As the crypto market witnesses a massive crash, the altcoins are losing their critical support levels. Amidst the crash, the meme coins known for massive moves on either side display an amplified downside move.
As investors quickly square off amid the rising FUD, dreams of a market-wide bull run post-Halving become further from reality. Will the meme coins surf through the bad seas for a moon shot? Is this a healthy correction?
Let’s look at the price analysis of top meme coins for a more decisive analysis.
The Crash of #1 Meme Coin
On a pullback row, the DOGE price action shows an intense downtrend, cracking under the crucial support zone of $0.145. With a larger bearish channel at play, the growing supply forms a secondary channel within and challenges the $0.13 level.
The daily RSI line drops below the oversold zone, reflecting a surge in the supply pressure. Supporting this view, the MACD and signal lines are on a negative trend.
If the meme coin drops under $0.13, the sellers will test the declining support trendline at $0.11 or closer to the psychological support of $0.10. Optimistically, a bullish reversal could revive a positive cycle and hit the $0.18 mark.
Shiba Inu’s Triangle Breakdown
With the supply tsunami hitting most altcoins, the SHIB price trend shows a bearish turnaround. The meme coin displays a breakdown of a symmetrical triangle pattern in the 4H chart.
The meme coin has dropped by almost 10% in the last 24 hours, resulting in a 25% drop in the last 30 days. As the breakdown marks a selling spot, the chances of downfall increase, and the SHIB price could drop under the $0.000020 psychological mark.
On the upside, a retest of the broken trendline can be a comeback moment for buyers to take over the trend control.
PEPE Channel Retest Prolongs
Amidst the crashing meme coins, the PEPE price action shows a bullish breakdown of a falling channel struggling to take off. The breakout rally returns for a retest from the 50% Fibonacci retracement level.
As it reverses from $0.000007662, the retest puts the PEPE price at the 23.60% Fibonacci level close to $0.0000060. With an intraday drop of 4.94% and 9.37% last night, the frog-themed coin is under extreme pressure. The downfall could result in the $0.0000060 breakdown.
Bonk Meme Coin Under Pressure
With a similar bearish channel breakout to PEPE, the BONK meme coin prices did manage to take off. However, the short-lived uptrend takes a reversal amidst the broader market slowdown.
As the bearish reversal retests the $0.000020 support zone, the BONK price trend shows a high possibility of a bullish turnaround. Despite a sharp drop of 11% last night, the meme coin shows resilience and avoids bearish continuation today.
In case of a bounce back, the uptrend could hit the $0.000035 mark.
Conclusion
With a crash and growing supply, the meme coins are under extreme bearish pressure and project a downtrend continuation this week. However, the presence of strong demand at lower levels could result in a slightly positive month-end. Hence, May could be surprisingly positive for meme coins as soon as the market overcomes the CZ news.
