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Major Memecoins Drop 40-60% During Downturn: What next for Dogecoin ($DOGE), Pepe ($PEPE), and Bonk ($BONK)?
The post Major Memecoins Drop 40-60% During Downturn: What next for Dogecoin ($DOGE), Pepe ($PEPE), and Bonk ($BONK)? appeared on BitcoinEthereumNews.com. The better-performing altcoins have lost between 20-30% during this downturn so far. However, in the memecoin niche things are a lot worse, with losses amounting to 40-60%. $DOGE, $PEPE, and $BONK are analysed as to their potential recoveries. For the altcoin investor things have been pretty bleak over the last couple of weeks. With Bitcoin ($BTC) struggling to turn its current reversal around, the altcoins have fared worse as usual. However, for those sitting in memecoin positions, the stress of seeing a reduction of at least 40% over the last two weeks must be difficult to bear. Clear support and a bounce for $DOGE Source: TradingView The weekly chart for $DOGE (DOGE/USDT) shows a very clear picture. It can be seen that the spectacular rise from $0.08 in early August reached the 0.618 Fibonacci at $0.47 in November. Such a massive price rise really did need a correction, so over the last couple of weeks a dip of 43% did much to help the market absorb the preceding rise. The fact that this dip went down to touch an ascending trendline which began in late 2022 is very bullish. The $DOGE price is currently sitting on strong horizontal support that coincides with the 0.382 Fibonacci. Upside target levels are in the chart above. $PEPE buoyed up by strong horizontal support Source: TradingView $PEPE (PEPE/USDT) has seen a lot of volatility over recent weeks. A textbook bull flag broke out and the price looked to be heading skyward. However, a consequent dump took the price all the way back to touch and confirm the bottom of the flag. This amounted to a 49% reversal from the top. Currently, the price is starting to climb from the strong horizontal support at $0.000017. If the $PEPE price can climb back out of the…
The post Major Memecoins Drop 40-60% During Downturn: What next for Dogecoin ($DOGE), Pepe ($PEPE), and Bonk ($BONK)? appeared on BitcoinEthereumNews.com.
The better-performing altcoins have lost between 20-30% during this downturn so far. However, in the memecoin niche things are a lot worse, with losses amounting to 40-60%. $DOGE, $PEPE, and $BONK are analysed as to their potential recoveries. For the altcoin investor things have been pretty bleak over the last couple of weeks. With Bitcoin ($BTC) struggling to turn its current reversal around, the altcoins have fared worse as usual. However, for those sitting in memecoin positions, the stress of seeing a reduction of at least 40% over the last two weeks must be difficult to bear. Clear support and a bounce for $DOGE Source: TradingView The weekly chart for $DOGE (DOGE/USDT) shows a very clear picture. It can be seen that the spectacular rise from $0.08 in early August reached the 0.618 Fibonacci at $0.47 in November. Such a massive price rise really did need a correction, so over the last couple of weeks a dip of 43% did much to help the market absorb the preceding rise. The fact that this dip went down to touch an ascending trendline which began in late 2022 is very bullish. The $DOGE price is currently sitting on strong horizontal support that coincides with the 0.382 Fibonacci. Upside target levels are in the chart above. $PEPE buoyed up by strong horizontal support Source: TradingView $PEPE (PEPE/USDT) has seen a lot of volatility over recent weeks. A textbook bull flag broke out and the price looked to be heading skyward. However, a consequent dump took the price all the way back to touch and confirm the bottom of the flag. This amounted to a 49% reversal from the top. Currently, the price is starting to climb from the strong horizontal support at $0.000017. If the $PEPE price can climb back out of the…
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