Price Analysis

Will The Crashing Meme Coins Find A Reversal This Week?

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. 

Tradingview

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. 

Tradingview

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. 

Tradingview

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. 

Tradingview

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. 

Tradingview

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?

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