Bonk, Shiba Inu, Dogecoin Price Analysis: Will the Meme Coins Rebound This Week?

The top meme coins likely to perform well this week are Bonk, Shiba Inu, and Dogecoin. The current cryptocurrency market sentiment is bearish as the Bitcoin price has declined by 30% in a week. Despite the bearish trend, these meme tokens might show bullishness this week.

The cryptocurrency market is experiencing a bearish trend, with Bitcoin’s price declining by 30% in a week. However, some meme coins might show bullishness this week.

Dogecoin’s price has reached a major support level, indicating a possibility of a rebound. The DOGE token was trading at $0.084, showcasing a massive fall of 18.70% in an intraday session. Its market capitalization stood at $12.25 Billion, while the 24-hour trading volume surged by 136%.

According to the technical analysis, the DOGE price has declined, generating lower lows and lower highs since April. The price formed a lower low swing in July, falling below the key moving averages.

However, Dogecoin’s price failed to sustain above the 200-day EMA and witnessed strong selling pressure. Sellers drove the price below the last swing low with a loss of 35%.

The chart shows that the DOGE price has melted to the major support level. The price triggered a breakout from this zone in February, accompanied by strong buying pressure.

If the buyers show interest and the price emerges from that hurdle, we can anticipate strong buying pressure. On the other hand, if the price slips below that level, it may decline further.

Bonk’s price has lost 50% in 2 weeks, leaving traders wondering what’s next. The Bonk price has failed to develop a higher low swing and slipped below the last swing low. The price declined below the 200-day EMA, highlighting the bearish trend.

The digital asset price has declined below the major support level of $0.0000200 with a sharp fall. If the price manages to sustain itself below the major support level, the sellers may be aiming for a new all-time low.

Alternatively, buying momentum can be initiated if the price bounces back and advances the $0.0000200 mark. The price over the 200-day EMA might be a sign of recovery, and a trend reversal can be anticipated.

Shiba Inu’s price declined by 11.77% in the past 24 hours, and the supply at press time was 69.29T. The market capitalization stood at $1.21 Billion, with a fully diluted market cap of $1.62 Billion.

The SHIB price has declined through a descending channel since March. If this meme coin’s price triggers a breakout from the channel, buyers might show interest. On the flip side, selling pressure can be seen further if the price fails to exceed the key moving averages.

Conclusion

Based on the technical analysis, the top meme coins that might perform better this week include Bonk, SHIB, and Dogecoin. All of these coins have experienced sharp selling as the cryptocurrency market sentiment is bearish.

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