Is This the End of Memecoin Mania? BONK, WIF, & BOME Record Colossal Loss

On May 31, 2024

Memecoins have been facing acute losses in the past few days as the bullish strength have faded, defending the local support zone
While some manage to maintain bullish trend, the popular one’s are printing huge bearish candles

The market dynamics appear to have changed as the meme coins’s strength has waned to some extent. These fluctuations have occurred very frequently in recent times, indicating the tokens have become more volatile. This could keep the trader’s attention over the memecoins, which may prevent them from extending their descending trend. Therefore, despite these tokens demonstrating a bearish trend, a fresh ascending trend seems to be imminent.

Bonk (BONK)

BONK price continues to range within an ascending triangle and faced rejection at the upper resistance zone

MACD is also close to triggering a ‘sell’ signal as the levels are about to undergo a bearish crossover

Therefore, the BONK price is expected to plunge below $0.00003 initially and if the bulls do not display their strength here, the levels may extend to $0.000027

The technicals remain within the bullish range and hence a rebound could be imminent, which may elevate the levels back to $0.000045 and a breakout may be expected in the first few days of July 2024.

dogwifhat (WIF)

WIF price began its trading journey with huge bullish momentum and marked highs above $4.8, however; it turned out to be a fake breakout out of the channel

The price is maintaining an ascending trend within a parallel channel and after facing a rejection from the upper resistance, the levels have approached the average bands

However, the price still holds the key resistance-turned-support zone, keeping bullish hopes alive

Therefore, if the bulls demonstrate strength, then the dogwifhat price is believed to rise and reach the upper resistance above $4, otherwise, a drop may cause a plunge below $3

BOOK OF MEME (BOME)

Regardless of the ongoing market trend, BOME price appears to be trading within an ascending triangle, which results in a bullish breakout

The price could maintain an ascending consolidation along the lower trend line and reach the upper resistance at $0.01498

Besides, the RSI is also displaying acute bullish momentum as it is maintaining a consecutive higher high and low

Therefore, the BOME price may remain consolidated and reach the apex at the resistance, further triggering a healthy upswing towards upper resistance at $0.0185