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The price of Bitcoin failed to surpass $28,300 as it approached the weekly close, settling at $27,800 at the time of writing. Despite multiple tests of the resistance level, bulls were disappointed due to short-term profit-taking and concerns about the Federal Reserve tightening its policies. So, what is the current situation for meme coins?
Meme Coin Price Analysis
Before $PEPE Coin emerged, $DOGE, $SHIB, and $FLOKI were the popular meme coins. $FLOKI Coin, listed simultaneously with $PEPE on Binance, has remained in the shadows this year. The market value of meme coins has significantly decreased, with a cumulative value of $14 billion and a daily volume dropping to $287 million.
Considering the total cumulative volume of all cryptocurrencies is $17 billion, the ongoing disinterest is normal, especially for useless meme coins.
Dogecoin ($DOGE) Analysis
With a market value of $8.6 billion and a trading volume of $92 million, $DOGE maintains its dominance. Its closest competitor, Shiba Coin, has a market value of $4.2 billion. $FLOKI, ranked fourth after $PEPE and BONE Token, is preparing for a 5% weekly loss with a market value of $168 million.
The critical zone for $DOGE is $0.06, and it is currently protected by increased demand in futures trading. $DOGE has tested this critical support level on June 10th and August 17th and has managed to hold it. However, closings below $0.055 and $0.05 could lead to further declines.
Although the possibility of a decline seems dominant due to $BTC’s lackluster performance, $DOGE price could target $0.076 with closings above $0.065.
$FLOKI Coin Analysis
After its listing on Binance, $FLOKI Coin experienced a steady decline. It recently hit a local low at $0.00001525 in September. Currently, further gains are possible with closings above $0.00001611. Confirmation of support at $0.000018 could pave the way for retesting the peak at $0.00002.
Shiba Coin Analysis
Throughout the past month, $SHIB price fluctuated between $0.0000077 and $0.000007. The narrow range reflects the ongoing lack of interest. This lack of demand is also evident in the price of $DOGE.
The downward trend in Shiba Inu coin’s price can be tracked with the formation of a descending wedge. The weekly chart shows two converging trend lines that serve as dynamic resistance and support levels.
If the negative sentiment in $BTC triggers a significant selling wave, the price could decline to $0.000005.