It has been a brutal market in recent weeks. But this morning, most major meme coins have finally seen a much welcomed bounce.

That said, the Official Trump (TRUMP) token lags behind its meme coin competitors, posting middling gains comparatively, while President Donald Trump’s trade war rages on.

Sector leaders Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have rebounded 9.2%, 7.9%, and 16.3% respectively. Although the fourth largest meme coin by market capitalization, Official Trump (TRUMP), has climbed just 1.5%. It’s now down 21% over the week—the biggest weekly loss among the top five meme coins by market cap.

TRUMP launched just days before the President’s inauguration, sending the market into euphoria as traders believed a new era for crypto was upon us.

However, when the first lady launched her own token, Melania Meme (MELANIA), the TRUMP token crashed 32% over six hours. Both tokens have mostly been in the red since then. The TRUMP token has now sagged 85% from its all-time high to a $2.09 billion market cap.

At its peak, TRUMP was at $15.16 billion. That made it the second largest meme coin by market cap.

As of February 11, 9.6% betters on Myriad Markets—a prediction market owned by Decrypt parent company Dastan—believed that TRUMP will end Q1 as the top meme coin by market cap. But as of today, the share of TRUMP believers has shrunk to just 2.8%, with 68% of betters thinking it stays in fourth place and 15% thinking it falls out of the top 10 entirely.

Out of the top 10 meme coins by market cap, only Brett (BRETT) has performed worse than TRUMP over the past seven days, according to CoinGecko data, falling 25%.

The poor performance of the President’s official meme coin is likely a symptom of Trump falling out of favor in the eyes of the public.

According to pollster YouGov, 38% of US adults believe that Donald Trump is doing a “much worse” job so far in his second term than they expected. Equally, Trump’s disapproval rating has started to climb from 45.8% the week after inauguration to 48.9% last week. In doing this, 51% of US registered voters now view the President unfavorably.

Trump’s second term has already been filled with drama and controversy, including a public argument with President Volodymyr Zelensky of Ukraine. But most important, at least for crypto investors, has been his trade war with the U.S.’s largest trading partners.

Most recently, Trump’s 25% tariff on steel and aluminium came into effect. That’s caused the European Union to announce it will retaliate with “countermeasures.”

As such, the S&P 500 has also fallen 3.6% over the past five days and extended its monthly loss to 8.4, according to TradingView. With the broader traditional market bleeding, high risk assets like meme coins often also take a hit.

That said, despite the S&P 500’s continued decline of 0.76% on the day, the overall meme coin market, according to CoinGecko, has bounced 8%.

Maybe Fartcoin—which has gained 21% in the past day—really is the future of finance.

Edited by Stacy Elliott.

The PEPE price is currently trading within a Falling Wedge pattern, a historically bullish indicator that suggests an imminent breakout. A crypto analyst predicts that a decisive move above key resistance levels could trigger a 150% rally towards new all-time highs for PEPE.   

Key Resistance To Ignite PEPE Price Rally

Over the past few weeks, Pepe, the popular frog-themed meme coin, has been stuck in a downtrend, consistently rejecting off of a descending resistance trendline. The meme coin had initially experienced significant gains earlier this year. However, with the recent volatility and the decline in the broader market, PEPE and many other cryptocurrencies have recorded severe losses. 

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Despite the bearish performance, a pseudonymous TradingView analyst called ‘MyCryptoParadise’ has shared a bullish forecast for the PEPE price. The analyst projects that it could experience a massive 150% price surge, pushing it to $0.00003 and marking new all-time highs. 

For this prediction to become a reality, Pepe will have to confirm a price reversal by breaking above the descending resistance and claiming a new support, as seen on the chart. The TradingView analyst has asserted that Pepe must surpass the $0.000015 resistance, claiming it as new support and a potential launch pad to the bullish $0.00003 target. 

While breaking above a key resistance may seem like an easy feat, the PEPE price has failed to do so over the past few weeks. The meme coin has rejected multiple breakout attempts; however, technical indicators reveal that Pepe’s current price fundamentals remain bullish.

Notably, Pepe is trapped inside a Falling Wedge on its price chart, a pattern known to precede significant upward momentum once resistance is broken. If demand from buyers successfully pushes PEPE above its $0.000015 resistance level, the analyst believes that a parabolic rally may be in store for the meme coin. 

Pepe also forms a bullish divergence on the histogram in its chart, signaling a possible shift in momentum to the upside. The analyst has indicated that for Pepe to reach its projected ATH target, bulls will have to take control, helping to push the meme coin above the Falling Wedge pattern.  

Currently, the asset is sitting at $0.000006 and $0.000012, where buyers have historically stepped in to defend prices and avoid further breakdowns. A surge from its current price of $0.00000945 to $0.00003 would represent an over 150% increase. 

Bearish Scenario Unveiled

While he shared his bullish projection for the PEPE price, the TradingView analyst also presented an alternative bearish outlook for the meme coin. The analyst urged traders to remain cautious, as failing to hold the $0.000006 and $0.000012 could invalidate the previous bullish setup. 

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The analyst predicts that if the meme coin fails to break this zone, it could trigger increased downside pressure, exposing the meme coin to more risks and possibly triggering a deeper sell-off that would put bears in complete control.

Featured image from LinkedIn, chart from Tradingview.com

A closely followed crypto strategist thinks that payments altcoin XRP is gearing up for a burst to the upside as it prints a bullish continuation pattern.

Trader Ali Martinez tells his 126,300 followers on the social media platform X that XRP appears to be on the verge of a breakout as it forms a cup-and-handle pattern.

The structure suggests that an asset is bullish as buyers step in to prevent prices from revisiting recent lows.

Says Martinez,

“If XRP is following a cup and handle pattern, a breakout could set the stage for a move toward $3.35!”

Looking at the trader’s chart, he seems to suggest that XRP will trigger a breakout after breaching the pattern’s resistance at $2.80. At time of writing, XRP is trading at $2.74.

Turning to the layer-1 protocol Avalanche (AVAX), Martinez says the altcoin will likely see a rise in demand once it falls to the lower boundary of a wide trading range.

“The key support level for Avalanche AVAX stands at $20!”

Based on the trader’s chart, he seems to suggest that AVAX is trading between a range high of $56 and a range low of $20. At time of writing, AVAX is worth $24.95.

Looking at top memecoin Dogecoin (DOGE), the trader believes the altcoin is carving a local bottom at a key Fibonacci retracement level.

Traders use the Fibonacci tool to spot potential entry and exit points based on the Fibonacci ratio.

“Dogecoin DOGE has pulled back to the 0.618 Fib level, also known as the Golden Ratio. This is a key area where bullish reversals often occur!”

According to the trader’s chart, he suggests that DOGE needs to hold $0.25 to have a shot at reversing its downtrend. At time of writing, DOGE is worth $0.266.

As for fellow memecoin Pepe (PEPE), the analyst warns that the altcoin needs to hold its diagonal support to avoid witnessing a deep corrective move.

“This is a crucial level for PEPE. If it holds above $0.0000092, a rebound could follow. But a break below may open the door for a move toward $0.0000032.”

At time of writing, PEPE is trading for $0.00000978.

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