Sohrab Khawas
With Ethereum facing the threat of a downfall under the $3,000 mark, the altcoins could find a similar threat. Amidst such increasing pressure, the bull run in the meme coins is under threat as the selling pressure grows.
However, some meme coins are anticipated to make a quick comeback if the broader market recovers. So, let’s take a closer look at such meme coins to find out the next buying opportunity.
Meme Coins To Buy Under Correction: Popcat (POPCAT)
With a declining trend in the daily chart, the bearish trend in the POPCAT continues below the support trendline. As the downfall continues with a lower high formation, the meme coin breaks below the $0.70 mark.
Currently, the BONK price trades at $0.6584, and its market cap of $657M is down by 16% this week.
However, the recent price surge to retest the lost $0.70 level resulted in a bullish crossover in the MACD and signal lines. Further, the bullish surge in the RSI line tests the 50% line, reflecting a boom in demand.
Considering the bull run continues, the meme coin could reclaim the lost $0.085 mark.
BONK (BONK)
With a symmetrical triangle pattern in the daily chart, the BONK price tests the support trendline. However, the lower price rejection in the recent candle teases a bounce back. Although the intraday price fall accounts for 5.84%, the buyers attempt to absorb the incoming supply.
Currently, the BONK price trades at $0.000023 with a market cap of $1.629B. Further, the meme coin is down by 17% this week.
With a potential upcycle within the triangle pattern, the BONK price could reclaim the $0.000025 mark. If the broader market recovers, the buyers can undermine the MACD and signal lines bearish crossover.
Optimistically, the bullish breakout of the triangle pattern could surpass the 50% Fibonacci level at $0.0000342440. According to the Fibonacci levels, the uptrend in meme coin price could reach the 1.618 Fib level at $0.000063, a 170% surge from the current price.
