- Current Trend: Bearish, below 1700 support level
- Downtrend Start: Since May 29th
- Outlook: No positive short-term news expected
Market Analysis
- Market Status: Entire market, including Bitcoin, was crashing
- Temporary Boost: Bitcoin's recovery gave SHIB and other meme coins a temporary boost
- Meme Coins: BONK, PEPE, and WIF experienced strong bounces
Support and Resistance Levels
- Support: Significant level at 1300
- Resistance: 1700 needed for bullish breakout
Short-Term Expectations
- Consolidation: Possible drop to 1250
- Bullish Breakout: Possible above 1700 if Bitcoin becomes very bullish within 48 hours
Conclusion
- Momentum: Insufficient for bullish breakout
- Updates: Analyst will provide updates if market changes