Are The Top Meme Coins Going Back in Hibernation?

The post Are The Top Meme Coins Going Back in Hibernation?  appeared first on Coinpedia Fintech News

With the market-wide correction, many altcoin sectors are under correction. Amidst this, the meme coin sector is facing an immense rise in supply pressure as panic selling hits crypto. 

With the top meme coins under pressure, the price chart dynamics are shifting gears at a fast pace. As the declining rally triggers extended panic selling by investors, the recovery trend struggles to find solid footing for a reversal. 

Under such conditions, are the top meme coins planning to undergo another hibernation?

Dogecoin (DOGE)

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With the top meme coin under immense selling pressure, the DOGE price breaks below the 50D EMA. The downtrend even nullifies a rising channel and tests the bullish dominance at the $0.15 mark. 

The lower price rejection in the daily chart teases a double-bottom. However, it also comes as a retest of the broken trendline. Hence, the Dogecoin shows a conservative, almost bearish approach in action. 

In case the market bounces back in action, the DOGE price could hit the $0.20 level. Otherwise, the dog-themed altcoin is headed for $0.10 psychological support. 

Shiba Inu (SHIB)

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With a similar condition as Dogecoin, the SHIB price trend breaks below a symmetrical triangle pattern. The downfall breaks the 50D EMA and is headed for the dynamic support of 200D EMA at $0.1153.

However, the sideways trend in the daily chart at $0.000020 presents a reversal opportunity in the 4H chart. Further, the bullish divergence in RSI in the 4H chart bolsters this reversal possibility. 

Optimistically, with a bull run, the meme coin can hit the $0.000030 mark. 

BONK (BONK)

Being one of the top-performing meme coins based on Solana, BONK showcases a descending triangle breakdown. The downfall cracks the $0.000021 baseline and the psychological mark of $0.000020.

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With the triangle breakdown rally testing the 200-day EMA, the meme coin is down by 60% from its peak at $0.000037. In the 4H chart, the BONK price showcases a double-bottom reversal possibility to reverse the trend dynamics.

A bullish reversal will project a bull run to $0.000025, followed by $0.000030. On the downside, a breakdown below $0.000013 will test the $0.000011 or the psychological mark of $0.000010. 

PEPE (PEPE)

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As the days passed since the frog-themed meme coin ranked among the top-performing coins, the PEPE now failed to hold above the 50D EMA. The declining trend under a solid resistance trendline breaks under the $0.0000060 demand zone.

Currently, PEPE tests the psychological mark of $0.0000050 and teases a breakdown plunge to the 200D EMA. The PEPE price may witness an extended downtrend, with the BTC price failing to hold above $63,000. 

However, a bullish reversal from the 200D EMA or the $0.0000050 psychological mark could rechallenge the overhead trendline. A breakout rally could pump the meme coin to the $0.000010 mark.

Conclusion For Top Meme Coins

The top meme coins are at a pivotal stage, with many showcasing a high possibility of reversal. The volatile meme coins could dive deeper as the overhead supply pressure grows in crumbling market conditions. 

However, the price analysis bolsters the likelihood of a bounce back. Thus, the meme coins are not planning to hibernate, as of now.