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- Adding 138 new meme coins to CoinMarketCap reflects a growing trend.
- Despite a surge in meme coins, Dogecoin (DOGE) bucks the trend with nearly 12% gains, while other meme coins like Shiba Inu (SHIB) and Bonk (BONK) struggle.
The cryptocurrency market recently witnessed the addition of 140 new meme coins to CoinMarketCap, indicating a growing trend in this sector. However, Dogecoin (DOGE) stands out amidst this surge, sustaining nearly 12% gains over the past week. Yet, the broader market sentiment is turning bearish, posing challenges for DOGE investors.
In a recent surge of meme coins, Dogecoin has sustained gains over the past week, while others like Shiba Inu (SHIB) and Bonk (BONK) falter. However, this positive momentum may be short-lived as the broader market sentiment turns bearish.
Dogecoin
Technical indicators, such as the Moving Average Convergence Divergence (MACD), suggest a looming downturn for Dogecoin. The MACD hints at a potential bearish crossover, indicating a shift toward selling pressure. This comes when the market is cooling down from recent highs, amplifying the risk of a downturn.
Investors in Dogecoin face potential losses as the cryptocurrency teeters on the edge of a crucial support level. The Global In/Out of the Money (GIOM) indicator reveals that a significant amount of DOGE bought between $0.13 and $0.15 is at risk of becoming unprofitable if prices decline further.
This could incentivize investors to hold onto their positions until signs of recovery emerge, further exacerbating the downward pressure on Dogecoin. At the time of writing, Dogecoin is trading at $0.14757 on Binance, reflecting a 12.38% increase over the past week. At the time of writing, Dogecoin is trading at $0.14757 on Binance, reflecting a 12.38% increase over the past week.
Shiba Inu (SHIB)
Shiba Inu (SHIB) has surged 10.4% in the past 24 hours, nearing $0.000026. This price jump has stirred the interests of analysts and traders, prompting debates about its driving factors. The focal point of contention lies in the projected attainment of the $0.00017 price objective.
However, despite the bullish momentum, SHIB is encountering resistance due to a descending triangle pattern forming on the charts. This pattern is considered a bearish signal, indicating a dominance of sellers over buyers, resulting in progressively lower highs. Presently, SHIB is confronting resistance along the upper trend line of this triangle, with established support around $0.0000237. Should this support falter, the next significant level awaits at $0.000021.
The prevailing market sentiment appears to be bearish, as SHIB faces the risk of breaching the critical $0.000021 support level. A breach below this mark could trigger a downward spiral, possibly testing the $0.00002 threshold and setting the stage for further losses.
BONK Coin Faces Price Range and Negative Momentum
The BONK has been navigating within a defined range, showcasing its upper boundary at $0.00002966 and lower boundary at $0.00002089. Despite a recent surge, BONK has retraced all its gains over the past week and is currently priced at $0.00002320. Technical indicators suggest negative momentum in BONK’s price action, potentially signaling a liquidity sweep at $0.00001212, a significant Fibonacci retracement level.
