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- Indications from the EMA revealed that WIF could decline to $3.00.
- FLOKI was oversold, suggesting a rebound, while PEPE might drop to $0.0000067.
- BONK’s sellers’ fatigue could help the price climb in the $0.000030 direction.
After producing mind-blowing performances, many top meme coins have been underwhelming as prices continue to struggle. For instance, dogwifhat’s (WIF) price decreased by 13.65% in the last 24 hours.
Frog-themed Pepe (PEPE) was included as its value fell by 8.48%; Floki (FLOKI) also tumbled, while Bonk (BONK) dropped by 7.84% within the same period. This decline was a sign that interest in the broader meme coin market was waning.
Should this continue, demand for cryptocurrencies might become extremely low, making it difficult for prices to climb. Here, Coin Edition analyzes the tokens while examining their potential price performances in the short term.
dogwifhat (WIF)
WIF initially hit $4.34 on April 8 as it attempted to retest its all-time high. But bears voided that effort, leading the price to fall to $3.51. According to the 4-hour chart, the 20 EMA (blue) was above the 50 EMA (yellow), indicating that the trend should be bullish.
However, WIF’s price had fallen below both EMAs, meaning that selling pressure had invalidated the bullish thesis. Unless something changes and sentiment in the market becomes bullish again, the price of the meme coin might continue to decline.
WIF/USD 4-Hour Chart (Source: TradingView)
From the look of things, the next target for the token could be around $3.00. On the other hand, if bulls decided to take control, the price might climb toward $4.29.
Pepe (PEPE)
PEPE’s structure was similar to WIF, as the attempt at reaching $0.0000080 was rejected. At press time, PEPE changed hands at $0.0000070. Meanwhile, volatility, as shown by the Bollinger Bands (BB), has begun to improve compared to what it was a few days ago.
The signals the BB showed indicated that PEPE might hit $0.0000078 in a highly bullish scenario. However, a continuous bearish phase could see the token drop to $0.0000067. In the meantime, the Awesome Oscillator (AO) had trended negative, suggesting increasing downward momentum for PEPE. Hence, a further drawdown looked more likely than a recovery.
PEPE/USD 4-Hour Chart (Source: TradingView)
Floki (FLOKI)
According to the FLOKI/USD 4-hour chart, a resistance appeared at $0.00021, and this has prevented the meme coin from revisiting the $0.00030 region. However, there was support at $0.000017, which could ensure that the price fails to fall as low as $0.00015. But that would only be the case if the Bulls could defend the area.
However, the Money Flow Index (MFI) revealed that the token had become oversold, and a bounce could be next. The Relative Strength Index (RSI) also showed a glimpse of this assertion. Should mild buying pressure show at this point, then FLOKI’s price might climb and hit $0.00021 for a start.
FLOKI/USD 4-Hour Chart (Source: TradingView)
Bonk (BONK)
BONK’s downtrend has been intense, such that the price went from $0.000041 to $0.000022 between March and as of this writing. However, the Fibonacci extension showed that the meme coin could experience some sort of recovery in the short term.
But the targets set by this indicator were nowhere near the heights BONK hit before. From a bullish perspective, the price might hit $0.000030 (the 4.236 Fib level).
BONK/USD 4-Hour Chart (Source: TradingView)
However, that would require a lot of buying pressure, which the On Balance Volume (OBV) showed that BONK currently lacked. As it stands, BONK’s price might decline toward $0.000020 before a rebound might occur.
The post Is the Meme Coin Hype Over? WIF, PEPE, FLOKI, BONK Fall appeared first on Coin Edition.