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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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Ethereum Price Rise Targets $3,000: Will It Cross the Mark?

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Ethereum price started a fresh increase above the $2,720 resistance. ETH is up over 10% and now approaches the key barrier at $3,000.

  • Ethereum started a fresh surge above the $2,720 resistance zone.
  • The price is trading above $2,750 and the 100-hourly Simple Moving Average.
  • There is a new connecting bullish trend line forming with support at $2,820 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise if it clears the $2,950 resistance.

Ethereum Price Extends Its Increase

Ethereum price started a fresh increase above the $2,650 resistance like Bitcoin. ETH was able to climb above the $2,720 and $2,750 resistance levels to move further into a positive zone.

It even surged above the $2,850 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,920. A high is formed at $2,955 and the price is showing signs of more upsides. It is well above the 23.6% Fib retracement level of the upward move from the $2,355 swing low to the $2,955 high.

Ethereum price is now trading above $2,800 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,820 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,920 level. The first major resistance is near the $2,950 level. The main resistance is now forming near $3,000. A clear move above the $3,000 resistance might send the price toward the $3,120 resistance.

Ethereum Price

An upside break above the $3,120 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.

Are Dips Limited In ETH?

If Ethereum fails to clear the $2,950 resistance, it could start a downside correction. Initial support on the downside is near the $2,850 level. The first major support sits near the $2,820 zone and the trend line.

A clear move below the $2,820 support might push the price toward $2,720. Any more losses might send the price toward the $2,650 support level in the near term. The next key support sits at $2,550.

Technical Indicators

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

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

Major Support Level – $2,820

Major Resistance Level – $2,950



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XRP Price Gains Fade Once Again: Will Support Hold?

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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.

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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.

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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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BNB Price Set to Surge: Could It Be the Next Big Mover?

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BNB price struggled to stay above the $600 zone. The price is consolidating gains and might aim for a fresh increase above the $605 level.

  • BNB price started a downside correction from the $612 resistance zone.
  • The price is now trading above $590 and the 100-hourly simple moving average.
  • There is a connecting bullish trend line forming with support at $595 on the hourly chart of the BNB/USD pair (data source from Binance).
  • The pair must stay above the $588 level to start another increase in the near term.

BNB Price Holds Support

After a close above the $585 level, BNB price extended its increase. However, upsides were limited above $610 and the price remained capped unlike Ethereum and Bitcoin.

There was a move below the $605 and $600 levels. The price even dipped below the 23.6% Fib retracement level of the upward move from the $543 swing low to the $611 high. However, the price is now holding gains above the $580 level.

The price is now trading above $595 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $595 on the hourly chart of the BNB/USD pair.

BNB Price

If there is a fresh increase, the price could face resistance near the $605 level. The next resistance sits near the $612 level. A clear move above the $612 zone could send the price higher. In the stated case, BNB price could test $620. A close above the $620 resistance might set the pace for a larger move toward the $632 resistance. Any more gains might call for a test of the $650 level in the near term.

More Losses?

If BNB fails to clear the $605 resistance, it could start another decline. Initial support on the downside is near the $595 level and the trend line. The next major support is near the $578 level or the 50% Fib retracement level of the upward move from the $543 swing low to the $611 high.

The main support sits at $570. If there is a downside break below the $570 support, the price could drop toward the $560 support. Any more losses could initiate a larger decline toward the $550 level.

Technical Indicators

Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Major Support Levels – $595 and $578.

Major Resistance Levels – $605 and $612.



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