SHIB and BONK up, WIF down
Following a week of losses, the meme coin market has seen a significant rebound.
Values of leading meme coins Shiba Inu (SHIB) and Bonk (BONK) have increased by double digits over the past seven days. However, Solana-based meme coin DogwhipHat (YFF) bucked the trend by recording a decline during the same period.
Shiba Inu (SHIB) comes out in double digits, average for key moving trends
The value of Shiba Inu (SHIB) coin has increased by 17% in the review of the week. As of this writing, Meme Coin is trading at $0.000015.
When evaluated on a daily chart, the coin price is set to cross above the 20-day moving average (EMA).
This moving average evaluates the short-term trends of an asset and identifies entry and exit points. It measures the average trading price of a property over the past 20 days.
When the asset price is about to cross this key moving average, it is a bullish sign. In the case of SHIB, it has been trading below the 20-day EMA since June 7. Hence, the move to rally above it is likely to signal a strong buying process and higher prices.
If this happens, the price of the coin will increase to exchange value above $0.000016.
Read More: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
However, if it starts taking profits, the coin's price will witness a bearish trend and may fall below $0.000015.
BONK's current momentum is strong.
At press time, BONK is trading at $0.000022. The price increased by 14 percent during the review week.
Confirming the strength of the current uptrend, BONK's Aroon Up Line is at 92.86%. Asset Aaron Indicator measures the strength of the trend and identifies potential price reversal points. When Aaron's up line is close to 100, it indicates that the increase is strong and the recent high has been reached relatively recently.
Additionally, the token's positive Chaikin Fund Flow (CMF) indicates an inflow of income into the BONK market. This is required to maintain the current price rally.
The asset CMF indicator measures the flow of money into and out of the market. When the value is above zero, it indicates market strength as they provide capital to help sustain the price growth. At press time, BONK's CMF is 0.02.
If MemCoin continues to enjoy liquidity and demand is high, the price may rise to $0.000023.
Read more: Top 11 Solana Meme Coins to See in July 2024
However, if the current trend changes and the sentiment changes from positive to negative, the price of the token will decrease to $0.000021.
Dogwifhat (WIF) is the odd one out.
Out of the top five meme coins by market capitalization, DogwhipHat (YF) was the only one to see a price drop during the week on review. Trading at $1.56 at press time, the price of the dog-faced token has fallen 4% over the past week.
Readings from WIF's Parabolic Stop and Reverse (SAR) indicator suggest that the bearish trend could extend into the weekend. This indicates that the depressions following the meme coin remain significant.
Indicator points rest above their price at press time, indicating that the market is bearish and likely to continue.
Parabolic SAR indicator is used to identify trend direction and reversal. When the dotted lines are placed above the asset price, selling pressure is high.
If this trend continues, the YFF price will drop to $1.50.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
