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Solana’s Dogwifhat Pumps While Bonk, Dogecoin, and Other Meme Coins Lose Ground
Bitcoin trades at $63,330, representing a -1.5% decline over the past 24 hours as it recovers from last week’s decline. The rest of the cryptocurrency market is following suit, and even meme coins are suffering. They make big gains when markets are green, but bleed big when bears take over.
Solana-based Dogwifhat (WIF) is the only meme coin in the top 100 largest cryptocurrencies that is posting gains today, rising from $3.20 to $3.36, marking a 2.75% spike in the last 24 hours. The coin is currently correcting after reaching a daily high of $3.66.
Overall, WIF appears to be moving sideways, once again testing its resistance as it tries to enter a stable uptrend. The zone between $2.20 and $3.50 has kept prices subdued since March, with a brief exception between March 28 and April 10. Given this balance of forces, the coin is suitable for day traders and swing traders to open and close positions with small gains, playing with those supports and resistances.
The average directional index (or ADX, an indicator that measures how stable a market trend is) is weak at 21 points, the Relative Strength Index (RSI), which measures how bullish or bearish a coin is, seems balanced at 55 points , and the EMA10 and EMA55 are extremely close. All this indicates the indecision of the markets.
A bullish forecast would send the WIF up about 11% towards resistance at around $3.50, while a bearish forecast would send the coin down 24% towards support at around $2.20.
The remaining major meme coins are not doing well today.
BONK, arguably one of the most hyped meme coins of the latest bull run, is the worst performing meme coin in the Top 100 today, down 6.3% over the past 24 hours. BONK has been trending sideways and has remained flat since mid-March, bouncing between $0.00002950 and $0.00001940 with an atypical decline in mid-April.
The bullish and bearish scenarios remain the same our latest price report, characterized by both support and resistance. An optimistic performance would take BONK to $0.00002950 with a peak of 18%, while a pessimistic performance would take the coin down 20% to $0.00001940.
Dogecoin, the OG meme coin, is following a similar path. The coin is recovering from a bearish correction that dropped its price by -45% in April. Right now, DOGE is trading at $0.1563, which represents a decline of -4.14% over the past 24 hours, with an overall weekly rebound of 10% over the past 7 days.
The coin attempted to break the support set at around $0.14, but failed to maintain momentum and rebounded shortly after touching $0.13.
At this time, DOGE is back in the zone inside the horizontal channel with a weak ADX and a perfectly balanced RSI at 50 points. A bullish scenario sends the coin 27% down to $0.20 to test the channel resistance, while a bearish scenario sends the coin back to the channel support at around $0.13 for a -8.5% decline.
The rest of the major meme coins are also posting losses today, all showing quite similar market behavior.
PEPE is currently priced at $0.000008507 with a loss of -0.2%, testing its channel resistance at $0.00000882 and looks set to rebound after this recovery. Floki Inu is trading at around $0.0001818 down -3.5% over the past 24 hours, and Farcaster’s Degen is down -12%, currently trading at around $0.01974.
By Ryan Ozawa.