Crypto data tracker CoinMarketCap listed 138 new meme coins in April. But the real number may be higher. SHIB and BONK Coin erased all their gains in the last seven days, while DOGE price increased by 12%. So what are the technical drawings of these popular dog-themed meme coins? Crypto analyst Ekta Mourya is trying to identify their possible routes.
Dogecoin continues gains, looks for 20% jump
Dogecoin has been trading in a range between $0.17449 and $0.12010 since mid-April. At the time of this writing, DOGE is changing hands on Binance at $0.14757. This indicates an increase of 12.38% in the last seven days. Moving Average Convergence Divergence (MACD), a momentum oscillator, supports the DOGE price recovery thesis. Green histogram bars above the neutral line and the crossover of the MACD above the signal line are bullish signs for Dogecoin.
DOGE is on track to climb towards the Fair Value Gap (FVG) between $0.17586 and $0.18974. It is now facing resistance at $0.16165 and $0.17449, which are the 61.8% and 50% Fibonacci retracement levels of the decline from the $0.22888 high on March 28 to $0.12010 on May 1, respectively. DOGE is poised for a move towards the conservative target of $0.17586. This means a gain of almost 20% from the current level.
Looking down, DOGE is likely to find support at the May 1 low of $0.12010 and the February 29 low of $0.11132.
SHIB is preparing to withdraw liquidity from these levels
Shiba Inu (SHIB) has formed lower highs and lows since March 5. SHIB formed the descending triangle formation at $0.00002251, which is a bearish pattern characterized by a descending upper trendline and a flatter horizontal trendline. SHIB is likely to sweep liquidity at the horizontal trend line at $0.00002251. In case of further decline, SHIB is likely to find support at $0.00002057.
On the other hand, Shiba Inu would face resistance at $0.00002476 if it sees a daily close above the May 6 high of $0.00002424.
BONK Coin erases gains from the last seven days
Meanwhile, BONK Coin is trading in a narrow range. The 1-day chart shows its upper bound at the April 25 high of $0.00002966 and its lower bound at $0.00002089 (the 50% Fibonacci retracement level of the climb from the April 13 low of $0.00001212 to the April 25 high of $0.00002966). is showing. BONK Coin erased all gains from the last seven days. Thus, it is trading at $0.00002320 at the time of writing on Thursday.
BONK Coin Moving Average Convergence Divergence indicator is showing red histogram bars below the neutral line. This means that there is negative momentum in the range-bound movement of BONK Coin price. Therefore, BONK Coin may withdraw liquidity from the 50% Fibonacci retracement level at $0.00001212. On the upside, BONK Coin is facing resistance near the May 7 high at $0.2559.
The opinions and predictions in the article belong to the analyst and are definitely not investment advice. cryptokoin.com We strongly recommend that you do your own research before investing.
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