Since last week, the meme coins has showcased an active correction trend that led to a sharp price reversal in Bitcoin. The BTC value dropped below $65,000, which has accelerated the supply pressure in the majority of the major coins.
Moreover, meme coins experienced a significant downturn, with leading assets such as Dogecoin, Shiba Inu, Pepe Coin, and BONK. Further, almost all of them have witnessed a decline of over 20% within just one week.
This steep decline is likely triggered by investors taking early profits, as the last recovery trend left this asset class in an overbought region.
A falling wedge pattern can follow the ongoing correction trend in Bonk in the daily chart. Equipped with two converging trendlines, this pattern formed dynamic resistance and supported this meme coin, leading to a price fall from $0.000048 to $0.0000195.
This 53% downfall plunged the BONK below 61.8% Fibonacci retracement level, which in theory reflected weakening bullish momentum. With an intraday gain of 1.5%, the Solana-based meme teases a bullish reversal from $0.000012.
A potential reversal from this support may bolster buyers for a 12% upswing and challenge the wedge pattern’s overhead trendline. Further, a bullish breakout from this pattern will signal the resumption of the prevailing uptrend. Thus, it could chase the near-term target of $0.0000347, followed by $.000048.
BOME price has taken the lead as the newest sensation in the meme coin sector. It is now ranking as the most trending coin. A successful pre-sale and listing on a major crypto exchange uplifted the BOME’s market value drastically. Eventually, the meme coin hit an all-time high of $0.02805 last Sunday.
However, the current market correction had a notable impact on BOME’s price. The sell-off phase led to a 70% downfall and marked a low of $0.0087. The correction seeks support over the $0.01 psychological level and reached the trading value of $0.0119.
With the BTC price showcasing suitability above $60,000, the BOME price may witness a renewed recovery. Hence, with a bullish turnaround, it could chase a potential target of $0.02, followed by $0.025.
The sloth-themed meme coin SLERF showcases a stable price behavior today, as evidenced by the neutral candle formation in the daily chart. However, in a deeper analysis of the hourly time frame display, the SLERF price is developing with a well-known continuation pattern called the symmetrical triangle.
This price, resonating between two converging trendlines, is poised for a decisive breakout to signal a potential move in the near future. A bullish breakout from this pattern will release the build-up of bullish momentum and may surge the Slerf price to $1.42.
On a country note, a breakdown below the lower trendline will accelerate supply pressure and push the coin value to $0.36 support.
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