2024-7-24 11:30 |
Analysts CryptoBusy and Altcoin Sherpa have shared their insights on BONK and POPCAT meme coins. Both analysts provide crucial updates on the current trends and potential future movements of these meme tokens, emphasizing the importance of critical levels and chart patterns.
BONK Tests Trendline Support Amid Bearish DivergenceCryptoBusy’s lchart update for BONK highlights a crucial moment for the Solana meme coin. The analyst notes that BONK is holding onto its trendline support. However, a bearish divergence has emerged, signaling potential weakness in the uptrend.
$BONK Chart update:
Holding into the trendline support.
But with bearish divergence.
Wait for a potential bounce from the white trendline or a possible breakdown from the support. pic.twitter.com/Oy0sPLCeKH
Cryptobusy advises to wait for a potential bounce from the white trendline on the BONK chart. Moreover, he also warns of a possible breakdown from the support. This guidance hints at the importance of the current price level for BONK’s short-term trajectory.
The BONK chart displays a clear upward trend with the price testing a critical ascending trendline. This trendline has served as a support level multiple times in the past. Additionally, a double top pattern is visible, suggesting potential downward momentum if the support fails to hold.
A bounce from the trendline could signal further uptrend. Conversely, a break below this support might lead to more declines. The bearish divergence observed by CryptoBusy adds another layer of caution for BONK enthusiasts.
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POPCAT Faces Critical Juncture as Cat Memes Seek MomentumTurning to another meme coin, Altcoin Sherpa shares an analysis of POPCAT’s market position. The analyst maintains a bullish outlook but warns of potential risks that could impact the entire cat-themed meme coin sector.
“I think [POPCAT] looks decent still but would be concerned if this prints a lower high/shoulder,” Altcoin Sherpa states. This observation highlights the delicate balance POPCAT currently faces in the market.
The POPCAT chart reveals a bullish trend supported by multiple moving averages. The price trades just above the 50 EMA, indicating a positive mid-term trend. However, it remains below the 21 EMA, suggesting short-term bearish pressure.
Altcoin Sherpa’s analysis points to a critical juncture for POPCAT and related cat meme coins. A lower high or shoulder formation could trigger a sell-off, potentially affecting the entire cat-themed meme coin market. Despite this risk, the analyst remains optimistic about cat memes catching up in performance.
The projected price path on the POPCAT chart suggests a possible short-term bullish move towards the 21 EMA. However, traders should watch for any subsequent decline, which could confirm bearish sentiment. Volume analysis further supports a cautious stance, with stable but unremarkable trading activity.
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