Dogecoin rose nearly 1% in value on Tuesday, with more than 76% of wallets holding unrealized gains.
With SHIB price forming a descending triangle on the daily timeframe, Shiba Inu liquidity could reach $0.00002213.
Bonk traded sideways on Tuesday and is expected to fall nearly 10%.
Meme coins Dogecoin (DOGE), Shiba Inu (SHIB) and Bonk (BONK) rose along with top meme tokens in response to GameStop’s Monday rally. Meme tokens rallied as legendary trader “Roaring Kitty” resurfaced on X with a series of tweets, posting sharp gains on Monday.
CoinGecko shows that within 24 hours, the prices of DOGE, SHIB and BONK increased by 4%, 0.5% and 1.3% respectively. In the daily time frame, the price increase of Meme coin was up to 1%.
Dogecoin erases gains from GameStop-inspired rally
DOGE climbed to a high of $0.1576 on Monday, rising alongside meme tokens. These gains were likely driven by trader “Roaring Kitty” returning to X for the first time in three years. As of writing, DOGE erased its gains, with the meme coin trading at $0.1490 on Binance.
Dogecoin is facing resistance at $0.1616, which is the 61.8% Fibonacci retracement level of its decline from the March 28 high of $0.2288 to May 1 low of $0.1201. The Moving Average Convergence Divergence (MACD) indicator reveals underlying negative momentum in the DOGE price trend on the 1-week timeframe.
The 1-day chart of DOGE/USDT shows that the Relative Strength Index (RSI) is approaching 50 (neutral level). As of writing, the RSI is 48.41. DOGE price is likely to test the resistance at $0.1616, which is nearly 8.45% away from the current level. The MACD indicator shows a bullish signal, with the MACD crossing above the signal line.
DOGE/USDT 1-day chart
Looking down, if a pullback occurs, DOGE could sweep up liquidity at the May 3 low of $0.1311.
Data from IntoTheBlock shows that 76% of wallets holding DOGE are currently holding unrealized profits. The global money inflow/outflow (GIOM) indicator helps identify key support/resistance levels for an asset. The indicator shows that DOGE is facing resistance at $0.1526 on its way to $0.1616.
DOGE Global Fund In/Out
Shiba Inu is stuck in a descending triangle pattern
The daily chart shows that SHIB price has been trading in a descending triangle (a bearish chart pattern) since the Shiba Inu attempted to break above the upper boundary of the pattern ($0.00002338) on Tuesday, March 5, however, a decisive close outside the downtrend line is needed to confirm a breakout of the descending triangle.
Typically, this chart pattern suggests that demand for SHIB is weakening.
SHIB could sweep liquidity to $0.00002213, which is the lower boundary of the descending triangle. This could be a drop of more than 6% from the current price level.
SHIB/USDT 1-Day Chart
If the SHIB closes above $0.00002338, it is likely to test the resistance at $0.00002476, which is the 23.6% Fibonacci retracement level of the decline between the March 5 top of $0.00004567 and the April 13 bottom of $0.00001830.
Bonk could plunge 10%
BONK was trading at $0.00002339 on Tuesday. Looking at the daily and 4-hour charts, BONK’s price trend has potentially negative momentum. BONK’s liquidity could be 10% lower than the current price at $0.00002089, which is the 50% Fibonacci retracement level of the climb from the April 13 low of $0.00001212 to the April 25 high of $0.00002966.
On the way down, BONK might find intermediate support at the May 13 low of $0.00002144.
BONK/USDT 1-Day Chart
On the upside, BONK might test the resistance at $0.00002542, the May 13 high, and just below it the resistance at $0.00002552, which is the 23.6% Fibonacci retracement level of the rise between April 13 and April 25.
