Memecoins
Memecoins in deep distress, while FLOKI, WIF, BONK and PEPE plunge hard
The bearish cartel launches a new attack on the crypto space and drags the BTC price below $65,000 for the first time in the last 40 days. Meanwhile, memecoins like FLOKI, WIF, and BONK cost close to double digits. Here’s what to expect from these tokens by the end of the month.
FLOKI (FLOKI) Price Analysis
FLOKI Price is testing one of the crucial ranges after the latest crackdown in crypto markets. The token has plunged almost 10% since the early hours of trading while defending the lower support zone. Therefore, a slight downward movement could initiate a 12-15% decline, but technical data suggests that a rebound could be on the horizon.
FLOKI price plunged and reached the lower band of the Gaussian channel. Although the channel continues to remain bullish, a slight drop to $0.000016 could trigger a bearish signal. However, the RSI turned down and tested the lower threshold, which could initiate a strong rebound, thus avoiding excessive losses. Therefore, after consolidation in a narrow range, a rebound could occur, pushing the levels above $0.00017.
dogwifhat (WIF) Price Analysis
WIF Price has been stuck in a deep downtrend since the beginning of the month, which continues to intensify every day. The price is approaching the consolidation peak and therefore appears subject to a strong rebound. However, technical data does not suggest a strong possibility of a trend reversal.
The Gaussian channel has just turned bearish, while the Balance Volume (OBV) is heading towards the lows. These indicators suggest that the price may continue to move towards the lower targets as the bulls failed to defend the lower support. Selling pressure has been building up and hence the price is expected to maintain a downward trend as the bears hold greater dominance.
Bonk (BONK) Price Analysis
Similar to other memecoins, BONK price has also fallen below the crucial range but continues to remain under the bullish influence. The price was repeatedly rejected at the high, causing extreme exhaustion among the bulls. Therefore, a bearish trade has occurred, which is expected to initiate a reversal very soon.
The recent breakout suggests that price is close to completing a double top pattern; however, it may trigger a bounce before reaching the neckline. The RSI has fallen to the lower threshold and is trying to initiate a rebound. Therefore, BONK price could see a decent rise over the weekend and reclaim $0.000025.