As the market moves through a turbulent phase, analysts are zeroing in on 4 key memecoins that could present significant opportunities for accumulation during the declines. Letâs dive into these tokens and their current market scenarios.
Shiba Inu ($SHIB), the second-largest memecoin, has faced increased volatility, with a 25% increase over the last month. Despite being overshadowed by recent memecoin surges since October, SHIBâs trading volume hit nearly 150 million in the last 24 hours, signaling potential accumulation for an upward move.
The analysis suggests: âIf the bulls regain momentum, Shiba Inuâs price could break out from its triangle formation and aim for the $0.00002350 resistance. However, if the bearish trend continues, the price might stabilize around $0.0000170.â
Bonk ($BONK), built on the Solana blockchain, saw a 35.82% increase over the past month. However, its upward momentum has slowed, with the price dipping 2% in the last 24 hours. The analysis highlighted neutral signals from BONKâs moving averages.
Key insights include: âBONK is showing signs of recovery, and if upward pressure holds, it could retest the $0.0000270 resistance. However, if the price decline persists, BONK may hover around $0.00002125.â
Pepe ($PEPE), a memecoin poised to make waves in 2024, has seen a downturn recently. The token dropped 2.78% one day and 3.14% the following week, forming a collapse distribution as it tries to maintain the 0.00001 level.
The analysis noted: âThe RSI remains above the midpoint, suggesting a strong reversal trend for PEPE. However, if the bulls lose steam, the price might retest the triangle resistance. If the bears gain the upper hand, PEPE could fall to $0.00000880.â
4. Dogwifhat (#WIF)
Dogwifhat (WIF) has been hit hard by Bitcoinâs recent pullback from the $67,000 mark, causing WIF to lose 5% of its value, with a trading volume of 318 million units. Despite the drop, WIF remains above a crucial $2.5 support level.
The analysis added: âA rise in momentum could see WIF retesting the $3.050 resistance, but if bears continue to dominate, WIF may fall to the $2.10 support trend this month.â
Conclusion:
Memecoins, known for their extreme volatility, continue to provide traders with potential opportunities, especially during market declines. Whether itâs Shiba Inuâs potential breakout, Bonkâs recovery signals, Pepeâs reversal patterns, or Dogwifhatâs battle with critical support, these coins are worth watching closely for accumulation.
WIF: 2.413 (-4.2%)
#WIF #Memecoins #SHIB #PEPE #BONK 
