Memecoins Bleeding: PEPE, WIF, BONK, BOME, & FLOKI Crash Hard: Here’s What You Can Expect by the Month-End!

Starting the week’s trade on a bearish note, Bitcoin lost one of its important supports at $63,500, which caused the price to drop below $62,500. This move has caused the memecoin space to lose over 5% of its market cap as the trading volume soars by above 18% in the past 24 hours. With this, the top 10 memecoins have incurred a double-digit loss, including PEPE, WIF, FLOKI, BONK, and BOME. Now that market sentiments have turned bearish, here’s what to expect from the memecoins by the end of the month. 

Pepe (PEPE)

• PEPE dropped below the support that it held for nearly a week, which suggests the start of a fresh bearish spell

• After failing to withstand at 0.618 FIB, the price is expected to drop below 0.5 FIB as the selling pressure escalates

• The RSI is heading towards the bottoms, while the MACD again turns bearish after combating the sellers for nearly a week

• Therefore, the current trade set-up suggests the PEPE price may lose the key support at $0.00001 any time from now, which may drag the levels below $0.000009 by the end of the month.

dogwifhat (WIF)

• WIF price was trading within a parallel channel, holding the upper and lower bands despite the growing bullish and bearish forces over the token

• Ever since the selling pressure has intensified, the price has been maintaining a steep descending trend and has reached the last point of defence

• The plunged OBV and the growing levels of DMI after a bearish crossover suggest the price may reach levels close to $1.2

• Alongside, the rising ADX, indicating the growing strength of the rally within a bearish influence, may compel the token to form new lows very soon

FLOKI (FLOKI)

• FLOKI experienced a huge pullback but the levels remain under bullish influence as the price trades above the pivotal support

• The OBV remains unchanged regardless of the price variation, suggesting the bulls held a large dominance

• The MACD displays a drop in selling pressure, which may pave the way for a healthy and sustained rebound later this week

• Therefore, the FLOKI price is believed to drop, test the support zone at $0.00014 and $0.00013 and trigger a rebound to reclaim the lost levels.

BONK & BOME prices have also displayed a similar trade setup with a drop in selling pressure. Therefore, apart from the top memecoins like DOGE & SHIB, PEPE & FLOKI, the newly launched tokens seem to have gathered huge attention and as a result, they may initiate a fresh bullish spell very soon.