2024-5-6 21:15 |
The popular memecoins BONK and dogwifhat (WIF) are once again challenging major resistance levels that have kept their rallies in check over the past couple of weeks. Based on our analyses, both tokens face pivotal moments that could lead to substantial breakouts or steep pullbacks.
BONK Could Dip 52%For BONK, the key resistance at around $0.000029 has repeatedly capped its upside since mid-March. We saw that this is the fourth time the token’s price has reached this level, only to see the bulls get knocked back each time. If BONK remains below $0.000029 for an extended period, it risks a bearish drop of around 52% to $0.0000138.
Also Read: ORDI Dips Below Key Support: Can the Token Rebound Soon? PENDLE Poised for Bullish Breakthrough Above This Resistance
However, a decisive breakout above the stubborn resistance could unleash significant buying pressure, potentially driving BONK towards its previous all-time high as the excitement surrounding a resistance break could trigger a sharp price spike.
WIF Could Dip 40%Similarly, WIF faces a sustained resistance around $3.6 that has persisted since mid-April. If this level continues to hold, WIF may embark on a bearish decline. Conversely, a breakout above $3.6 could propel the price towards $4.8. However, failure to breach this resistance could lead to a 40% correction, with WIF potentially dropping to around $2.
Both memecoins find themselves at a critical juncture, with the outcome of their battles against these key resistance levels likely to determine their near-term price trajectories. Traders and investors will be closely monitoring these tokens for any signs of a breakout or capitulation in the coming days.
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