Today's highest pump Crypto Assets forecast: PENGU, FARTCOIN, WAL front running market recovery.

The recovery of the cryptocurrency market has sparked investors' risk appetite for meme coins and Layer 2 (L2) alts. Meme coins based on Solana, such as Pudgy Penguins (PENGU) and Fartcoin (FARTCOIN), as well as the altcoin Walrus (WAL) based on SUI, have all seen an increase greater than the overall market in the past 24 hours. The technical outlook remains bullish, supported by key resistance levels or pattern breakouts.

The revival of PENGU may be hard to sustain

FXStreet analyst Vishal Dixit stated that as of the time of writing on Friday, the price of PENGU has dropped over 1%, after soaring 8.50% the previous trading day. The surge broke through the 50% Fibonacci retracement level of $0.0160, pulling back from the historical high of $0.0700 to the low of $0.0037 on April 9.

If PENGU maintains the 50% Fibonacci level, its target may be the level of $0.0259, with the last test on January 26.

Technical indicators are gradually reaching bullish saturation levels, indicating a potential slowdown. The Relative Strength Index (RSI) is at 73, entering the overbought territory, showing increased buying pressure. Investors must be cautious as overbought conditions may trigger a pullback.

However, the Moving Average Convergence Divergence (MACD) indicator shows that the MACD and signal line are in an upward trend.

On the contrary, if the closing price of PENGU on Friday is below 0.0160 USD, it may test the weekly low of 0.0132 USD.

(Source: Trading View)

FARTCOIN Breaks Downward Triangle

Fartcoin has risen for the third consecutive day, having increased by over 1% as of the writing of this article on Friday. The recovery momentum of the meme coin based on Solana has broken through the local resistance trend line formed from the high on May 23 to the high on June 10. Notably, this trend line is based on a support level of $0.90, forming a descending triangle pattern.

The breakout rebound target for Fartcoin is the closing price of $1.38 on June 10, and the next key resistance level is the closing price of $1.56 on May 22.

The MACD indicator shows that the MACD and the signal line are rising towards the zero line, while the green histogram bars are rising from the same line, indicating an increase in momentum.

The RSI is at 57, breaking the midline and rising towards the overbought boundary.

However, if the closing price is bearish on that day, it may continue to decline towards the trend line that has been broken at $1.10.

(Source: Trading View)

WAL exits the descending channel pattern

As of the time of writing on Friday, WAL recorded its third consecutive bullish candle on the daily chart, with a pump of over 4%. This SUI-based altcoin has set a new weekly high, the last time it reached this level was on June 17.

WAL has surpassed the resistance trend line formed by the daily opening prices connecting May 15 and June 11, which completed a descending channel pattern, with the support trend line formed by the lows of May 30 and June 22.

The breakthrough rebound of WAL aims to reclaim the psychological barrier of 0.50 USD, with the next key resistance level at 0.54 USD, which is the closing price on June 10.

The MACD indicator shows that the MACD and signal line are exhibiting an upward trend in the negative zone. However, the surge of the green histogram starting from the zero line indicates that the momentum of the upward trend is gradually changing.

RSI is at 51, breaking through the midpoint level of 50, moving from the oversold area to the neutral area.

However, if the WAL fails to maintain the daily pump, a bearish close may test the breakout trend line at $0.41.

(Source: Trading View)