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Bitcoin is trading at $63,330, representing a -1.5% dip in the last 24 hours as it recovers from a dip last week. The rest of the crypto market is following suit, and meme coins are also suffering. They post big gains when markets are green, but bleed hard when bears take over.
Solana-based Dogwifhat (WIF) is the only meme coin in the top 100 of the largest cryptocurrencies that is posting gains today, edging up from $3.20 to $3.36, marking a 2.75% spike in the last 24 hours. The coin is currently correcting after reaching a daily high of $3.66.
Overall, WIF seems to be trading sideways, testing its resistance once again as it looks to break into a stable bullish trend. The zone between $2.20 and $3.50 has kept the prices contained since March, with a short exception between March 28 and April 10. Given this balance of forces, the coin is suitable for day traders and swing traders to open and close positions with small gains, playing with those supports and resistances.
The Average Directional Index (or ADX, an indicator that measures how stable a market trend is) is weak at 21 points, the Relative Strength Index (RSI), which measures how bullish or bearish a coin is, seems balanced at 55 points, and the EMA10 and EMA55 are extremely close. All of this points to indecision in the markets.
A bullish forecast would send WIF up around 11% to the resistance at around $3.50, and a bearish forecast sends the coin 24% down to the support at around $2.20.
The remaining leading meme coins are not performing well today.
BONK, probably one of the most hyped meme coins of the last bull run, is today the worst performing meme coin in the Top 100, down 6.3% in the last 24 hours. BONK has been trading sideways and has remained flat since mid-March, bouncing between $0.00002950 and $0.00001940 with an atypical dip in mid-April.
The bullish and bearish scenarios remain the same as our last price report, marked by both support and resistance. An optimistic performance would take BONK to $0.00002950 for an 18% spike, and a pessimistic performance would dip the coin 20% to $0.00001940.
Dogecoin, the OG meme coin, is taking a similar course. The coin is recovering from a bearish correction that took its price down -45% in April. Right now, DOGE is trading at $0.1563, representing a -4.14% dip in the last 24 hours, with an overall weekly rebound of 10% in the last 7 days.
The coin tried to break the support set at around $0.14, but failed to keep momentum and rebounded shortly after it touched $0.13.
Right now, DOGE is back to the zone inside the horizontal channel with a weak ADX and a perfectly balanced RSI at 50 points. A bullish scenario sends the coin 27% up to $0.20 to test the channel's resistance, and a bearish scenario sends the coin back to the channel's support at around $0.13 for a -8.5% dip.
The rest of the top meme coins are also posting losses today, all showing pretty similar market behavior.
PEPE is currently priced at $0.000008507 for a -0.2% loss, testing its channel's resistance at $0.00000882 and seemeling looking to bounce down after this recovery. Floki Inu is trading hands at around $0.0001818 for a -3.5% dip in the last 24 hours, and Farcaster's Degen is down -12%, currently trading at around $0.01974.
Edited by Ryan Ozawa.