Major Memecoins Drop 40-60% During Downturn: What next for Dogecoin ($DOGE), Pepe ($PEPE), and Bonk ($BONK)?
Release: 2024/12/24 19:46 Reading: 350
Memecoins Plunge: DOGE, PEPE, BONK Analysis
Altcoin Performance
During the recent market downturn, alternative cryptocurrencies (altcoins) have exhibited a downturn, losing 20-30%. However, memecoins have faced a more severe decline, with losses reaching 40-60%. This analysis examines the potential recoveries of $DOGE, $PEPE, and $BONK.
$DOGE: Bullish Reversal
$DOGE's weekly chart indicates a clear retracement. After a surge from $0.08 in August, it reached a Fibonacci retracement level of 0.618 at $0.47 in November.
The subsequent 43% dip allowed the market to absorb the prior rise. Notably, the dip found support at an ascending trendline formed since late 2022.
$DOGE currently trades above strong horizontal support at the 0.382 Fibonacci level. Upside targets are indicated in the chart.
$PEPE: Strong Support Buoys Recovery
$PEPE has experienced volatility in recent weeks. A bullish breakout from a bull flag pattern was followed by a reversal that tested the flag's support.
From its peak, $PEPE's price reversed approximately 49%. Currently, it is attempting to rebound from horizontal support at $0.000017.
Exiting the bull flag would signal a potential head and shoulders reversal pattern. If this can be avoided, the all-time high of $0.000028 remains a significant target.
$BONK: Breaking Trendline Resistance
$BONK has underperformed compared to other major memecoins. After a 60% decline from its all-time high of $0.000062, bulls need to push the price above a descending trendline.
Given the steep correction, this is a likely scenario. Potential targets are outlined in the chart. However, a continued breakdown could expose the ascending bull market trendline as the final line of support.
Disclaimer: This analysis is for informational purposes only and should not be construed as investment advice.
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