Last week, Dogwifhat, Bonk, and FLOKI all had increases over 20%.
The three dog-themed meme currencies are hovering near important levels, which might mean further gains are on the horizon.
There is a higher probability of a corrective downturn when the RSI approaches overbought levels for WIF, BONK, and FLOKI.
Following a weekly price surge of over 20%, the three most popular meme coins themed on dogs—Doggifhat (WIF), Bonk (BONK), and FLOKI (FLOKI)—maintained their gains on Monday. According to the technical analysis, there is still room for the bulls to take these three meme currencies to even higher double-digit gains.
Stay tough, dogwifhat bulls!
On September 24, the price of Dogwifhat surged 23% during the next four days, breaking above the falling trendline and closing above the daily resistance level at $1.947. Monday sees a little decline in price, hovering at $2.413.
The WIF price might continue its recovery by 12% to revisit the $2.895 high of July 22 if it closes above the 50% price retracement at $2.586.
Above its overbought level of 70, the Relative Strength Index (RSI) is now trading at 74. With the relative strength index (RSI) heading downward, traders should exercise caution as the likelihood of a price drop grows. A distinct selling signal would be sent if it were to leave overbought territory. Alternatively, the RSI can stay above the overbought mark, indicating that the rise is still ongoing.
Conversely, if WIF falls below the daily support level of $1.947 and fails to close below its 50% price retracement at $2.586, then it will continue to plummet. If the current trend continues, we may see prices go back down to the $1.444 low from September 18.
There is hope for a rise in the bonk price.
Friday saw a 15% rally in Bonk price, which broke over the falling trendline (drawn from May to September) and closed above the daily resistance level at $0.0000228. Another 15% increase was recorded. Monday sees a little increase, trading at around $0.0000242.
Assuming $0.0000228 remains a support level, BONK has the potential to surge 19% from its present trading level, with a potential retest of the $0.000030 price retracement level (drawn from the peak to the low in August).
With the RSI moving higher and trading above the overbought threshold of 70, the bulls seem to still have some room to maneuver in the current rise. On the other hand, investors need to be aware that a price drop is more likely with the RSI at these levels.
With a closing below $0.0000228, BONK may continue its fall and try to retest its low of $0.0000181, which it reached on September 17th.
The price of FLOKI seems to be heading in the right direction.
In a 12.5% rally on Friday, FLOKI price broke over its daily resistance level at $0.000154, which happens to be the same level as the 50% price retracement level. On Monday, it crosses just above the crucial support level of $0.000154.
Maintaining support around $0.000154 would allow FLOKI a 21% rise, allowing it to revisit its high of $0.000188, which it reached on July 27.
Since the RSI is now trading below its overbought level of 70, it indicates that the bullish momentum has decreased. The momentum indicator, however, remains relatively unchanged at 66, indicating that bulls are still in control.
On the flip side, FLOKI might continue its fall and retest its $0.000135 low from September 26 if it closes below the $0.000154 support level.