WIF, BONK, DOGE, FLOKI Price Analysis: May 11

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WIF, BONK, DOGE, FLOKI Price Analysis: May 11
  • Declining momentum could send WIF to $2.59 while BONK’s target could be $0.000019.
  • The BB on the DOGE chart indicated low volatility with the AO suggesting a slide to $0.12.
  • FLOKI’s momentum was bearish, and the 0.786 Fib level indicated a potential retracement to $0.0015.

Meme coins continue to experience major declines despite speculation that some of them could be oversold, and could be set for a rebound. Those affected include dogwifhat (WIF), Bonk (BONK), Dogecoin (DOGE), and Floki (FLOKI).

At press time, WIF changed hands at $3.03. This was a 5.34% decrease in the last 24 hours. BONK’s price fell by 7.68% while trading at $0.000023. DOGE lost 4.52% of its value while FLOKI dropped by the same percentage to trade at $0.00017.

Here is what led to the declines, and how the cryptocurrencies can perform in the coming week.

WIF Price Analysis

On May 9, bulls camped at $2.78 on the WIF/USD 4-hour chart and formed support at the level. This ensured that the price of the meme coin jumped to $3.26. In doing this, the token had to break through the $3.00 resistance.

But at press time, the price was back at the same resistance level. Meanwhile, the Relative Strength Index (RSI) reading also fell, indicating that momentum had become bearish. 

WIF/USD 4-Hour Chart (Source: TradingView)

If this momentum continues to go downward, WIF’s price might also follow and a decrease to $2.59 could be possible. Furthermore, the Supertrend flashed a sell signal at $3.24, indicating that the price of WIF might struggle to cross that barrier in a bullish scenario.

BONK Price Analysis

For BONK, it was a similar situation according to the Moving Average Convergence Divergence (MACD). As of this writing, the MACD was negative, suggesting a bearish momentum. Furthermore, the 12 EMA (blue) had crossed below the 26 EMA (orange), indicating that sellers were dominant

With this trend, BONK’s next target could be below the $0.000020 support, and the price might fall to $0.000019.

BONK/USD 4-Hour Chart (Source: TradingView)

DOGE Price Analysis

On the 4-hour timeframe, Dogecoin exhibited low volatility. This was confirmed by the Bollinger Bands (BB). Low volatility implies that price fluctuation might be mild, and a significant pump might not occur.

From the chart below, DOGE’s price was $0.14. But the coin might not move higher than $0.15 in the coming days unless the bands expand. 

In addition, the Awesome Oscillator (AO) was negative, indicating an increasing downward momentum. Should this continue, DOGE might drop as low as $0.12 before another bounce.

DOGE/USD 4-Hour Chart (Source: TradingView)

FLOKI Price Analysis

Going by the 4-hour chart, bulls were not strong enough to keep FLOKI’s price higher. Hence, the upswing to $0.00018 has been invalidated as the price changed hands at $0.00017. Also, the RSI had fallen below the 50.00 midpoint, confirming a decline in momentum. 

FLOKI/USD 4-Hour Chart (Source: TradingView)

Beyond that, the Fibonacci retracement indicator showed that FLOKI’s price might decrease further. From our analysis, the next target for the meme coin could be $0.00015 where the 0.786 Fib levels as situated.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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