$PEPE, $BONK, and $WIF Face Critical Resistance as Bitcoin Eyes $104K Breakout

Memecoins have had a phenomenal run lately, with $PEPE leading the charge as not only the top-performing memecoin over the past week but also the best gainer among the top 100 cryptocurrencies. However, the rally is now encountering strong resistance that could threaten the momentum—unless bulls step up.

$PEPE Faces Fibonacci and RSI Pressure

$PEPE surged impressively but is now stalling just below the 0.382 Fibonacci retracement level, forming a weekly candle with a long upper wick a classic sign of rejection unless bulls take control before the weekly close. Even if bulls manage to close the week strong, a major horizontal resistance at $0.00001600 remains the final frontier before any meaningful upside continuation.

Adding to the technical tension, Stochastic RSI indicators are nearing overbought territory. If they start to turn down before $PEPE can reclaim its all-time high, the current rally may fizzle out, potentially ending in a failed breakout attempt.

$BONK Struggles at Ascending Trendline

$BONK has also enjoyed a bullish structure with three consecutive higher highs and a likely higher low forming this week. But the price has just been rejected at the critical $0.000025 resistance and has slipped below its long-term ascending trendline. Fortunately, it still holds above a key horizontal support level.

The weekly chart clearly outlines how crucial it is for bulls to reclaim the ascending trendline. The Stochastic RSI is approaching a rollover zone as well suggesting time is running out. Without a strong catalyst, momentum could die out, limiting upside potential for the coming weeks.

$WIF Nearing Breakdown Without Bitcoin Boost

$WIF is in a similar technical bind. After a strong upside surge, it has run headfirst into resistance and is showing early signs of rejection. Though the Stochastic RSI remains high, it won’t stay there long unless fresh bullish energy enters the market.

If Bitcoin doesn’t break out over the weekend, $WIF might be facing a premature end to its rally, with no meaningful recovery expected until the RSI resets, possibly weeks away.

Bitcoin Holds the Key to the Memecoin Market

All eyes are now on Bitcoin (BTC). Should BTC break through the $104,000 resistance and push into a new all-time high, it could ignite a broader market surge including another explosive wave for memecoins. But if Bitcoin stalls again, the risk of breakdown grows for $PEPE, $BONK, and $WIF.

In short, this weekend could make or break the current memecoin momentum. The Bitcoin chart is the one to watch for clues on whether another leg higher is coming or whether this rally ends in disappointment.