The cryptocurrency market is consolidating as Bitcoin bulls show weakness, struggling to maintain the upward trend above $93,000. Meanwhile, top memecoins like Dogecoin and Shiba Inu continue to rise significantly. On the other hand, recently popular memes like PEPE, BONK, and WIF have been consolidating in a narrow range.
As DOGE and SHIB prices receive mainstream attention, will the liquidity flowing into other memecoins be confined within the range?
After a rise of over 100% in the first half of the month, the PEPE price faces significant bearish pressure. The token has sharply declined, forming a series of lower lows and lower highs, indicating a substantial decrease in buyer strength. The token failed to hold the support level, so a long-term bearish move is expected to drag this level below $0.000017, which may attract significant liquidity.
After reaching an annual high of over $0.000025, the PEPE price faces significant selling pressure. The RSI remains in a downward trend but is attempting to validate a bullish divergence, indicating that buyers are preparing for a healthy rebound. At the same time, the price is still consolidating within a bullish flag, so once the price hits the liquidity area of the support level, a strong rebound is expected.
Can the BONK price hold the support level at $0.00004?
Due to the bulls failing to maintain the price above the rise, the BONK price also faces upward pressure. Meanwhile, the technical indicators seem to contradict the bullish trajectory, which may force the price to maintain a downward trend. However, the token has reached a trend reversal zone, and a slight bullish push may invalidate the bearish trajectory.
As buying pressure has significantly weakened, the daily RSI is strongly heading toward the lower bound. Moreover, the MACD experienced a bearish crossover a few days ago, and the selling pressure in cryptocurrencies has started to increase. This supports the bearish narrative, but if the price loses the trend reversal zone between $0.00004 and $0.000042, continued bearish action may drag the level closer to $0.000035 or slightly below that level.
Additionally, other memecoins such as dogwifhat (WIF), FLOKI (FLOKI), Brett (BRETT), and POPCAT are also showing significant advantages similar to the top memecoins. Therefore, once Bitcoin strengthens and triggers fines over $95,000, the memecoin frenzy may erupt.
A breakout may occur.