dogwifhat (WIF) & Bonk (BONK) Prices Rebound as the Bulls Enter the Ring to Defend Crucial Support Levels

It was one of the lousy days for the crypto markets, as billions in market cap just whipped out in a few moments

After a day of massive market sell-off, dogwifhat (WIF) & Bonk (BONK) prices began to show strength aiming to reclaim the lost resistance.

Both the memecoins faced the brunt of the bearish market sentiments as billions in market cap were wiped out in a few moments of panic selling. However, both the memecoins managed to hold on to crucial support levels indicating the presence of buying pressures.

dogwifhat (WIF) Price Analysis

After recovering in a ‘v-shape’ from the lows below $1.5, the dogwifhat price was aiming to close above $2.2 before the end of the week. However, the Mt. Gox terror hit the markets, causing massive destruction of nearly $100 billion. As a result, the prices that faced rejection at $2.28 which falls within a crucial resistance zone, plunged back to test the pivotal support levels at $1.51.

However, the prices have initiated a recovery while a rise above the bearish influence could be validated with a bullish close for the day.

The WIF price has been trading below one of the important support levels between $2.15 and $2.28 since the last few days of June. An attempt to pierce these levels was countered by the bears and hence, another attempt to drag the levels below $1.5 has also been squashed by the bulls.

The RSI has triggered a bullish reversal, while the OBV (on-balance volume) is displaying the possibility of a similar reversal that occurred in the last week of June. As market sentiments are still in a state of flux, the dogwifhat price is expected to remain consolidated within this range until a huge buying volume enters the space.

Bonk (BONK) Price Analysis

The Bonk price has been trading within a steep bearish trend ever since it failed to cross the crucial resistance at $0.00003973 and $0.00004125. After failing to breach the resistance at the beginning of the month, the bears took over the rally and slashed the levels by nearly 25% in the past couple of days.

Now that the bulls are trying hard to validate a rebound, a rise above certain levels may squash the bearish influence for a while. As suggested in the above chart, the BONK prices are trading within a falling wedge. Despite a massive selling pressure hovering over the token, the bulls have managed to sustain the trade within the pattern, keeping the bullish hopes alive.

However, the technicals do not support a bullish narrative as the OBV displayed a bearish reversal indicating the start of a bearish trend supported by MACD which is about to undergo a bearish cross-over. Hence, the Bonk (BONK) price may not hold the buying pressure for a long time, as the technicals suggest another pullback to the support may only begin a fresh ascending trend

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