The meme coins are losing bullish momentum, with the Bitcoin price slowing above the $60,000 demand zone. Amidst the broader market slowdown, the top dog-themed meme coins are registering a bearish start to this week.
As the altcoins are under growing bearish pressure, the crucial support levels are starting to crack. Will the market slowdown in May fuel a crash in the hype and community-driven coins?
Let’s check out the price analysis of the top meme coins for a deeper understanding.
Biggest Meme Coin Dogecoin’s Falling Channel
The biggest and most popular meme coin, Dogecoin, shows a pullback phase in motion. It grows intense as the market slowdown leads to quick profit booking and bullish exhaustion. The meme coin registered a loss of 12.38% last week and starts on a 2.40% drop today.
With a market cap of almost $19.91B, Dogecoin is the ninth-largest cryptocurrency in the world.
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The daily chart shows the pullback forming a falling channel as the DOGE price reverts from the overhead trendline and the 50D EMA. With this reversal, the pressure over the $0.1255 support zone is gradually increasing.
If the bear cycle gains momentum, the DOGE price could break under the $0.1255 support zone. With unleashed momentum, Dogecoin could drop to the $0.10 psychological mark near the support trendline.
On the flip side, the $0.1226 demand zone is a critical support known for multi-contact reversals in recent times. A bullish reversal could revive the uptrend and reach the $0.1471 mark.
Triangle Breakdown For Shiba Inu
Ranking second in the meme coin industry after Dogecoin, Shiba Inu has a market cap of $12.85 Billion. Ranking at 11th position in the crypto world, the declining market cap of Dogecoin could soon make Shiba Inu the biggest meme coin.
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However, the bearish conditions growing in the SHIB price chart might result in a crash for this meme coin. In the daily chart, the dog-themed coin cracks under a crucial support trendline after a 9.71% drop last week.
With an intraday drop of 2.20%, the SHIB price is on the verge of breaking below the symmetrical triangle. In case of a bearish crossing, the meme coin could drop to a low of $0.000020 psychological mark.
Conversely, a strong closing today could increase the SHIB price to $0.00002450 for a breakout attempt.
Retest Struggles A Reverb In WIF
As the top meme coins are under pressure, the WIF price shows a bullish breakout, struggling to perform. The Dogwifhat price is trending sideways below the $3.35 mark for a few weeks.
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With a 7.75% drop last week, the meme coin is under pressure and retests the broken resistance trendline. However, with an intraday drop of 5.03%, the post-retest reversal chances are looking slim.
If the downfall continues, the WIF price could drop to the $2.50 mark. On the flip side, a bullish turnaround could result in a jump to $3.35 for another breakout attempt.
FLOKI Retest Lacks Momentum Uprising
With a market cap of $1.5 billion, Floki ranks 55th on the list of top cryptocurrencies. Under the influence of the top meme coins, the FLOKI price experiences a significant rise in supply.
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Due to the increased supply, the FLOKI price action shows a falling wedge breakout rally struggling for momentum. If the uptrend regains momentum, the meme coin could jump to the $0.00023 level. Conversely, a drop under $0.00015 could test the $0.00012 level.
Solana’s Top Meme Coin BONK Needs A Push
Coming to the Solana ecosystem, the BONK price shows a wedge breakout rally turning sideways. This bullish failure amidst the market slowdown leads to a consolidation range.
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With boundary lines on $0.000027 and the $0.000020 psychological level, the meme coin is on the verge of a decisive move. Following the 13.65% drop last week, the bearish momentum continues this week with an intraday drop of 1.54%
With a lower price rejection near $0.000020, the 50D EMA and the 50% Fibonacci level, the bullish reversal chances are showing up. In such a case, a price jump to $0.000028 is possible. A downfall could result in a price drop to $0.00001933.
Also Check Out : Memecoins Hints Bullish Move! Solana-based Tokens To Outperform Top Altcoins In May?