted that dogwifhat is close to breaking out of a -77% downtrend. The WIF chart shows similar strength, with the RSI indicating growing momentum while volume steadily increases. 

Moreover, if volume continues to pick up and WIF breaks above the trendline, the token could lead the next rally in meme coins.

Bluntz WIF’s chart indicated that the RSI is at 59.9, signaling that momentum is building but hasn’t yet entered the overbought territory. This suggests a potential for further upward movement without excessive pressure from sellers. 

$wif is a bees dick away from a major -77% downtrend breakout, strap in, are you ready for round 2? pic.twitter.com/QMg7K5Z2Gd

The volume profile also supports this, indicating rising interest from traders as the price approaches key resistance.

Moreover, a breakout from the downtrend could lead to price targets of $2.50 and $3.00, supported by Fibonacci retracement levels and historical price action. The coming days will determine if the WIF price can break free of its consolidation phase and spark another phase of memecoin mania.

Read Also: Near Protocol Finally Breaks Out of a Strong Resistance: What’s Next for NEAR Price?

PEPE, another meme coin at the center of attention, has seen over a 10% price increase this week. While the pump has caught the attention of traders, the token still has a long way to go before challenging its all-time high of around $7 billion in market cap, reached in May.

The price action suggests that although PEPE is gaining some traction, it remains far from retesting these levels. With both WIF and PEPE showing signs of life, meme coin enthusiasts are monitoring the charts. If the momentum holds, the next rally could be just around the corner.

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The post Meme Coin Mania Returns – Dogwifhat (WIF) Price Leads the Rally, PEPE Follows appeared first on CaptainAltcoin.

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