Top 3 meme coins price prediction Dogecoin, Shiba Inu and Bonk: Memes wipe out gains from GameStop rally

Source Fxstreet
  • Dogecoin adds nearly 1% to its value on Tuesday, over 76% wallets are sitting on unrealized gains. 
  • Shiba Inu could sweep liquidity at $0.00002213 as SHIB price forms a descending triangle on daily timeframe. 
  • Bonk eyes nearly 10% decline as it trades sideways on Tuesday. 

Meme coins Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk (BONK) rallied alongside top meme tokens in response to GameStop’s rally on Monday. As legendary trader “Roaring Kitty” resurfaced on X with a series of tweets, meme tokens rallied, piling gains on Monday. 

In the 24 hour timeframe, DOGE, SHIB and BONK prices climbed 4%, 0.5%, 1.3% as seen on CoinGecko. On the daily timeframe the prices of the meme coins noted at the most 1% gains. 

Dogecoin wipes out gains from GameStop inspired rally

DOGE climbed to a high of $0.1576 on Monday, rallying alongside meme coins. The gains were likely catalyzed by the trader “Roaring Kitty” return to X for the first time in three years. DOGE wiped out its gains and the meme coin is trading at $0.1490 on Binance, at the time of writing. 

Dogecoin faces resistance at $0.1616, the 61.8% Fibonacci retracement level of its decline from the March 28 peak of $0.2288 to the May 1 low of $0.1201. The Moving Average Convergence Divergence (MACD) indicator reveals underlying negative momentum in DOGE price trend in the 1-week timeframe. 

The DOGE/USDT 1-day chart shows Relative Strength Index (RSI) making its way to 50, the neutral level. At the time of writing, RSI is 48.41. DOGE price is likely to test resistance at $0.1616, nearly 8.45% away from the current level. MACD indicator shows a bullish sign with MACD crossing above the signal line.

DOGE

DOGE/USDT 1-day chart 

Looking down, DOGE could sweep liquidity at the May 3 low of $0.1311 in the case of a correction. 

Data from IntoTheBlock shows that 76% of wallets holding DOGE are currently sitting on unrealized profits. The Global In/Out of Money (GIOM) indicator helps identify key support/ resistance levels for an asset. The indicator shows that DOGE faces resistance at $0.1526, on its path to $0.1616. 

DOGE

DOGE Global In/Out of the Money

Shiba Inu is stuck in a descending triangle pattern

The daily chart shows that SHIB price trades in a descending triangle, a bearish chart pattern, since March 5 Shiba Inu attempts to break above the upper boundary of the pattern at $0.00002338 on Tuesday, however, a decisive close outside the descending trend-line is needed to confirm a break from the descending triangle. 

Typically, this chart pattern suggests that the demand for SHIB is weakening. 

SHIB is likely to sweep liquidity at $0.00002213, the lower boundary of the descending triangle. This could mark over 6% decline from the current price level.

SHIB

SHIB/USDT 1-day chart 

If SHIB closes above $0.00002338, it could test resistance at $0.00002476, the 23.6% Fibonacci retracement of the decline between the March 5 top of $0.00004567 and the April 13 bottom of $0.00001830. 

Bonk could plummet 10%

BONK trades at $0.00002339 on Tuesday. On the daily and 4-hour timeframe, BONK’s price trend has an underlying negative momentum. BONK could sweep liquidity 10% below the current price at $0.00002089, the 50% Fibonacci retracement of the climb from the April 13 low of $0.00001212 to the April 25 top of $0.00002966. 

On its way down, BONK could find intermediate support at the May 13 low of $0.00002144. 

BONK

BONK/USDT 1-day chart 

On the upside, BONK could test resistance at the May 13 high of $0.00002542, just below the resistance at $0.00002552, the 23.6% Fibonacci retracement of the climb between April 13 and April 25. 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP await US NFP for next directional moveBitcoin (BTC), Ethereum (ETH) and Ripple (XRP) extend their weekly gains on Friday as traders await the US Nonfarm Payrolls (NFP) report for the next directional catalyst.
Author  FXStreet
6 hours ago
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) extend their weekly gains on Friday as traders await the US Nonfarm Payrolls (NFP) report for the next directional catalyst.
placeholder
Yen hits one-month high on BOJ September-hike bets; AUD/JPY cracks support as carry unwindsUSD/JPY has tumbled from the 160 area to a one-month low near 155.2 in two sessions as Bank of Japan hike bets for the Sept 17-18 meeting intensify. AUD/JPY has broken below 112.7, flagging carry-trade stress. A test of 155.21 - and then 153 - is now in focus.
Author  Suzie
9 hours ago
USD/JPY has tumbled from the 160 area to a one-month low near 155.2 in two sessions as Bank of Japan hike bets for the Sept 17-18 meeting intensify. AUD/JPY has broken below 112.7, flagging carry-trade stress. A test of 155.21 - and then 153 - is now in focus.
placeholder
Gold rebounds above $4,450 as Waller tempers Fed rate hike bets ahead US jobs dataGold price (XAU/USD) gains momentum to around $4,470 during the early Asian session on Friday. The precious metal extended its recovery as Federal Reserve (Fed) rate hike bets ease. All eyes will be on the US August Nonfarm Payrolls (NFP) report, which is due later on Friday. 
Author  FXStreet
15 hours ago
Gold price (XAU/USD) gains momentum to around $4,470 during the early Asian session on Friday. The precious metal extended its recovery as Federal Reserve (Fed) rate hike bets ease. All eyes will be on the US August Nonfarm Payrolls (NFP) report, which is due later on Friday. 
placeholder
Gold rebounds past $4,400 as rate-hike odds cool ahead of NFPGold is back above $4,400 after weak ADP data cut September rate-hike odds to ~58%. XAU/USD rebounded from Wednesday's $4,282 low; Friday's NFP is the next catalyst.
Author  Irene Q.
Yesterday 09: 21
Gold is back above $4,400 after weak ADP data cut September rate-hike odds to ~58%. XAU/USD rebounded from Wednesday's $4,282 low; Friday's NFP is the next catalyst.
placeholder
US August Nonfarm Payrolls Preview: Will the Labor Market Quell Fed Rate Hike Expectations? US Stocks, Dollar, and Gold Face Key TestThe U.S. Bureau of Labor Statistics will release the August nonfarm payrolls report at 8:30 a.m. ET on September 4. Following hawkish signals delivered by Fed Chair Warsh at Jackson Hole
Author  TradingKey
Yesterday 08: 32
The U.S. Bureau of Labor Statistics will release the August nonfarm payrolls report at 8:30 a.m. ET on September 4. Following hawkish signals delivered by Fed Chair Warsh at Jackson Hole
Related Instrument
goTop
quote