Meme coins rally as PUMP leads recovery, Rekt hits record highs

• Pump.fun makes a strong rebound, surging by over 15% on Thursday.
• Rekt extends bullish phases, hitting new all-time highs as investor risk appetite returns.
• Ethereum-based meme coin Brett breaks out, backed by multiple buy signals and robust moving average support.

Meme coins, led by Pump.fun (PUMP), Rekt (REKT) and Brett (BRETT), are leading recovery in the cryptocurrency market on Thursday following a short-lived sell-off the previous day. 

 

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The macro tension surrounding Wednesday’s United States (US) Federal Reserve (Fed) decision on interest rates left many investors on edge despite a consensus that the central bank would maintain rates steady within the 4.25% to 4.50% range. 

Fed Chair Jerome Powell took a hawkish stance, casting doubt on the possibility of a rate cut in September, amid concerns about inflation. The central bank continues to shrug off President Donald Trump’s call for rate cuts, emphasizing its role of keeping inflation anchored in the long term.

Meme coins PUMP, REKT and BRETT edge higher 

PUMP is the most bullish meme coin on Thursday, rising over 15% to trade at $0.0031. The uptick follows a major correction from its all-time high of $0.0068, reached on July 15 after the token launch event. 

The token native to the meme coin launchpad Pump.fun currently holds above a short-term support provided by the 50-period Exponential Moving Average (EMA) at $0.0030 on the 4-hour chart.

The Moving Average Convergence Divergence (MACD) indicator maintains a buy signal in the 4-hour time frame, with the blue line holding above the red signal line. If investors heed the call to increase exposure, bullish momentum will steady and accelerate the recovery toward the 100-period EMA  resistance at $0.0038.

Traders should be wary of the possibility of a reversal below the initial 50-period EMA. In case investors sell at the earliest sign of profit, a trend reversal could ensue, aiming for a retest of support at $0.0022.

PUMP/USDT 4-hour chart

As for REKT, the uptrend shows signs of faltering after reaching a new record high of $0.000001233. The meme coin hovers at $0.000001096, underpinned by the Relative Strength Index (RSI) showing weakness after tagging overbought territory and declining shortly after.

If investors hold steady, with conviction that REKT could push higher into price discovery, the minor drawdown could give way for a trend reversal. The MACD still upholds a buy signal, triggered on Thursday when the blue line crossed and settled above the red signal.

REKT/USDT 4-hour chart

Brett, on the other hand, is trimming its intraday gains quickly, indicating a volatility spike in the meme coin sector at the time of writing. The token is currently trading at $0.0565 and holding above an initial support provided by the 100-period EMA at $0.0561. 

The MACD indicator backs the uptrend as it ascends near the zero line after validating a buy signal in earlier sessions. If the short-term support at $0.561 remains intact and bulls scoop the token at a lower price level, a recovery could follow, aiming for highs around $0.0667, which was tested on July 23.

BRETT/USD 4-hour chart

Still, with the RSI approaching the midline after peaking at 60, traders should also be concerned about the reversal gaining momentum as buying pressure dwindles. Potential profit-taking is another factor to consider before seeking exposure.