Memecoins
The report shows nearly 140 new meme token debuts
- Crypto data tracker CoinMarketCap listed 138 new meme coins in April, but the actual number could be higher.
- Crypto analyst Koryo says diversification is key when investing in meme coins.
- SHIB and BONK have erased all their gains over the past seven days, while DOGE’s price has increased by 12%.
April saw the addition of 138 new meme coins to CoinMarketCap. The actual number could be even higher as Crypto analyst Koryo notes that CoinMarketCap lists only 10% of all tokens.
Amid rising demand for meme coins, Dogecoin (DOGE) has posted gains of nearly 12% over the past seven days, while Shiba Inu (SHIB) and Bonk (BONK) have erased gains.
Dogecoin Supports Gains, Expects 20% Rally
Dogecoin has been trading in a range between $0.17449 and $0.12010 since mid-April, as observed in the DOGE/USDT 1-day index. graphic. At the time of writing, the largest meme coin by market capitalization is trading at $0.14757 on Binance, up 12.38% over the past seven days.
The Moving Average Convergence Divergence (MACD), a momentum oscillator, supports the DOGE price recovery thesis. The green histogram bars above the neutral line and the MACD crossover above the signal line are bullish signals for Dogecoin.
On its ascent towards the Fair Value Gap (FVG) between $0.17586 and $0.18974, DOGE faces resistance at $0.16165 and $0.17449, the 61.8% Fibonacci retracement levels and the 50% of the decline between the March 28 high of $0.22888 and the May 1 low of $0.12010, respectively.
A move to the conservative target of $0.17586 implies gains of nearly 20% from the current level.
DOGE/USDT daily chart
Looking down, DOGE may find support at the May 1 low of $0.12010 and the February 29 low of $0.11132.
Shiba Inu could sweep liquidity to $0.00002251
Shiba Inu has been forming lower highs and lower lows since March 5th, as seen on the SHIB/USDT daily chart. SHIB has formed a descending triangle pattern, a bearish pattern characterized by a descending upper trendline and a flatter horizontal trendline, at $0.00002251.
The SHIB is likely to sweep liquidity on the horizontal trendline at $0.00002251. In case of a further decline, the meme coin could find support at the May 1 low of $0.00002057.
SHIB/USDT daily chart
On the other side, Shiba Inu will face resistance at $0.00002476 if the meme coin registers a daily close above the May 6 high of $0.00002424.
Bonk is trading in a tight range, erasing the gains of the last seven days
The BONK/USDT daily chart shows BONK trading in a range, with the upper limit at the April 25 high of $0.00002966 and the lower limit at $0.00002089 (the 50 Fibonacci retracement level % of the rise from the April 13 low of $0.00001212 and the April 25 price to the high of $0.00002966).
BONK has erased all of its gains over the past seven days and is trading at $0.00002320 at the time of writing on Thursday.
BONK’s Moving Average Convergence Divergence indicator shows red histogram bars below the neutral line, which means there is negative momentum in BONK’s rangebound price action. BONK could sweep liquidity to $0.00001212, the 50% Fibonacci retracement level.
BONK/USDT daily chart
On the upside, BONK faces resistance at the May 7 high of $0.2559.