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- Declining momentum could send WIF to $2.59 while BONK’s target could be $0.000019.
- The BB on the DOGE chart indicated low volatility with the AO suggesting a slide to $0.12.
- FLOKI’s momentum was bearish, and the 0.786 Fib level indicated a potential retracement to $0.0015.
Meme coins continue to experience major declines despite speculation that some of them could be oversold, and could be set for a rebound. Those affected include dogwifhat (WIF), Bonk (BONK), Dogecoin (DOGE), and Floki (FLOKI).
At press time, WIF changed hands at $3.03. This was a 5.34% decrease in the last 24 hours. BONK’s price fell by 7.68% while trading at $0.000023. DOGE lost 4.52% of its value while FLOKI dropped by the same percentage to trade at $0.00017.
Here is what led to the declines, and how the cryptocurrencies can perform in the coming week.
WIF Price Analysis
On May 9, bulls camped at $2.78 on the WIF/USD 4-hour chart and formed support at the level. This ensured that the price of the meme coin jumped to $3.26. In doing this, the token had to break through the $3.00 resistance.
But at press time, the price was back at the same resistance level. Meanwhile, the Relative Strength Index (RSI) reading also fell, indicating that momentum had become bearish.
WIF/USD 4-Hour Chart (Source: TradingView)
If this momentum continues to go downward, WIF’s price might also follow and a decrease to $2.59 could be possible. Furthermore, the Supertrend flashed a sell signal at $3.24, indicating that the price of WIF might struggle to cross that barrier in a bullish scenario.
BONK Price Analysis
For BONK, it was a similar situation according to the Moving Average Convergence Divergence (MACD). As of this writing, the MACD was negative, suggesting a bearish momentum. Furthermore, the 12 EMA (blue) had crossed below the 26 EMA (orange), indicating that sellers were dominant
With this trend, BONK’s next target could be below the $0.000020 support, and the price might fall to $0.000019.
BONK/USD 4-Hour Chart (Source: TradingView)
DOGE Price Analysis
On the 4-hour timeframe, Dogecoin exhibited low volatility. This was confirmed by the Bollinger Bands (BB). Low volatility implies that price fluctuation might be mild, and a significant pump might not occur.
From the chart below, DOGE’s price was $0.14. But the coin might not move higher than $0.15 in the coming days unless the bands expand.
In addition, the Awesome Oscillator (AO) was negative, indicating an increasing downward momentum. Should this continue, DOGE might drop as low as $0.12 before another bounce.
DOGE/USD 4-Hour Chart (Source: TradingView)
FLOKI Price Analysis
Going by the 4-hour chart, bulls were not strong enough to keep FLOKI’s price higher. Hence, the upswing to $0.00018 has been invalidated as the price changed hands at $0.00017. Also, the RSI had fallen below the 50.00 midpoint, confirming a decline in momentum.
FLOKI/USD 4-Hour Chart (Source: TradingView)
Beyond that, the Fibonacci retracement indicator showed that FLOKI’s price might decrease further. From our analysis, the next target for the meme coin could be $0.00015 where the 0.786 Fib levels as situated.
The post WIF, BONK, DOGE, FLOKI Price Analysis: May 11 appeared first on Coin Edition.