Memecoin is losing bullish momentum as Bitcoin price slows above the $60,000 demand zone. The popular dog-themed memecoin had a bearish start to the week amid a broader market slowdown.
As altcoins face increasing bearish pressure, key support levels begin to break down. Will May’s market slowdown lead to a crash for hype and community-driven coins?
DOGE
Dogecoin, is showing movement in a pullback phase. This has become more intense as the market slowdown has led to rapid profit booking and bullish exhaustion. The meme coin fell 12.38% last week and is starting today with a 2.40% loss.
The daily chart shows that the pullback formed a descending channel as DOGE price retraced back from the upper trendline and the 50-day moving average. With this reversal, pressure gradually increased at the $0.1255 support area.
If the bear cycle gains momentum, DOGE price could drop below the $0.1255 support area. As the momentum is unleashed, Dogecoin could drop to the psychological level of $0.10 near the support trendline.
On the other hand, the $0.1226 demand area is a critical support known for multiple touchdown reversals in the recent past. A bullish reversal could revive the uptrend and touch the $0.1471 mark.
SHIB
Bearish conditions in the SHIB price chart could lead to a crash for the memecoin. On the daily chart, the dog-themed token broke below a key support trendline after falling 9.71% last week.
The price is down 2.20% intraday and is about to break below the symmetrical triangle. In case of a bearish crossover, Meme Token could drop to the psychological low of $0.000020.
Conversely, a strong close today might carry SHIB price to $0.00002450 to attempt a breakout.
WIF
WIF price presents bullish breakout, struggles to perform. Dogwifhat price has been trading sideways below $3.35 for several weeks.
Meme coin fell 7.75% last week and is under pressure to retest the broken resistance trendline. However, with an intraday loss of 5.03%, the chances of a reversal on the retest look slim.
If the decline continues, the WIF price could drop to the $2.50 mark. On the other hand, a bullish turn could cause the price to jump to $3.35 in another attempt to break out.
FLOKI
Floki has a market cap of $1.5 billion and ranks 55th on the list of top cryptocurrencies. Under the influence of the top meme coin, FLOKI price has seen a sharp increase in supply.
FLOKI price action shows a falling wedge breakout bounce that is struggling to gain momentum due to the increasing supply. If the uptrend regains momentum, the Meme coin could jump to the $0.00023 level. Conversely, a break below $0.00015 could test the $0.00012 level.
BONK
Coming to the Solana ecosystem, BONK price shows a wedge breakout rebound turning sideways. Bullish failure during the market slowdown leads to a consolidation range.
With the boundary line at $0.000027 and the psychological level at $0.000020, the memecoin is on the verge of a decisive move. Following a 13.65% drop last week, the bearish momentum continued this week, with an intraday drop of 1.54%.
As the price rejects close to $0.000020, the 50-day SMA, and the 50% Fib level, chances of a bullish reversal are emerging. In such a case, there are chances that the price will jump to $0.000028. A decline could result in a drop to $0.00001933.
(Personal opinion, not a recommendation)
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