The post Memecoins in Deep Distress: While FLOKI, WIF, BONK, and PEPE Plunge Hard, It Could be a Good Buying Opportunity as Well appeared first on Coinpedia Fintech News
The bearish cartel launches a fresh attack over the crypto space and drags the BTC price below $65,000 for the first time in the past 40 days. Meanwhile, memecoins like FLOKI, WIF, & BONK price near double-digit losses. Here’s what to expect from these tokens by the end of the month.
FLOKI (FLOKI) Price Analysis
FLOKI price is testing one of the crucial ranges after the latest crackdown on the crypto markets. The token plunged nearly 10% since the early trading hours while defending the lower support zone. Hence, a minor bearish move may initiate a 12% to 15% downswing but the technicals suggest a rebound could be on the horizon.
The FLOKI price has plunged and reached the lower band of the Gaussian Channel. While the channel continues to remain bullish, a slight plunge to $0.000016 may flash a bearish signal. However, RSI has stooped low and tested the lower threshold, which may further initiate a strong rebound, preventing excessive losses. Therefore, after consolidating within a narrow range, a rebound may occur, lifting the levels above $0.00017.
dogwifhat (WIF) Price Analysis
WIF price has been stuck within a deep bearish trend since the beginning of the month, which has kept on intensifying every day. The price is approaching the apex of the consolidation and hence seems to be subjected to a strong rebound. However, the technicals do not flash a strong possibility of a trend reversal.
The Gaussian channel just turned bearish, while the on-balance volume (OBV) is heading towards the lows. These indicators suggest the price may continue to range towards the lower targets as the bulls have failed to defend the lower support. The selling pressure has accumulated and hence the price is expected to maintain a descending trend as the bears are holding a larger dominance.
Bonk (BONK) Price Analysis
Similar to the other memecoins, the BONK price has also slipped below the crucial range but continues to sustain under the bullish influence. The price faced rejection a couple of times at the highs, which has caused extreme exhaustion among the bulls. Hence, a bearish trade has played out, which is expected to initiate a reversal very soon.
The recent breakdown suggests the price is about to complete a double-top pattern; however, it may trigger a rebound before reaching the neckline. The RSI has dropped to the lower threshold and is trying hard to initiate a rebound. Therefore, the BONK’s price may undergo a decent upswing during the weekend and reclaim $0.000025.