Memecoins
Best Coins to Buy When They Reach Critical Supports
Being the hottest thing in crypto this year, meme coins can bring impressive gains if purchased during the recent correction. With the broader market forecasting a comeback later this year, these cryptos can lead the next bull run with decisive momentum.
However, the current market crash is leading to an intense correction in major coins that once exhibited impressive bull runs earlier this year. Will these community-driven coins make a comeback as they test crucial support levels?
Let’s check out the best Coinpedia coins to buy when they reach critical support levels.
PEPE Meme Coin Warns of $0.000010 Fallout
With an intense correction in the broader market, the frog-themed meme coin PEPE is collapsing at an intense rate. THE PEPE Price is down 36% from the all-time high of $0.0000166.
The meme coin falls below the support trendline and tests the psychological mark of $0.000010. With an intraday drop of 5.32%, the price of PEPE drops by 15% in 48 hours.
As the fall approaches the 78.60% Fibonacci level, the price’s lower rejection causes the price to float above $0.000010. With a long tail candle, EPI price signals a bullish recovery to reach the $0.000012 mark this week.
Meme Coin Correction Tests WIF Token Buyers at $2
By breaking the crucial support trendline, the stock market crash brings down the WIF Price to test the psychological note of $2. With the selling pressure increasing, the meme coin fell 44% in three weeks.
The fall creates a resistance trendline in the 1D chart as it crosses the upcoming support trendline. With an intraday decline of 9.52%, the bearish candle is putting pressure on the support zone below $2.
If the fall continues, WIF price could fall as low as $1.27. However, the strong support could soon lead to a rebound in the meme coin to reclaim $3 this month.
A 50% drawdown for Floki brings a chance to buy the dip
Being one of the most successful players in the meme coin segment, FLOKI stands out with 378% year-to-date growth. The dog-themed coin is seeing massive returns despite the recent decline of almost 50%.
In the daily chart, the FLOKI Price stands at $0.00016 with an intraday decline of 8.05%, following the overnight decline of 12%. The meme coin may soon test the psychological $0.00015 mark as the fall continues.
However, this crucial support will provide an entry opportunity for secondary traders to profit from the dip. With a buying opportunity on the dip, the reverse rally may lead to a price rally towards the $0.00020 mark.
BONK
In the middle of a falling market, BONK Price the stock is exhibiting a negative cycle within the ascending channel. The bearish phase breaks below the crucial Fibonacci support and the $0.000025 mark to test the lowest support level.
Buyers can reverse the cycle with the downtrend testing the 23.60% Fibonacci level and the crucial $0.000020 demand zone. In such a case, the price of meme coins may soon surpass the $0.000025 mark.
Read also: Bitcoin, Ethereum and XRP Price Prediction: Is the Bull Rally Over?