In this weekly memecoin analysis, BeInCrypto noted that these tokens have seen mixed results. While some have seen gains, others have faced significant losses.
Peanut the Squirrel (PNUT) and AI-powered Goatseus Maximus (GOAT) were among the worst-performing memecoins of the week, both experiencing significant price drops. In contrast, Bonk (BONK) defied market trends, securing its place as one of the best-performing cryptocurrencies. Here’s a detailed summary of the week’s developments.
Peanut the Squirrel (PNUT)
At the beginning of the week, the price of PNUT was $1.94. However, the value of memecoin decreased by 33%. This significant drop can be attributed to selling pressure from those who held the token until it reached an all-time high.
Currently, PNUT is priced at $1.17. However, the hourly chart shows that the Relative Strength Index (RSI) has fallen to 31.66. When the RSI rises to 70, it means that the asset is overbought.
On the other hand, if it is below 30, it means that it is oversold. So, as long as the RSI reading indicates a bearish momentum, the PNUT will be oversold.
Peanut the Squirrel 1-hour analysis. Source: TradingView
So the price of memecoin could be about to recover. If validated, PNUT could rise to $1.40. In a highly optimistic scenario, memecoin could rise to $1.72. However, if selling pressure increases again, the price could fall below $1.15.
Goatseus Maximus (GOAT)
Similar to PNUT, GOAT, another memecoin, faced a sharp decline this week, with its price dropping by 22%.
GOAT’s price has dropped to $0.87, possibly due to waning interest in AI-themed memecoins. The changing narrative in the memecoin market suggests that some traders may be moving away from the AI hype, seeking opportunities elsewhere.
Adding to the bearish sentiment, GOAT’s 4-hour chart revealed a head and shoulders pattern, a classic bullish-to-bearish reversal indicator. This formation suggests that the memecoin could face further declines.
Goatseus Maximus 4-hour analysis. Source: TradingView
If the pattern materializes, along with a negative Moving Average Convergence Divergence (MACD), GOAT’s price could decline to $0.66. However, an increase in buying pressure could invalidate this bias. If that happens, the price could jump to $1.37.
Bonk (BONK)
Unlike the performance of GOAT and PNUT, Bonk's price experienced a 28% increase. This price increase occurred because the project announced that it would burn 1 trillion tokens by December 25th.
As a result, this announcement has generated euphoria in the Solana memecoin community, increasing the demand and value of the token. However, BONK is facing resistance at $0.000050, which has made it difficult for the cryptocurrency to move much higher.
Despite this, the Bull Bear Power (BBP) shows that the bears are still not in control. If maintained, then the BONK price could move towards $0.000060.
Bonk Daily Analysis. Source: TradingView
On the other hand, if the bears overcome the dominance of the bulls, this may not happen as the next week’s memecoin analysis could see a drop to $0.000043.
The article Memecoins of the Week: PNUT and GOAT correct, BONK rises appeared first on BeInCrypto Brasil.
