Memecoins
Memecoins Bleed as Markets Turn Red, Will Pepe, FLOKI and BONK Price Overcome 12% Losses?
Memecoins were trading in an uptrend, which indicated a strong breakout after a brief consolidation. Unfortunately, the bears played well and reduced the price of Bitcoin below $65,000, which shook the entire market as well as memecoins. Major tokens like Pepe, FLOKI, WIF, BONK, BOME, etc. have lost sharply, while the prices of Dogecoin (DOGE) and Shiba Inu (SHIB) are also following the trend. With a nearly 3.5% drop in market capitalization and a 3.5% increase in trading volume, it is important to evaluate whether or not these tokens can trigger a rebound this week.
Pepe (PEPE) Price Struggles to Hold $0.00001
After hitting new highs above $0.000017, the PEPE Price is trading under strong bearish influence. The token has been facing massive upward pressure, due to which the price has now fallen below the crucial support level. However, the downtrend is expected to ease in the coming days, which could halt the downtrend and provide a basis for a rebound.
Even though the current market configuration is bearish, the PEPE price remains in an uptrend. Price has now approached the crucial ascending trendline, and will strive to rebound as a further pullback could trigger a breakout. The RSI is bearish, indicating that the price could reach the 0.5 FIB level at $0.00000909 if it does not rise above $0.00001093. Therefore, the daily close above these levels could trigger a new bull case.
Is FLOKI (FLOKI) Price Ready to Rise?
FLOKI price appears to be heavily influenced by declines after the parabolic rally is broken. After being rejected by the new ATH, the FLOKI Price printed massive bearish candles and sold out by almost 50% in the last 10 days. However, it appears to have reached the end of consolidation and could see a reasonable rebound.
FLOKI price saw huge gains, which intensified over the past weekend. After breaking the ascending support, the price is heading towards the crucial support zone between $0.00012 and $0.0004. The free-falling RSI validates the bearish assertion, which is about to test lower support. If, in this case, the RSI falls into the oversold zone, then FLOKI price could mark new monthly lows below $0.000095, while a rebound could remain sharp.
Bonk (BONK) Price Breaks Critical Support
The latest setback forced the BONK Price to enter the crucial support zone between $0.000023 and $0.000022. However, the price is struggling to hold within this zone, but a bearish close for the day could contribute to a pullback near $0.000019. Technical parameters have turned bearish, suggesting that a new downtrend may be on the horizon.
The DMI initiated a bearish trade with a bearish crossover, while the ADX maintains a downtrend. However, volume continues to plunge, which could lead to a squeeze, leading to an upcoming bullish breakout. Therefore, after reaching the interim support at $0.00001909, BONK price could trigger a healthy rally above $0.000025 in the coming days.
Read also: Crypto Market Crash: How Far Can Bitcoin and Altcoins Fall?