Date: Thu, August 15, 2024, 07:11 AM GMT
August has been a rollercoaster for the crypto market, marked by sharp volatility. Earlier this month, Bitcoin (BTC) plunged to $49K but quickly rebounded to $62K. However, in the last 48 hours, Bitcoin has faced a slight dip again, currently trading at $58,131.
In this article, we take a closer look at three top memecoins—PEPE, Dogwifhat (WIF), and BONK—which are signaling a potential bearish trend ahead.
1) Pepe (PEPE)
Pepe, the third-ranked memecoin, has seen a minor decline of 0.24% over the past week. It’s currently trading at $0.00000779. Unfortunately, PEPE has failed to gain support from the resistance trendline of the symmetrical triangle pattern. This could signal a potential drop in price as the coin struggles to find upward momentum.
2) Dogwifhat (WIF)
Dogwifhat, the memecoin with the highest market cap on the Solana blockchain, has experienced a more significant drop, falling 8.70% in the last seven days. WIF is currently trading at $1.53, having failed to maintain support at the $1.58 level. The charts suggest that if this trend continues, WIF could slip further to its next support level at $1.42.
3) Bonk (BONK)
Bonk, another Solana-based memecoin, has dropped by 6.35% in the last week and is currently hovering around a critical support level at $0.00001879. If BONK fails to hold this support, the price could drop further to $0.000018.
What’s Next?
With Bitcoin’s recent price fluctuations and the bearish signals from these top memecoins, traders should proceed with caution. PEPE, Dogwifhat, and BONK all face potential downward pressure, and investors may want to watch key support levels closely to anticipate the next market moves.
Disclaimer: The views expressed in this article are the author’s personal opinions and should not be considered financial advice. Cryptocurrency investments carry inherent risks, and readers are encouraged to conduct their own research or consult with a financial advisor before making any investment decisions.