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SHIB and BONK Up, WIF Down

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Following a week of losses, the meme coin market has witnessed a notable rebound.

The values of leading meme coins Shiba Inu (SHIB) and Bonk (BONK) have risen by double digits in the past seven days. However, the Solana-based meme coin Dogwifhat (WIF) has bucked the trend as it recorded a decline during the same period. 

The price per Shiba Inu (SHIB) coin has risen by 17% during the week in review. As of this writing, the meme coin trades at $0.000015.

Assessed on a one-day chart, the coin’s price is poised to cross above its 20-day exponential moving average (EMA). 

This moving average assesses an asset’s short-term trends and identifies potential entry and exit points. It measures an asset’s average trading price over the past 20 days.

When an asset’s price is about to cross this key moving average, it is a bullish signal. In SHIB’s case, it has traded below the 20-day EMA since June 7. Therefore, the move to rally above it is significant because it indicates a shift in momentum towards buying and potentially higher prices.

If this happens, the coin’s value will rise to exchange hands above the $0.000016 price. 

Read More: Shiba Inu (SHIB) Price Prediction 2024/2025/2030

Shiba Inu Analysis. Source: TradingView

However, if profit-taking commences, the coin’s price might witness a downtrend and fall under $0.000015.

Bonk’s (BONK) Current Uptrend is Strong

At press time, BONK trades at $0.000022. During the week in review, its price has climbed by 14%. 

Confirming the strength of the current uptrend, BONK’s Aroon Up Line is at 92.86%. An asset’s Aroon indicator measures its trend strength and identifies potential price reversal points. When the Aroon Up Line is close to 100, it indicates that the uptrend is strong and that the most recent high was reached relatively recently.

Further, the token’s positive Chaikin Money Flow (CMF) shows liquidity inflow into the BONK market. This is needed to sustain its current price rally.

An asset’s CMF indicator measures money flow into and out of its market. When its value is above zero, it signals market strength, as asset holders supply the capital to help sustain the price growth. At press time, BONK’s CMF is 0.02.

If the meme coin continues to enjoy liquidity inflow and demand remains high, its price may rally to $0.000023.

Read More: 11 Top Solana Meme Coins to Watch in July 2024

BONK Daily Analysis. Source: TradingView

However, if the current trend is reversed and sentiment shifts from positive to negative, the token’s value will drop to $0.000021.

Dogwifhat (WIF) is the Odd One Out

Out of the top five meme coins by market capitalization, Dogwifhat (WIF) is the only one that has recorded a price decline in the week under review. Trading at $1.56 at press time, the price of the dog-themed token has dropped 4% in the last week. 

Readings from WIF’s Parabolic Stop and Reverse (SAR) indicator suggest that the price decline might extend into the weekend. This indicates that the bearish sentiments trailing the meme coin remain significant. 

The indicator’s dots rest above their price at press time, indicating that the market is in decline and might continue. 

The Parabolic SAR indicator is used to identify potential trend direction and reversals. When its dotted lines are placed above an asset’s price, selling pressure is high.

Dogwifhat Analysis. Source: TradingView

If this trend continues, WIF’s price will drop to $1.50. 

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Price Battles Resistance Around $0.60: Will the Struggle End?

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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Bitcoin Cash Price Jumps 15%: Is This Just the Beginning of More Gains?

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Bitcoin Cash price started a major increase above the $320 resistance. BCH is consolidating and might aim for more gains above the $350 resistance.

  • Bitcoin cash price started a fresh increase above the $330 level.
  • The price is trading above $335 and the 100-hour simple moving average.
  • There is a bullish flag pattern forming with resistance at $345 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair could start another increase if it clears the $350 resistance zone.

Bitcoin Cash Price Starts Fresh Surge

After forming a base above the $305 level, Bitcoin Cash price started a fresh increase. BCH outpaced Bitcoin and Ethereum to gain over 15%. There was a clear move above the $320 resistance zone.

The price even surpassed $335 and tested the $350 resistance zone. A high was formed near $349.73 and the price is now correcting gains. There was a minor move below the $345 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $306.92 swing low to the $349.73 high.

Bitcoin cash price is now trading above $335 and the 100-hour simple moving average. Immediate resistance on the upside sits near the $345 level. There is also a bullish flag pattern forming with resistance at $345 on the hourly chart of the BCH/USD pair.

Bitcoin Cash Price

A clear move above the $345 resistance might start a decent increase. The next major resistance is near $350, above which the price might accelerate higher toward the $362 level. Any further gains could lead the price toward the $380 resistance zone.

Fresh Drop in BCH?

If Bitcoin Cash price fails to clear the $345 resistance, it could start a fresh decline. Initial support on the downside is near the $335 level. The next major support is near the $328 level or the 50% Fib retracement level of the upward move from the $306.92 swing low to the $349.73 high.

If the price fails to stay above the $328 support, the price could test the $320 support. Any further losses could lead the price toward the $305 zone in the near term.

Technical indicators

4-hour MACD – The MACD for BCH/USD is gaining pace in the bearish zone.

4-hour RSI (Relative Strength Index) – The RSI is currently above the 50 level.

Key Support Levels – $335 and $328.

Key Resistance Levels – $345 and $350.



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Ethereum Price Reaches $2,500 Again: Will The Uptrend Hold?

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Este artículo también está disponible en español.

Ethereum price started a fresh upward move above the $2,420 resistance. ETH traded close to $2,500 and is now consolidating gains.

  • Ethereum started another increase from the $2,320 resistance.
  • The price is trading above $2,400 and the 100-hourly Simple Moving Average.
  • There is a connecting bullish trend line forming with support at $2,385 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear the $2,480 resistance to continue higher in the near term.

Ethereum Price Surges Over 8%

Ethereum price remained well-supported and extended its increase, beating Bitcoin. ETH was able to clear the $2,350 and $2,420 resistance levels.

There was a sharp move, and the price gained nearly 10%. It traded close to the $2,500 resistance zone. A high was formed at $2,493 and the price is now consolidating gains. There was a minor decline below the $2,460 level. The price tested the 23.6% Fib retracement level of the upward move from the $2,277 swing low to the $2,493 high.

Ethereum price is now trading above $2,440 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,385 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the upward move from the $2,277 swing low to the $2,493 high.

On the upside, the price seems to be facing hurdles near the $2,480 level. The first major resistance is near the $2,500 level. The next key resistance is near $2,550.

Ethereum Price
Source: ETHUSD on TradingView.com

An upside break above the $2,550 resistance might call for more gains. In the stated case, Ether could rise toward the $2,650 resistance zone in the near term. The next hurdle sits near the $2,750 level or $2,800.

Are Dips Limited In ETH?

If Ethereum fails to clear the $2,480 resistance, it could start a downside correction. Initial support on the downside is near $2,440. The first major support sits near the $2,385 zone and the trend line zone.

A clear move below the $2,385 support might push the price toward $2,320. Any more losses might send the price toward the $2,250 support level in the near term. The next key support sits at $2,200.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,385

Major Resistance Level – $2,500



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