Memecoins
Best meme coins to buy when they reach critical supports
As the hottest thing in the cryptocurrency industry this year, meme coins can bring impressive gains if purchased during the recent correction. As the broader market anticipates a comeback later this year, these cryptocurrencies can lead the next bull run with neck-breaking momentum.
However, the ongoing market crash brings an intense correction in major meme coins that once showed impressive bull runs earlier this year. Will these community-driven coins make a comeback as they test crucial support levels?
Let’s check out the best Coinpedia meme coins to buy when they reach critical support levels.
Meme coin PEPE senses $0.000010 drop
With an intense correction in the broader market, the frog-themed meme coin, PEPE, collapses at an intense pace. PEPE price fell 36% from the all-time high of $0.0000166.
The collapse of the meme coin falls below the support trend line and tests the psychological limit of $0.000010. With an intraday decline of 5.32%, PEPE price fell by 15% in 48 hours.
When the downside approaches the 78.60% Fibonacci level, rejection of the lower price causes the price to float above $0.000010. With a long-tail candle, DPI price anticipates a bullish recovery to reach the $0.000012 mark this week.
Meme coin correction tests WIF token buyers at $2
Breaking above the crucial support trend line, the market crash sends WIF price plummeting to test the $2 psychological limit. As selling pressure increases, the meme coin has fallen 44% in three weeks.
The fall creates a resistance trendline on the 1D chart as it breaks below the long-standing support trendline. With an intraday decline of 9.52%, the bearish candle puts pressure on the support zone below $2.
If the decline continues, the price of WIF may drop to the $1.27 mark. However, strong support could soon lead to a rebound of the meme coin to reclaim $3 this month.
The 50% pullback for Floki leads to buying the possibility of a dip
As one of the top performers in the meme coin segment, FLOKI is strong with year-to-date growth of 378%. The dog-themed coin claims massive returns despite its recent pullback of nearly 50%.
On the daily chart, FLOKI price stands at $0.00016 with an intraday decline of 8.05%, following an overnight decline of 12%. The meme coin may soon test the psychological threshold of $0.00015 as the fall continues.
However, this crucial support will provide an entry opportunity for collateral traders to catch the dip. With a buy-the-dip opportunity, the reversal rally can result in a price jump up to the $0.00020 mark.
BONK
In the context of the market crash, BONK price action shows a negative cycle within the ascending channel. The bearish phase breaks below the crucial Fibonacci support and the $0.000025 mark to test the lower support level.
Buyers can reverse the cycle with the downtrend testing the 23.60% Fibonacci level and the crucial $0.000020 demand zone. In that case, the price of meme coins may soon cross the $0.000025 mark.