PEPE, BONK Prices Plummet but Bears May Soon Tire Out
Frog-themed meme coin Pepe (PEPE) and dog-themed Bonk (BONK) are facing ongoing struggles as their prices continue to decline. PEPE has witnessed a 17.58% drop in value within the last 30 days, while BONK has suffered an 8.02% decrease in the past week. These downward trends align with the overall bearish turn in the market, where major cryptocurrencies have also experienced price drops from their recent highs.
Analyzing PEPE’s price movements on the 4-hour chart reveals a predominantly bearish state, with a consistent pattern of lower highs since January 11. The decline has resulted in lower lows for PEPE, forming a descending channel. However, there are indications that the bottom may be near for PEPE, as the price has slightly increased to $0.000000935 at present, suggesting a loss of momentum for sellers. The Awesome Oscillator (AO) also supports this notion, currently displaying positive indications and a previously formed bullish twin peak. If buying pressure strengthens, PEPE may break past the resistance at $0.000000975, potentially reaching a target of $0.0000011 for profit-taking. On the other hand, if buyers fail to emerge, PEPE’s price may continue to decline.
Moving on to BONK, its market structure mirrors that of PEPE. At the time of writing, the memecoin is priced at $0.000010 after rebounding from support at $0.0000095. In a highly bullish scenario, BONK could surpass the $0.000011 resistance, potentially leading to a 25% increase towards $0.0000135. To validate an upward trend, bulls would need to maintain the $0.00000955 support level. However, if bears overpower bulls at $0.000010, BONK may lose its grip on this crucial support. The RSI indicator suggests that BONK is exiting its bearish trend, with potential for its price to surpass $0.000011 if the RSI rises beyond the 50.00 midpoint. Nonetheless, traders should stay cautious, as a shift in momentum could cause BONK to retrace back towards the $0.0000095 region.
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