Cryptocurrencies Suffer Ongoing Decline

Cryptocurrencies Experience Continued Downturn

Cryptocurrencies have been unable to recover from last Friday's market dip, with the short-term trend expected to clarify within the next day. The likelihood of a rate cut by December has diminished significantly, with even a 50 basis point reduction seeming improbable despite the Federal Reserve's previous prediction of a 75 basis point cut. The upcoming May inflation data will serve as a critical catalyst. Investors are monitoring tokens such as BONK, PEPE, DOGE, and BOME for potential buying opportunities amid this dip.

BONK Coin's Outlook

The price of BONK Coin has recently declined from a resistance level of $0.0000292 and is currently approaching its support at $0.0000218. BONK Coin's movements closely resemble those of Solana (SOL). Failure to rebound from this support level could lead to further losses, potentially reaching $0.0000138. Given the risk of breaking the short-term uptrend, investors may consider setting stop-losses at the initial support level to capitalize on any potential recovery.

PEPE Coin's Prospects

PEPE Coin continues to hold its support at $0.0000118, indicating a possible test of its all-time high (ATH) level. A strong rebound driven by upcoming developments could result in the coin reclaiming the $0.0000147 mark, provided it closes above $0.0000130. This offers a more optimistic outlook compared to BONK Coin.

Investment Considerations

• BONK Coin may decline further if it fails to bounce back from $0.0000218.
• PEPE Coin shows promise if it maintains $0.0000118 and surpasses $0.0000130.
• DOGE may experience losses down to $0.0837 if support continues to weaken.
• BOME Coin faces further decline below $0.00816.

DOGE's Trajectory

DOGE bulls have been unable to sustain the $0.153 level, leading to new potential lows at $0.124 and $0.116. Persistent decline could result in a continuation of the downward trend to $0.0837, where its last significant rise began.

BOME Coin's Reaction

BOME Coin has recently fallen below its $0.0103 support and is expected to reach new lows. Despite a brief surge near $0.0095, bearish pressure remains strong following its Binance listing. Continued selling could drive the price down to the Binance all-time low (ATL) of $0.00816 and potentially to $0.00729.

Grayscale Bitcoin Trust (GBTC) has reported a net outflow of approximately $120 million. Persistent ETF-related anxiety and unfavorable inflation data may prolong the market's bearish dominance.