Memecoins
Recovery Likely If Bitcoin Freefall Ends
- Dogecoin is likely poised for a recovery after sweeping liquidity to $0.1201.
- Shiba Inu could see a 17% drop before the same corner recovers.
- Bonk holders are bracing for gains of nearly 28% in an uptrend.
Meme coins Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk (BONK) appear poised to recover, according to technical indicators, despite the broader crypto market correction caused by the sharp decline in Bitcoin (BTC).
The price of BTC has plunged about 11% since April 30. If Bitcoin’s decline stops, assets in other crypto sectors, including meme coins – which are considered more speculative than most digital assets – could reverse their recent downward trend.
Dogecoin ready for recovery
Dogecoin is currently in a downtrend, forming lower lows and lower highs since the March 28 high at $0.2288. The piece itself is daily chart shows a fair value gap (FVG) spanning between $0.13959 and $0.13395. DOGE price could address this imbalance and fill the gap before correcting further.
The Relative Strength Index (RSI), a momentum oscillator, is at its lowest since October at 33.04. DOGE’s RSI is likely heading towards the oversold zone below 30, and an attempt to recover from the decline in this zone could generate a buy signal for Dogecoin.
Marginalized traders could participate in a Shiba-Inu-themed trade piece of money below the FVG and near the May 1 low of $0.1201, the February 29 low of $0.1113, and the February 28 low of $0.0947.
DOGE/USDT 1-day chart
DOGE could find support at the February 28 and 29 lows of $0.0947 and $0.1113, respectively, on a decline.
Shiba Inu could sweep $0.000018 low before recovery
Shiba Inu is currently trading at $0.00002210, closer to the midpoint of the Donchian Channel. This volatility The indicator helps analysts identify trends in an asset and also determine optimal entry and exit points.
There are two entry points for Shiba Inu traders at $0.00002210 and $0.00002057, the first and second entry points, with a target of the channel’s upper boundary, or 20-day high of the SHIB price, to $0.00002820.
SHIB Price Poised to Drop Nearly 17% If It Sweeps liquidity at the lower limit of the channel. The meme coin could offer gains of 27% to traders who enter at $0.00002210, with a target of $0.00002820.
SHIB/USDT 1-day chart
If Shiba Inu sees a daily candlestick close above $0.00002476 (the 23.6% Fibonacci retracement of the decline between March 5 and April 13), it could invalidate the bearish thesis. Immediate support for SHIB is the second entry level at $0.00002057.
Bonk Holders Prepare for 28% Gains in Uptrend
Bonk broke out of its downtrend on April 20. Since piece of money formed higher highs and higher lows. The speculative asset looks poised for gains of nearly 28% as it continues to climb.
The price of BONK is $0.00002300 at the time of writing. The Moving Average Convergence Divergence indicator saw a crossover of the MACD line above the signal line, a bullish sign for BONK. The on-sale volume indicator climbs alongside the increase in BONK price, signaling increasing buying pressure.
BONK/USDT 1-day chart
A daily candlestick closing below $0.00002089 could invalidate the bullish thesis. BONK price may find support at $0.00001882, the 61.8% Fibonacci retracement of its rise from April 13 to April 25 at the high of $0.00002966.