Dogecoin (DOGE), SHIB, and BONK holders should exercise some constraint in their trades due to the chance of retracement from these tokens. So, the upcoming correction could be big enough to wipe off a certain level of profits.
Memecoin Market Experience Surge, Including Dogecoin (DOGE)
- According to data from CoinMarketCap, there was a bit of an increase in the growth of tokens in the Memecoin market. Apparently, the collective market cap for meme coins increased more than 4% over the past 24 hours. Furthermore, this growth had a massive reflection in the price of memecoins such as Dogecoin (DOGE), SHIB, and BONK. So, after that 4% pump, the total valuation for the meme coin market moved to above $24.128 billion
- Between the three memecoins, one saw its price increase while the other two stagnated. So, there was a price increase of around 8.82% in Shiba Inu Over the past day. Consequently, Dogecoin (DOGE) and BONK saw their prices drop 0.02% and 12.82% respectively. Apparently, this represents the different reactions of memecoins after the 4% increase in their market.
Shiba Inu Could Retest Previous Levels
- According to some indicators, there are chances of Shiba Inu retesting previous price levels. So, the chart above shows Shiba Inu is facing some kind of challenge in its price chart. Apparently, it managed to break above the major resistance level at $0.00001055 over the past day. However, some conditions will determine if Shiba Inu rises or falls in price.
- If it remains above the recently-breached $0.000001055 mark, then there are chances of having more increases. However, anything less than this may put SHIB at risk of retesting the $0.00000925 level.
Dogecoin (DOGE) May Go Down to $0.07 Again
- After reaching as much as $0.1 in the market, many Dogecoin (DOGE) holders will expect it to continue to increase. But the reverse is the case now. There is a pessimistic analysis that Dogecoin could drop all the way down to $0.07 again. Apparently, buyers are not buying as many DOGE tokens as they usually do. Hence, it is having an effect on the price of this token. So, the sentiment is that assuming DOGE breaks below $0.08965 in the next few days, it could drop to as low as $0.07755.
BONK Could Reverse Its Increases
- The Bonk token is the talk of the Solana ecosystem after increasing by more than 800% in the past weeks. But there’s bad news. Apparently, there are chances of Bonk going down in price. According to the charts, BONK rejected the upper level of an ascending price channel formed on its chart over the past few weeks. Consequently, this means BONK may fall to $0.0000149068 in the coming few days.
- Wrapping up, those who are holders of Dogecoin, Shiba Inu, and BONK should be careful. So, this is because after weeks of mooning, there are chances of massive price retracement from these tokens.
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from cryptonewsbytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
