Sahana Vibhute
The crypto markets are consolidating as the Bitcoin bulls are displaying weakness as they are struggling to hold the rally above $93,000. Meanwhile, the top memecoins like Dogecoin and Shiba Inu continue to rise with a decent range. On the other hand, the memes that gained huge popularity, like PEPE, BONK, & WIF in recent times, have been consolidating within a narrow range.
As the DOGE & SHIB prices are gaining mainstream attention, will the liquidity flow into the other memecoins be restricted within the range?
After ranging by over 100% in the first half of the month, the PEPE price rally is facing massive bearish pressure. The token has slumped hard, forming consecutive lower highs and lows, suggesting a massive drop in the buyer’s strength. The token is failing to defend the support and hence an extended bearish action is expected to drag the levels below $0.000017, which may attract massive liquidity.
The PEPE price is facing massive selling pressure after marking fresh yearly highs above $0.000025. The RSI maintains a descending trend but is trying to validate a bullish divergence, which suggests the bulls are preparing for a healthy rebound. Meanwhile, the price remains consolidated within a bull flag and hence a strong rebound is expected to occur once the price hits the liquidity zone at the support.
Will BONK Price Hold the Support at $0.00004?
The BONK price is also experiencing a rise in the upward pressure as the bulls failed to hold the levels above the gains. Meanwhile, the technicals appear to be against the bullish trajectory that may force the price to remain under a descending trend. However, the token has reached a trend reversal zone and a small bullish push could invalidate the bearish trajectory.
The daily RSI is heading strongly towards the lower threshold as the buying pressure has faded to a large extent. Besides, the MACD underwent a bearish crossover a few days back while the selling pressure has begun to mount over the crypto. This supports the bearish narrative but if the price loses the trend reversal zone between $0.00004 and $0.000042, an extended bearish action could drag the levels close to $0.000035 or slightly below.
Besides, the other memecoins like dogwifhat (WIF), FLOKI (FLOKI), Brett (BRETT), & POPCAT are demonstrating significant strength similar to the top ones. Therefore, the memecoin mania may explode once Bitcoin gains strength and trigger a fine rise above $95,000.
