Price Analysis

Memecoins Rebounding: dogwifhat (WIF) and Bonk (BONK) Prices Fighting Hard to Counter Bearish Trend

It was one of the lousy days for the crypto markets, as billions in market cap just whipped out in a few moments. While the markets still remain under bearish captivity, some of the tokens are fighting hard to eliminate bearish influence. Popular memecoins dogwifhat (WIF) & Bonk (BONK) prices are rebounding as decent buying pressures continue to mount over the platform. 

dogwifhat (WIF) Price Analysis

dogwifhat price was in the middle of a ‘v-shaped’ recovery from the bottoms below $1.5, aiming to reach above $2.2 before the end of the week. However, the Mt. Gox terror struck the markets, causing massive destruction of nearly $100 billion. As a result, the prices that faced rejection at $2.28 which falls within a crucial resistance zone, plunged back to test the pivotal support levels at $1.51. However, the prices have initiated a recovery while a rise above the bearish influence could be validated with a bullish close for the day. 

The WIF price has been trading below one of the important support levels between $2.15 and $2.28 since the last few days of June. Unfortunately, an attempt to pierce these levels was nullified by the bears and hence, another attempt to drag the levels below $1.5 has also been squashed by the bulls. The RSI has triggered a bullish reversal, while the OBV (on-balance volume) is displaying the possibility of a similar reversal that occurred in the last week of June. 

As market sentiments are bewildered, the dogwifhat price is expected to remain consolidated within this range until a huge buying volume enters the space. 

Bonk (BONK) Price Analysis

The Bonk price has been trading within under a steep bearish trend ever since it failed to surpass the crucial resistance between $0.00003973 and $0.00004125. After failing to breach the resistance at the beginning of the month, the bears dominated the rally and slashed the levels by nearly 25% in the past couple of days. Now that the bulls are trying hard to validate a rebound, a rise above certain levels may squash the bearish influence for a while. 

As suggested in the above chart, the BONK prices are trading within a falling wedge. Despite a massive selling pressure hovering over the token, the bulls have managed to sustain the trade within the pattern, hence keeping the bullish hopes alive. However, the technicals do not support a bullish narrative as the OBV displayed a bearish reversal indicating the start of a bearish trend supported by MACD which is about to undergo a bearish cross-over. 

Therefore, the Bonk (BONK) price may not hold the buying pressure for a long time, as the technicals suggest another pullback to the support may only begin a fresh ascending trend. 

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