- In the world of cryptocurrencies, meme coins have been gaining significant attention. CoinMarketCap listed 138 new meme coins in April alone, with Dogecoin (DOGE), Shiba Inu (SHIB), and BONK Coin being among the most notable.
- While DOGE has seen a 12% increase in price over the past week, SHIB and BONK Coin have wiped out all their gains during the same period.
- Crypto analyst Ekta Mourya provides an in-depth analysis of these popular meme coins, offering potential routes for their future performance.
Explore the latest trends in meme coins with a focus on Dogecoin, Shiba Inu, and BONK Coin. Get expert insights into their recent performance and future outlook.
Dogecoin Continues to Gain, Anticipates a 20% Jump
Dogecoin has been trading in a range between $0.17449 and $0.12010 since mid-April. At the time of writing, DOGE is changing hands at $0.14757 on Binance, marking a 12.38% increase over the past week. The Moving Average Convergence Divergence (MACD), a momentum oscillator, supports the thesis of a DOGE price recovery. The green histogram bars above the neutral line and the MACD’s crossing above the signal line are bullish signs for Dogecoin.
SHIB Prepares to Draw Liquidity from These Levels
Shiba Inu (SHIB) has been forming lower peaks and troughs since March 5. SHIB has set up a descending triangle formation at the $0.00002251 level, characterized by a descending upper trend line and a flatter horizontal trend line. It is likely that SHIB will sweep liquidity at the horizontal trend line at $0.00002251. In case of further decline, SHIB could find support at $0.00002057.
BONK Coin Wipes Out Last Week’s Gains
Meanwhile, BONK Coin is trading in a narrow range. The 1-day chart shows its upper boundary at $0.00002966 (the peak of April 25) and the lower boundary at $0.00002089 (the 50% Fibonacci retracement level of the climb from $0.00001212 on April 13 to $0.00002966 on April 25). BONK Coin has wiped out all its gains from the past week and is trading at $0.00002320 at the time of writing.
Conclusion
While Dogecoin shows promising signs of recovery, SHIB and BONK Coin face challenges. However, the volatile nature of cryptocurrencies means that these trends could change rapidly. Investors should conduct thorough research and exercise caution when dealing with meme coins.
