Memecoins
Memecoin in deep trouble as FLOKI, WIF, BONK and PEPE dive 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 have losses 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 following the latest crackdown on cryptocurrency markets. The token has fallen by almost 10% since the first hours of trading while defending the lower support zone. Therefore, a slight bearish move could initiate a recession of between 12% and 15%, but technicals suggest that a rebound could be on the horizon.
FLOKI price collapsed and reached the lower range of the Gaussian Channel. Even if the channel continues to remain bullish, a slight drop to $0.000016 could be a bearish signal. However, the RSI turned lower and tested the lower threshold, which could further initiate a strong rebound, preventing excessive losses. Therefore, after consolidating within a narrow range, a rebound may occur, taking 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 has continued to intensify every day. The price is approaching the peak of the consolidation and therefore appears to be subject to a strong rebound. However, the technical data do not suggest a strong possibility of a trend reversal.
The Gaussian channel has just turned bearish, while the on-balance volume (OBV) is heading towards the lows. These indicators suggest that the price may continue to swing towards lower targets as the bulls failed to defend the lower support. The selling pressure has built up and therefore the price is expected to maintain a downward trend as the bears hold a greater dominant position.
Bonk (BONK) Price Analysis.
Similar to other memecoins, the BONK price has also slipped below the crucial range, but continues to remain under the bullish influence. The price faced rejection a couple of times at the highs, which caused extreme exhaustion among the bulls. Therefore, a bearish trade has occurred, which is expected to begin a reversal very soon.
The recent breakdown suggests that the price is about to complete a double-top pattern; however, it may trigger a bounce before reaching the neckline. The RSI has fallen below the lower mark and is trying to start a rebound. Therefore, the price of BONK may experience a decent rally over the weekend and recover $0.000025.