Memecoins
Memecoins Bleed As Markets Turn Red, Will Pepe, FLOKI, BONK Overcome 12% Losses?
Memecoins were trading in a bullish pattern, indicating a strong breakout after a brief consolidation. Unfortunately, the bears played well and pushed the price of Bitcoin below $65,000, which shook the entire market along with memecoins. Major tokens like Pepe, FLOKI, WIF, BONK, BOME, etc. have lost heavily, while Dogecoin (DOGE) and Shiba Inu (SHIB) prices also follow the trend. With a nearly 3.5% drop in market capitalization and a 3.5% increase in trading volume, it is important to evaluate whether these tokens can trigger a rebound this week or not.
Pepe (PEPE) price struggles to hold $0.00001
After marking new highs above $0.000017, the price Price PEPPER it was trading under strong bearish influence. The token has been facing massive upward pressure, due to which the price has now fallen below the crucial support level. However, the downtrend is expected to decline in the coming days, which may halt the downward trend, providing a basis for a rebound.
Even though the current market setup is bearish, PEPE price remains in a bullish pattern. The price has now approached the crucial ascending trend line and strives for a rebound as a fresh pullback could trigger a collapse. The RSI is bearish, indicating that the price may reach the 0.5 FIB level at $0.00000909 if it fails to break above $0.00001093. Therefore, daily close above these levels could trigger a new bull case.
Is FLOKI (FLOKI) price ready to rise?
FLOKI price seems to be heavily influenced by the bears after the collapse due to the parabolic recovery. After facing rejection from the new ATH, the FLOKI price it has printed huge bearish candles and has emptied by almost 50% in the last 10 days. However, it seems that the consolidation process has come to an end and a reasonable rebound could be expected.
FLOKI price missed huge gains, which intensified over the past weekend. After breaking the ascending support, the price is heading towards the crucial support zone between $0.00012 and $0.0004. The collapse of the RSI confirms the bearish position, which is about to test the lower support. If, in this case, the RSI falls into the oversold zone, FLOKI price could make new monthly lows below $0.000095, while a rebound could remain distinct.
Bonk (BONK) price breaks above critical support
The latest pullback forced the VERY GOOD price to enter the crucial support zone between $0.000023 and $0.000022. However, the price is trying to sustain within this zone, but a bearish close of the day could favor a pullback near $0.000019. Technical data has turned bearish, which suggests that a new downward trend may be on the horizon.
The DMI has triggered a bearish trade with a bearish crossover, while the ADX maintains a declining trend. However, volume continues to collapse, which could lead to a squeeze, resulting in a bullish breakout in sight. Therefore, after reaching the interim support at $0.00001909, the BONK price may trigger a healthy recovery above $0.000025 in the coming days.
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