Memecoins
Is this the end of Memecoin Mania? BONK, WIF and BOME record colossal loss
The market dynamics seem to have changed as the strength of meme coins has declined to some extent. These fluctuations have been occurring very frequently recently, indicating that the tokens have become more volatile. This could keep the trader’s focus on memecoins, which could prevent them from extending their downtrend. Therefore, although these tokens demonstrate a bearish trend, a new uptrend seems imminent.
Bonk (BONK)
- BONK price continues to move within an ascending triangle and has been rejected at the upper resistance zone.
- The MACD is also poised to trigger a “sell” signal as levels are about to undergo a bearish crossover.
- Therefore, BONK price is expected to initially dip below $0.00003 and if the bulls do not show their strength here, the levels could extend up to $0.000027.
- The technical parameters remain in the bullish range and hence a bounce could be imminent which could take the levels back to $0.000045 and a breakout could be expected in the first days of July 2024.
dog hat (WIF)
- WIF Price However, it started its trading journey with huge bullish momentum and marked highs above $4.8; it turned out to be a fake output from the channel
- The price maintains an upward trend within a parallel channel and after facing rejection from upper resistance, levels moved closer to the mid-bands.
- However, the price still maintains the key resistance zone turned support, thus maintaining bullish hopes.
- Therefore, if the bulls show strength, then dogwifhat price is expected to rise and reach the upper resistance above $4, otherwise a decline may cause a fall below $3.
MEME BOOK (BOME)
- Regardless of the current market trend, BOME price appears to be trading within an ascending triangle, resulting in a bullish breakout.
- The price could maintain upward consolidation along the lower trendline and reach the upper resistance at $0.01498.
- Furthermore, the RSI also displays sharp bullish momentum as it maintains a consecutive high and low.
- Therefore, BOME price could remain consolidated and reach the top of the resistance, thereby triggering a healthy rise towards the upper resistance at $0.0185.