News
Will Crashing Meme Coins encounter a reversal this week?
Meme coins are losing bullish momentum as Bitcoin price slows above the $60,000 demand zone. Amid the broader market downturn, top dog-themed meme coins are seeing a bearish start this week.
As altcoins come under increasing downward pressure, crucial support levels are starting to break. Will the May market downturn cause a drop in hype and community-driven coins?
Let’s check out the price analysis of top meme coins for a deeper understanding.
Falling Channel of Largest Meme Coin Dogecoin
The largest and most popular meme coin, Dogecoin, shows a moving pullback phase. It intensifies as the market downturn leads to rapid profit-taking and bullish exhaustion. The meme coin recorded a loss of 12.38% last week and starts today with a drop of 2.40%.
With a market value of almost US$19.91 billion, Dogecoin is the ninth largest cryptocurrency in the world.
The daily chart shows the pullback forming a descending channel like the DOGE Price reverses from the overhead trendline and the 50D EMA. With this reversal, pressure on the $0.1255 support zone is gradually increasing.
If the bearish cycle gains momentum, DOGE price could break below the $0.1255 support zone. With the momentum released, Dogecoin could fall towards the psychological $0.10 mark near the support trendline.
On the other hand, the $0.1226 demand zone is a critical support known for multiple contact reversals in recent times. A bullish reversal could revive the uptrend and reach the $0.1471 mark.
Division of the triangle for Shiba Inu
Ranking second in the meme coin industry after Dogecoin, Shiba Inu has a market cap of $12.85 billion. Ranked 11th in the crypto world, Dogecoin’s declining market value could soon make Shiba Inu the biggest meme coin.
However, increasing bearish conditions in the SHIB Price chart may result in a crash for this meme coin. On the daily chart, the dog-themed coin breaks a crucial support trendline after falling 9.71% last week.
With an intraday drop of 2.20%, SHIB price is about to break below the symmetrical triangle. In case of a bearish crossover, the meme coin could fall to a psychological low of $0.000020.
On the other hand, a strong close today could push SHIB price towards $0.00002450 for a breakout attempt.
Test again against a reverb in WIF
As the top meme coins are under pressure, WIF price shows a bullish breakout, struggling to perform. Dogwifhat price has been trending below the $3.35 mark for a few weeks now.
With a 7.75% drop last week, the meme coin is under pressure and retests the broken resistance trendline. However, with an intraday drop of 5.03%, the chances of a post-retest reversal appear slim.
If the decline continues, the WIF Price it could drop to the $2.50 mark. On the other hand, a bullish turnaround could result in a bounce to $3.35 for another breakout attempt.
FLOKI retest lacks dynamic revolt
With a market value of US$1.5 billion, Floki ranks 55th on the list of top cryptocurrencies. Under the influence of major meme coins, FLOKI price experiences a significant increase in supply.
Due to the increase in supply, the FLOKI price the stock shows a falling wedge rally, struggling for momentum. If the uptrend regains momentum, the meme coin could bounce to the $0.00023 level. Conversely, a drop below $0.00015 could test the $0.00012 level.
Solana’s Top Meme Coin BONK Needs a Push
Coming to the Solana ecosystem, the BONK Price shows a sideways rotating wedge recovery. This bullish failure amidst the market downturn leads to a consolidation range.
With limits of $0.000027 and 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 lower price rejection near $0.000020, the 50D EMA and the 50% Fibonacci level, bullish reversal chances are appearing. In this case, a price jump to $0.000028 is possible. A drop could result in a price drop to $0.00001933.
Also check out: Memecoins suggests bullish movement! Will Solana-Based Tokens Outperform Top Altcoins in May?