This week in the analysis of meme coins, it was observed that their performance varied, with some cryptocurrencies rising while others experienced significant declines.
For example, Peanut the Squirrel (PNUT) and the AI-generated Goatseus Maximus (GOAT) performed poorly this week, with prices dropping significantly. In contrast, Bonk (BONK) went against the trend, becoming one of the strongest performing cryptocurrencies.
Here is a specific review of the situation this week.
Peanut the Squirrel (PNUT)
At the beginning of the week, the price of PNUT was $1.94, but it later plummeted by 33%. This drop is likely due to some holders choosing to sell when PNUT reached its historical high.
Currently, the price of PNUT is $1.17. From the one-hour chart, the RSI (Relative Strength Index) has dropped to 31.66. When RSI exceeds 70, it indicates that the asset is overbought; while below 30 indicates oversold. So, although the RSI shows downward pressure, it also means that PNUT may have been oversold.
As a result, PNUT's price has the potential for a rebound. If this rebound materializes, the price of PNUT could rise to $1.40. In the most optimistic scenario, the price might reach $1.72. However, if selling pressure increases again, PNUT's price could drop below $1.15 in the next update.
Goatseus Maximus (GOAT)
Like PNUT, this meme coin GOAT also experienced a significant decline this week, dropping by 22%.
Currently, the price of GOAT has dropped to $0.87, possibly because market interest in AI-themed meme coins is starting to wane. The meme coin market changes quickly, and some investors may begin to move away from AI concepts in search of other opportunities.
On the 4-hour chart of GOAT, we can see a typical head and shoulders pattern, which is usually a reversal signal from bullish to bearish, intensifying bearish sentiment. This pattern suggests that the price of GOAT may continue to decline.
If this pattern holds, combined with the negative convergence of MACD, the price of GOAT could drop to $0.66. However, if buying pressure suddenly increases, it may break this downward trend and cause the price to soar to $1.37. Therefore, the price trend of GOAT remains highly variable, and everyone holding it must constantly monitor market dynamics.
Bonk (BONK)
Unlike GOAT and PNUT, Bonk's price has risen by 28%. This rise is primarily due to the project's announcement that it will destroy 1 trillion tokens before December 25.
This announcement has excited meme coin supporters in the Solana community, driving up the demand and price of BONK. However, BONK is currently facing resistance around $0.000050, making it difficult to continue rising significantly.
Nevertheless, according to the Bull-Bear Power (BBP) indicator, bears have not yet fully taken control of the market. If this situation continues, the price of BONK may fall back to $0.000060.
However, if bearish strength increases, the situation may change. The next weekly analysis of meme coins may see BONK drop to $0.000043.
