Memecoins
Will Meme Coins DOGE, SHIB, PEPE, BONK crash in May?
As the crypto market experiences a massive crash, altcoins are losing their critical support levels. Amid the crash, meme coins known for massive moves on both sides are showing amplified bearish movement.
As investors quickly compete amid rising FUD, dreams of a market-wide uptrend after the halving are receding from reality. Will meme coins surf bad seas for a photo of the moon? Is this a healthy correction?
Let’s look at the price analysis of the best meme coins for a more decisive analysis.
The Coin Crash Meme #1
On a withdrawal line, the DOGE Price The stock is showing an intense downtrend, cracking below the crucial $0.145 support zone. With a broader downtrend channel in play, increasing supply forms a secondary channel and challenges the $0.13 level.
The daily RSI line falls below the oversold zone, reflecting an increase in supply pressure. Supporting this view, the MACD and signal lines are trending negatively.
If the meme coin falls below $0.13, sellers will test the bearish support trendline at $0.11 or closer to the psychological support of $0.10. With some optimism, a bullish reversal could restart a positive cycle and reach the $0.18 mark.
The distribution of the Shiba Inu triangle
With the supply tsunami hitting most altcoins, the SHIB Price the trend shows a bearish reversal. The meme displays a distribution of a symmetrical triangular pattern in the 4H chart.
The meme coin fell almost 10% in the last 24 hours, leading to a 25% decline in the last 30 days. As the breakdown marks a selling point, the chances of a fall increase and SHIB price could fall below the psychological mark of $0.000020.
On the positive side, a retest of the broken trendline may be a comeback moment for buyers to regain control of the trend.
The new PEPE channel test continues
Amidst the crashing coins, the PEPE Price the action shows a bullish breakout of a descending channel that is struggling to take off. The breakout rally returns for a retest from the 50% Fibonacci retracement level.
As it reverses from $0.000007662, the retest places PEPE price at the 23.60% Fibonacci level, close to $0.0000060. With an intraday decline of 4.94% and 9.37% last night, the frog-themed coin is under extreme pressure. The fall could result in a breakdown of $0.0000060.
Bonk Meme Coin under pressure
With a bearish channel breakout similar to that of PEPE, BONK meme coin prices managed to take off. However, the short-lived uptrend is reversing amid a broader market slowdown.
As the bearish reversal retests the $0.000020 support zone, the BONK Price The trend shows a strong possibility of a bullish reversal. Despite a sharp drop of 11% last night, the same coin is showing resilience and avoiding a bearish continuation today.
In the event of a rebound, the uptrend could reach the $0.000035 mark.
Conclusion
With a crash and increasing supply, meme coins are under extreme bearish pressure and expect the downtrend to continue this week. However, the presence of strong demand at lower levels could result in a slightly positive end to the month. Therefore, May could be surprisingly positive for the coins even as soon as the market overcomes the News from the Czech Republic.
Also discover: Top Meme-Coins for 10X Profits in May!