Memecoins in Deep Distress: While FLOKI, WIF, BONK, and PEPE Plunge Hard, It Could be a Good Buying Opportunity as Well

Memecoins in Distress: Deep Plunges, but Buying Opportunities Emerge

As the crypto market succumbs to a bearish onslaught, Bitcoin's price has plummeted below $65,000 for the first time in over a month. Amid this turbulence, memecoins like FLOKI, WIF, and BONK have suffered double-digit losses. Nonetheless, these dips could present potential buying opportunities.

FLOKI (FLOKI) Price Analysis

FLOKI's price has faced a significant test after the recent market downturn. After a 10% drop in early trading, it hovers near a crucial support level. A further decline may trigger a 15% downswing. However, technical indicators hint at an impending rebound.

The Gaussian Channel's lower band has been breached, signaling a potential bearish move. A slight dip to $0.000016 could exacerbate the downtrend. Conversely, the RSI has reached its lower threshold, suggesting a bounce is likely. Consolidation is expected, followed by a potential recovery to above $0.00017.

dogwifhat (WIF) Price Analysis

WIF has been entrapped in a bearish trend since month's start. As consolidation intensifies, a rebound is possible, but technical indicators remain uncertain.

The Gaussian Channel's shift to bearishness, coupled with declining on-balance volume, indicates a continued downward trajectory. Bulls have failed to defend key support levels, and bears maintain dominance. A further decline is anticipated.

Bonk (BONK) Price Analysis

BONK has also fallen beneath critical support but remains influenced by bullish sentiment. Resistance at higher levels has led to a pullback, triggering bearish action. A reversal is imminent.

The recent price action suggests a double-top pattern. However, a rebound is possible before the neckline is tested. RSI has dropped significantly but is attempting a recovery. BONK's price may experience an upswing during the weekend, potentially reaching $0.000025.