Memecoins
Solana’s Dogwifhat Pumps as Bonk, Dogecoin and Other Meme Coins Lose Ground
Bitcoin is trading at $63,330, representing a -1.5% decline over the past 24 hours as it recovers from a decline last week. The rest of the crypto market is following suit and meme coins are also suffering. They post big gains when markets are green, but bleed profusely when the bears take over.
Dogwifhat (WIF), based on Solana, is the only meme coin in the top 100 largest cryptocurrencies that shows gains today, rising from $3.20 to $3.36, marking a peak of 2.75 % in the last 24 hours. The coin is currently in correction after hitting a daily high of $3.66.
Overall, WIF appears to be moving sideways, once again testing its resistance as it looks to enter a stable uptrend. The area between $2.20 and $3.50 has kept prices contained since March, with a short exception between March 28 and April 10. Given this balance of forces, the coin is suitable for day traders and swing traders to open and close positions with small gains, play with these supports and resistances.
The average directional index (or ADX, an indicator that measures the stability of a market trend) is low at 21 points, the relative strength index (RSI), which measures the degree to which a market trend is rising or falling. coin, looks balanced at 55 points, and the EMA10 and EMA55 are extremely close. All this demonstrates the indecision of the markets.
A bullish forecast would see WIF rise by around 11% to resistance at around $3.50, and a bearish forecast would see the coin fall by 24% to support at around $2.20.
Other major meme coins are not performing well today.
BONK, probably one of the most hyped meme coins of the last bull run, is now the worst performing meme coin in the Top 100, down 6.3% in the last 24 hours. BONK has been trading sideways and has remained stable since mid-March, bouncing between $0.00002950 and $0.00001940 with an atypical drop in mid-April.
The bullish and bearish scenarios remain the same as our latest price report, marked by both support and resistance. An optimistic performance would take BONK to $0.00002950 for an 18% spike, and a pessimistic performance would see the coin drop 20% to $0.00001940.
Dogecoin, the OG meme coin, is following a similar course. The coin is recovering from a bearish correction that sent its price down -45% in April. Currently, DOGE is trading at $0.1563, representing a -4.14% decline over the past 24 hours, with an overall weekly rebound of 10% over the past 7 days.
The coin attempted to break the support set at around $0.14 but failed to maintain momentum and bounced back soon after touching $0.13.
Currently, DOGE is back in the zone inside the horizontal channel with a weak ADX and a perfectly balanced RSI at 50 points. A bullish scenario sends the coin 27% up to $0.20 to test channel resistance, and a bearish scenario sends the coin back to channel support at around $0.13 for a -8.5% decline.
The rest of the major coins are also posting losses today, all showing fairly similar market behavior.
PEPE is currently priced at $0.000008507 for a loss of -0.2%, testing the resistance of its channel at $0.00000882 and appearing to look to rebound after this recovery. Floki Inu is trading at around $0.0001818, down -3.5% in the last 24 hours, and Farcaster’s Degen is down -12%, currently trading at around $0.01974.
Edited by Ryan Ozawa.