Memecoins
Meme Coin Price Forecast as Market Recovers – WIF, BONK, SHIB
The crypto market has rebounded nicely over the past couple of days, with Bitcoin bouncing around $56,000 to reach current prices near $64,000. This positive dynamic has had an impact on various sectors, including those in the same areas.
Top coins like WIF are up 22%, while other major memes like SHIB are up 11% and BONK is up 9% in the last 24 hours.
Meme Coin King’s DOGE price is also up today by over 20%.
As overall market sentiment improves, investors are closely monitoring the price movements and forecasts of these popular cryptocurrencies. Let’s dive into the analysis and projections from crypto analysts and experts.
WIF Price Prediction
According to YouTube channel 99bitcoins, which has over 700,000 subscribers, WIF (also known as DogWithHat) is showing promising signs of continued growth. The channel said:
“We can see that in terms of market capitalization, we currently stand at $3.1 billion, which places us in the top 37 out of 10,000 active cryptocurrencies. In terms of volume, we are at number 18, which is also very good. And once again, for the week as well, it looks good, up 17%.
The channel further noted that despite April’s slowdown, WIF appears poised for bullish momentum heading into May, with technical indicators such as moving averages signaling strong buy signals.
“People want to load DogWithHat, again, very, very exciting things. It’s a meme piece that is so quirky that everyone loves this piece,” the outlet added.
While WIF is down 12% on the monthly chart, it has skyrocketed 1,600% over the past six months. Analysts predict that WIF could potentially reach prices between $5 and $10 in May, highlighting the meme coin’s growing popularity and bullish sentiment.
BONK Price Prediction
Jacob Bury, a YouTuber with 38,000 subscribers, shared his technical analysis and price predictions for BONK. He explained his strategy of setting alerts on lower levels of the Relative Strength Index (RSI) to identify potential buying opportunities.
“So to look at the technical analysis side of Bonk, um, just to reiterate my type of strategy here with meme coins, I tend to set alerts on the lower RSI regions. So, for example, when Bonk hit 33 on the Relative Strength Index here on the daily time frame, um, what that actually did, as you can see here, it presented a buying opportunity.
Bury stressed the importance of monitoring RSI levels, suggesting buying when the RSI falls below 40 during bull markets and selling when it rises above 80.
Looking ahead, Bury believes BONK could see another significant rise over the next three to six months, potentially reaching the $0.00006 region, representing a 2x opportunity from current levels.
“I think this is possible due to the low C market and the level of growth we still have left for the crypto space. I don’t think we’re anywhere near the end in these crypto markets, and Bonk just put on a big show of growth,” » Bury said.
Shiba Inu (SHIB) Price Prediction
Focusing on the popular meme coin Shiba Inu (SHIB), Bury acknowledged the recent market downturn, but expressed optimism about SHIB’s future growth.
“It’s been a really bad start to May overall in the crypto space, but I want to see Sheba start to grow more and more. We’re starting to see Doge up, Pepe up, uh, you also have Bonk up, quite a few meme pieces starting to shine once again, and overall you can’t really argue with the performance of the day.
Bury highlighted the increased burn rate of SHIB tokens, with a 500% increase in the last 24 hours, indicating that a significant number of tokens have been removed from circulation.
He also noted significant whale burns, including a recent 14.9 million token burn and a 35.8 billion token burn a few days ago.
From a technical perspective, Bury uses the RSI strategy, aiming to buy when the indicator dips below 30, as these levels have historically presented favorable buying opportunities for SHIB.
“So, actually, everything seems fine; It doesn’t look too bad. So Sheini had a big, big pump from this level. We can see there’s a lot of support in that 0.00002 dead region, and since then, if you bought there, you’re up 15% right now.
Bury suggests that if SHIB can retest the $0.00000028 level, it could form a double-bottom bullish reversal pattern, potentially triggering a continued upward move for the meme coin.
The 99Bitcoins channel and analyst Jacob Bury highlighted the potential for returns from new meme coin launches like Dogevers And Sealanaprojects that could see substantial gains in the coming weeks according to their analysis.