Meme coins have also started plunging following the trajectory of the broader crypto market. All the major meme coins like Dogecoin (DOGE), Pepe Coin (PEPE), and Shiba Inu (SHIB) are all in red. In the past 24 hours alone, they have dipped by 5%, 9% and 5% respectively. Other meme coins like BONK, BOME, etc are also declining.
What you'll learn 👉
Dogecoin (DOGE)
DOGE has been breaking below price supports, with its price spiraling down. In mid-June, it broke below the $0.12 support and then consolidated for about 2 weeks before it continued the dip.
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Show more +Following that, the price broke below the $0.118 support and then plummeted by more than 20% to reach $0.09 where the next major support is. A critical look at price action suggests that the current support is quite strong seeing that the price has traded sideways within that zone between December and February.
The price might consolidate around this zone before a further decline. If the support continues to hold, we might see a reversal or a long accumulation before a possible bullish move.
Pepe Coin (PEPE)
PEPE is currently breaking out of the neckline of a head and shoulder pattern. Price action suggests that the right shoulder might be about to start forming, and this could make the Ethereum token continue to trade between $0.000009 and $0.0000049.
Read Also: Crypto Analyst Shares The Right Time To Buy Bitcoin (BTC)
Should the price break below the shoulder level of the emerging head and shoulder pattern, we could see a major price drop to $0.0000018.
Shiba Inu (SHIB)
Shiba Inu has also followed the same price pattern breaking various supports at $0.0000198, $0.0000181, and $0.0000168.
At the time of writing, the price is seen breaking below $0.0000141. If this is successful, we could see a further 16% dip to 0.0000116.
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