Bitcoin
Aerodrome Finance
Zerebro
Starknet
Zama
Pearl
ZKsync
- The trading volume in Bonk crypto has surged by 113% in the past 24 hours.
- The Dogecoin price has lost 30% in a week and melted into the demand zone.
- Shiba Inu token’s price has declined by 35% after facing resistance from the 200-day EMA.
The top meme coins likely to perform well this week are Bonk, Shiba Inu, and Dogecoin. The current cryptocurrency market sentiment is bearish as the Bitcoin price has declined by 30% in a week. Despite the bearish trend, these meme tokens might show bullishness this week.
Dogecoin Price Reached Major Support Level; Could It Rebound Soon?
The DOGE token traded at $0.084 at press time, with a massive fall of 18.70% in an intraday session. Its market capitalization was $12.25 Billion, and the 24-hour trading volume was $1.73 Billion, surging by 136%.
Based on the technical chart, the DOGE price declined by generating lower lows and lower highs since April. The price formed a lower low swing in July, exceeding the key moving averages.
However, Dogecoin failed to sustain its price over the 200-day EMA and witnessed strong selling pressure. Sellers dragged the price below the last swing low with a loss of 35%.
The chart shows that the DOGE price has melted to the major support level. The price triggered a breakout from this zone in February, and intense buying pressure was witnessed.
Suppose the buyers show interest and the price emerges from that hurdle; strong buying pressure can be anticipated. On the other hand, if the price slips below that level, it may decline further.
Bonk Price Lost 50% in 2 Weeks; What’s Next?
Historically, the Bonk price has failed to develop a higher low swing and has slipped below the last swing low. The price declined below the 200-day EMA, showcasing the bearish trend.
The digital asset price has declined below the major support level of $0.0000200 with a sharp fall. Assuming the price manages to sustain itself below the major support level, the sellers may be eyeing a new all-time low.
Alternatively, buying momentum can be initiated if the price bounces back and advances the $0.0000200 mark. The price over the 200-day EMA might be a sign of recovery, and a trend reversal can be anticipated.
Technical Analysis of Shina Inu Price on a Daily Timeframe
SHIB price declined by 11.77% in the past 24 hours, and the supply at press time was 69.29T. The market capitalization was $1.21 Billion, with a fully diluted market cap of $1.62 Billion.
The SHIB price has declined through a descending channel since March. Suppose this meme coin’s price triggers a breakout from the channel; buyers might show interest. On the flip side, selling pressure can be seen further if the price fails to exceed the kay moving averages.
Conclusion
According to the technical analysis, the top meme coins likely to perform better this week are Bonk, SHIB, and Dogecoin. All of these coins have displayed sharp selling as the cryptocurrency market sentiment is bearish.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
