The memecoins were trading in a bullish pattern, which indicated a strong breakout after a brief consolidation. Unfortunately, the bears played out well and slashed the Bitcoin price below $65,000, which shook the entire market along with the memecoins. The top tokens like Pepe, FLOKI, WIF, BONK, BOME, etc. have been shedding heavily, while the Dogecoin (DOGE) & Shiba Inu (SHIB) prices also follow the trend. With a nearly 3.5% drop in market cap and a 3.5% increase in trading volume, it is important to gauge whether these tokens can trigger a rebound this week or not.
After marking new highs above $0.000017, the PEPE price has been trading under an acute bearish influence. The token has been facing massive upward pressure, due to which the price has now dropped below the crucial support level. However, the bearish trend is expected to wane in the next few days, which may halt the descending trend, offering a base for a rebound.
Even though the current market setup is bearish, the PEPE price remains in a bullish pattern. The price has now approached the crucial, ascending trend line, and trying hard for a rebound as a fresh pullback could trigger a breakdown. The RSI is bearish, indicating the price may hit the 0.5 FIB at $0.00000909 if it fails to rise above $0.00001093. Therefore, the daily close above these levels may trigger a fresh bullish case.
FLOKI’s price seems to be badly influenced by the bears after it broke down from the parabolic recovery. After facing rejection from the new ATH, the FLOKI price printed massive bearish candles and drained by nearly 50% in the past 10 days. However, it appears to have reached the end of the consolidation and could be due for a reasonable rebound.
The FLOKI price has been shedding huge gains, which have intensified during the past weekend. After breaking the ascending support, the price is heading towards the crucial support zone between $0.00012 and $0.0004. The plunging RSI validates the bearish claim, which is about to test the lower support. If, in this case, the RSI drops to the oversold zone, then the FLOKI price may mark new monthly lows below $0.000095, while a rebound may remain distinct.
The latest pullback has compelled the BONK price to enter the crucial support zone between $0.000023 and $0.000022. However, the price is trying hard to hold within this zone but a bearish close for the day may assist a pullback close to $0.000019. The technicals have tuned bearish, which suggests a fresh descending trend could be on the horizon.
The DMI has triggered a bearish trade with a bearish crossover, while the ADX maintains a descending trend. However, the volume continues to plunge, which may lead to a squeeze, resulting in a bullish breakout ahead. Therefore, after reaching interim support at $0.00001909, the BONK price could trigger a healthy upswing back above $0.000025 in the coming days.
Also Read: Crypto Market Crash: How Low Can Bitcoin and Altcoins Drop?
The crypto market is stabilizing as Bitcoin (BTC) recovers above $85K, with Ethereum and XRP…
If you lost crypto due to the Terra collapse, there’s still time to act. Terraform…
After weeks of slow movement, Pi Coin made a strong comeback, jumping more than 25%…
Ethereum is under pressure as U.S.-based ETFs linked to it have seen outflows for seven…
After weeks of struggling, Bitcoin is finally making a strong comeback and has now jumped…
Despite global economic uncertainty and a series of market shocks, several leading voices in the…
