Shiba

Convergence

Dogecoin

Shiba Inu

Divergence

<p>The post <a href="https://coinpedia.org/price-analysis/memecoins-hype-fading-away-as-doge-shib-and-bonk-prices-experience-a-plunge/">Memecoins Hype Fading Away! As DOGE, SHIB, And BONK Prices Experience A Plunge?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The memecoins had successfully concluded the previous year on a strong bullish sentiment, highlighting a rise in the investor’s interest in them. However, this year has started on a bearish note as the memecoin category has displayed significant correction in their respective valuation.</p> 
<p>Further, the BONK price has recorded the highest loss among the top three tokens, with a correction of approximately 25% in valuation. Followed by the category leader, Dogecoin, which has recorded a loss of 12.25% Year-To-Date, and lastly, the SHIB token with a correction of 13.70% YTD.</p> 
<h2 class="wp-block-heading" id="h-dogecoin-price-analysis">Dogecoin Price Analysis:</h2> 
<p>The leader of memecoins, Dogecoin price traded in a closed range between $0.08931 and $0.09366 for a while, following which the market lost momentum, resulting in a price breakdown. The <a href="https://coinpedia.org/price-prediction/dogecoin-price-analysis/">DOGE price</a> recorded a correction of approximately 11% in valuation, following which the price traded between $0.07981 and $0.08416 for the next few days.</p> 
<p>As the market volatility increased, the price experienced constant fluctuations in the chart. After multiple failed attempts, the bulls successfully broke out of the range, but the rally was short-lived, resulting in a pullback within the range.</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/oJazx4x2IciBt3mmXa-eDbFPZseBcck0tqlbuGyT2gT0dNtMdwX0QkqMn6wrJVUggp-tOyvdJAXjV8gPd3vEV7nNJ2wNmyuaTilJbpITfqArmUDPt5XLWSBRg4SYUg_M8QDH8OIWHZcQyhtnill57CSQJfLQXL5Ck4DNvQI-bv29uuqgaEtV5W_tJ7lZyw" alt="Dogecoin Price Analysis">
 <figcaption class="wp-element-caption">
  TradingView: DOGE/USDT
 </figcaption>
</figure> 
<p>Following multiple failed attempts to breach its important resistance level, Dogecoin has been trading in a consolidated range between $0.07597 and $0.08416.</p> 
<p>The technical indicators highlight a bearish influence as both MACD record a bearish convergence and the Cross EMA 50/200-day acts as a resistance to the chart, indicating a bear power in the crypto market.</p> 
<p>If the market pushes the price above the resistance level of $0.07981, the bulls will regain momentum and prepare to test its upper resistance level of $0.08416 this month. Conversely, if the bear overpowered the bulls, the price would lose momentum and prepare to test its support level of $0.07597 soon.</p> 
<h2 class="wp-block-heading" id="h-shiba-inu-price-analysis">Shiba Inu Price Analysis:</h2> 
<p>The SHIB price started the year by trading in a neutral trend for the first few days. After this, the Shiba Inu lost momentum and recorded a correction of over 12% in valuation. Following this, the memecoin traded in a consolidated range between $0.00000926 and $0.00001012 for a while.</p> 
<p>The bears overpowered the bulls, resulting in a price breakdown but the bulls held the price above the support level of $0.00000879 and the <a href="https://coinpedia.org/price-prediction/shiba-inu-price-prediction/">Shiba Inu price</a> bounced back within the range. Following this, the price continued to trade in the range for the next few days.</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/mHWb_YE3fw94baRzsKqHkVPP_BHFH-vlpPt_THXsOmQMjs7MkHizkp9dXmOKQgUnxZsO-DCJzPE8T7_P9Df-w75XqOQU_vtp-E90DOsNigmC4xDZmY7ZVg3JtCDXGuis9rqjUEoOdQqe8YGC2AsiX7hTBx3w1HZdiLn2fU_TBDMIwpMIYAtR-5j3oKYntA" alt="Shiba Inu Price Analysis">
 <figcaption class="wp-element-caption">
  TradingView: SHIB/USDT
 </figcaption>
</figure> 
<p>As the market volatility increased, the bulls lost momentum and recorded a breakdown in the chart. Since then, the price has been trading in a closed range between $0.00000879 and $0.00000926, indicating a weak price action for the coin in the market.</p> 
<p>The MACD displays a neutral histogram, indicating a weak price action for the coin in the market. On the other hand, the averages show a high possibility of a bullish convergence, highlighting a mixed sentiment in the market.</p> 
<p>If the bulls gain power, the SHIB price will prepare to test its resistance level of $0.00000926 in the coming time. Conversely, if the bears continue to dominate the market, the price will be prepared to test its important support level of $0.00000879 by the coming week.</p> 
<h2 class="wp-block-heading" id="h-bonk-price-analysis">BONK Price Analysis:</h2> 
<p>The best-performing token of the year 2023, started this year on a strong bearish note as the price lost approximately 36% within the first eight days. After testing its crucial support level of $0.000009635, the bulls regained momentum and jumped over 32% within a day, following which the price experienced a minor pullback.</p> 
<p>The bulls quickly regained power and recorded a jump of approximately 32% in valuation. The BONK price faced a trend reversal at $0.000015988 and lost over 16%, after which the <a href="https://coinpedia.org/price-prediction/bonk-price-prediction/">BONK price</a> bounced back. The price recorded a jump of just over 26%, following which the price traded under a bearish influence for the next two weeks.</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/iFEuGq3_uM2soHfmu-zfhAE3VISG9PkgJwkpvrcXDklZep2OTzG1vi_lXqHbvzDX5zSk0wTvGoP5eybaIxcdfZhQrUz_bOCpCoEJRuolXodAo-6DxwfhoN8HKpx8ZG8_29bWLSp4ikytGV4XcA8vYgP8ULlItuwjAixiIFJ_pBa2CfQJtB0IIyZ-qon8FA" alt="BONK Price Analysis">
 <figcaption class="wp-element-caption">
  TradingView: BONK/USDT
 </figcaption>
</figure> 
<p>After erasing all its gains from the pumps and testing its crucial support level of $0.000009635, the price constantly gained value and broke out of the resistance level. After trading sideways between $0.00001130 and $0.00001276 for a while, the bulls lost momentum and since has been trading between $0.000009635 and $0.00001130.</p> 
<p>The Moving Average Convergence Divergence (MACD) displays constant flatlines, suggesting an uncertainty in the future price action of the coin. Further, the Cross EMA 50-day acts as a resistance, highlighting a bearish influence in the crypto industry.</p> 
<p>If the market holds the BONK price above the support level of $0.000009635, the bulls will regain momentum and prepare to test its resistance level of $0.00001130 soon. Negatively, if the bears overpowered the bulls, it would lose momentum and fall to test its crucial support level of $0.000009635.</p> 
<h2 class="wp-block-heading" id="h-conclusion">Conclusion:</h2> 
<p>Overall the memecoin market has been constantly trading on a bearish note, indicating a rise in disinterest of investors in it. Further, this year is considered to be a crucial one for memecoins as well as the whole crypto industry as the future of the cryptocurrency market depends on it because many major events are scheduled for this year.</p>

Memecoins Hype Fading Away! As DOGE, SHIB, And BONK Prices Experience A Plunge?

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