Memecoins
Will crashing meme coins find a reversal this week?
Meme coins are losing bullish momentum, with Bitcoin price slowing above the $60,000 demand zone. Amid the broader market slowdown, major dog-themed meme coins are seeing a bearish start this week.
As altcoins are under increasing bearish pressure, crucial support levels are starting to crack. Will the market slowdown in May fuel a collapse in hype and community-driven coins?
Let’s take a look at the price analysis of major meme coins for a deeper understanding.
The falling channel of Dogecoin, the largest meme coin
The largest and most popular meme coin, Dogecoin, shows a pullback phase in motion. It becomes intense as the market slowdown leads to rapid profit booking and bullish exhaustion. The meme coin posted a loss of 12.38% last week and today starts with a decline of 2.40%.
With a market capitalization of nearly $19.91 billion, Dogecoin is the ninth largest cryptocurrency in the world.
The daily chart shows the pullback forming a descending channel as DOGE price returns from the overall trend line and the 50D EMA. With this reversal, the pressure on the $0.1255 support zone is gradually increasing.
If the bearish cycle gains momentum, DOGE price may break below the $0.1255 support zone. With the momentum unleashed, Dogecoin could drop to the $0.10 psychological level near the support trend line.
On the other hand, the $0.1226 demand zone is a critical support known for multi-contact reversals as of late. A bullish reversal could revive the uptrend and reach the $0.1471 mark.
Triangle breakdown for Shiba Inu
Ranking second in the meme coin sector after Dogecoin, Shiba Inu has a market capitalization of $12.85 billion. Ranking 11th in the cryptocurrency world, Dogecoin’s declining market capitalization could soon make Shiba Inu the biggest meme coin.
However, growing bearish conditions on the SHIB price chart could cause a collapse of this meme coin. On the daily chart, the dog-themed coin drops below a crucial support trendline after a 9.71% decline last week.
With an intraday decline of 2.20%, SHIB price is on the verge of breaking below the symmetrical triangle. In case of a bearish crossover, the meme coin could drop to the psychological low of $0.000020.
Conversely, a strong close today could lift the SHIB price to $0.00002450 for a breakout attempt.
Repeat the fight against reverb test in WIF
As major meme coins are under pressure, WIF price shows a bullish breakout, struggling to perform. Dogwifhat price is trending sideways below the $3.35 mark for a few weeks.
With a decline of 7.75% last week, the meme coin is under pressure and retests the broken resistance trendline. However, with an intraday decline of 5.03%, the chances of a post-retest reversal seem slim.
If the decline continues, the price of WIF could fall to the $2.50 mark. On the other hand, a bullish reversal could lead to a jump to $3.35 for another breakout attempt.
FLOKI’s new test lacks momentum for the uprising
With a market capitalization of $1.5 billion, Floki ranks 55th on the list of major cryptocurrencies. Under the influence of top meme coins, FLOKI price sees a significant increase in supply.
Due to increased supply, FLOKI price action shows a descending wedge breakout rally struggling to find momentum. If the uptrend regains momentum, the meme coin could reach towards $0.00023 level. Conversely, a decline below $0.00015 could test the $0.00012 level.
BONK, Solana’s most important meme coin, needs a boost
Coming to the Solana ecosystem, BONK price shows a wedge breakout rally turning sideways. This bullish failure in the context of the market slowdown leads to a consolidation range.
With the lines at $0.000027 and the psychological level of $0.000020, the meme coin is on the verge of a decisive move. After last week’s 13.65% drop, the bearish momentum continues this week with an intraday drop of 1.54%
With a rejection of the lowest price near $0.000020, the 50D EMA and the 50% Fibonacci level, bullish reversal possibilities are appearing. In that case, a price jump to $0.000028 is possible. A collapse could result in the price dropping to $0.00001933.