DOGE, SHIB and BONK Likely to Undergo a Correction Soon

• The collective market cap for meme coins dropped more than 4% over the past 24 hours.
• SHIB managed to record an 8+% gain in the past 24 hours, while BONK and DOGE suffered losses.
• Technical indicators for BONK, SHIB and DOGE suggest that their prices will correct soon.

The collective market cap for meme coins increased more than 4% over the past 24 hours, according to CoinMarketCap. This boosted the total valuation for the meme coin market to above $24.128 billion at press time.

Throughout the past day of trading, Shiba Inu (SHIB) saw its price rise 8.82%. Meanwhile, Dogecoin (DOGE) and Bonk (BONK) saw their prices drop 0.02% and 12.82% respectively.

SHIB managed to break above the major resistance level at $0.00001055 over the past 24 hours. Since closing yesterday’s trading session off at $0.00001160, the meme coin has recorded a 6.72% drop in price. 

If SHIB is able to remain above the recently-breached $0.000001055 mark, then it may have the foundation needed to continue rising in the next few days. This could lead to the cryptocurrency attempting a challenge at the subsequent barrier at $0.0000125…

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