Top Memecoins PEPE, Dogwifhat, BONK Indicate Bearish Momentum – What’s Next?
August has been a rollercoaster ride for the cryptocurrency market. Earlier this month, Bitcoin (BTC) dropped to $49,000 but quickly recovered to $62,000. However, over the past 48 hours, Bitcoin has seen a slight decline once again, currently trading at $58,131.
In this article, we take a closer look at three major cryptocurrencies – PEPE, Dogwifhat (WIF), and BONK – that are indicating a potential bearish trend in the future.
1) Frog $PEPE
#pepe⚡ , the third-largest meme coin, has seen a slight decline of 0.24% over the past week. It is currently trading at $0.00000779. Unfortunately, Pepe failed to find support from the resistance trend line of the symmetrical triangle pattern. This could indicate a potential price decline as the coin struggles to find upward momentum.
2) Dojoifat $WIF
#WIF🔥🔥 , the cryptocurrency with the highest market cap on the Solana blockchain, has seen a bigger decline, falling by 8.70% in the past seven days. WIF is currently trading at $1.53, after failing to hold the support at $1.58. The charts suggest that if the trend continues, WIF could slide further to the next support level at $1.42.
3) Bonk $BONK
#BONK🔥🔥 , another Solana-based coin, has dropped by 6.35% in the past week and is currently hovering around a critical support level at $0.00001879. If Bonk fails to hold this support, the price could drop further to $0.000018.
What's next?
With the recent volatility in Bitcoin prices and bearish signals from these major coins, traders should be cautious. PEPE, Dogwifhat, and BONK are all facing potential downward pressure, and investors may want to keep a close eye on key support levels to anticipate the next market moves.
Disclaimer: The opinions expressed in this article are the personal opinions of the author and should not be considered financial advice. Cryptocurrency investments involve inherent risks, and we encourage readers to conduct their own research or consult a financial advisor before making any investment decisions.
