Following every week of losses, the meme coin market has witnessed a notable rebound.

The values of main meme cash Shiba Inu (SHIB) and Bonk (BONK) have risen by double digits up to now seven days. Nonetheless, the Solana-based meme coin Dogwifhat (WIF) has bucked the pattern because it recorded a decline throughout the identical interval. 

Shiba Inu (SHIB) Climbs By Double Digits, Tendencies Towards Key Transferring Common

The price per Shiba Inu (SHIB) coin has risen by 17% in the course of the week in evaluate. As of this writing, the meme coin trades at $0.000015.

Assessed on a one-day chart, the coin’s price is poised to cross above its 20-day exponential shifting common (EMA). 

This shifting common assesses an asset’s short-term tendencies and identifies potential entry and exit factors. It measures an asset’s common buying and selling price over the previous 20 days.

When an asset’s price is about to cross this key shifting common, it’s a bullish sign. In SHIB’s case, it has traded beneath the 20-day EMA since June 7. Subsequently, the transfer to rally above it’s important as a result of it signifies a shift in momentum in direction of shopping for and doubtlessly larger costs.

If this occurs, the coin’s worth will rise to alternate palms above the $0.000016 price. 

Learn Extra: Shiba Inu (SHIB) Value Prediction 2024/2025/2030

Nonetheless, if profit-taking commences, the coin’s price would possibly witness a downtrend and fall below $0.000015.

Bonk’s (BONK) Present Uptrend is Sturdy

At press time, BONK trades at $0.000022. Through the week in evaluate, its price has climbed by 14%. 

Confirming the power of the present uptrend, BONK’s Aroon Up Line is at 92.86%. An asset’s Aroon indicator measures its pattern power and identifies potential price reversal factors. When the Aroon Up Line is near 100, it signifies that the uptrend is powerful and that the newest excessive was reached comparatively lately.

Additional, the token’s constructive Chaikin Cash Stream (CMF) exhibits liquidity influx into the BONK market. That is wanted to maintain its present price rally.

An asset’s CMF indicator measures cash circulation into and out of its market. When its worth is above zero, it indicators market power, as asset holders provide the capital to assist maintain the price development. At press time, BONK’s CMF is 0.02.

If the meme coin continues to take pleasure in liquidity influx and demand stays excessive, its price could rally to $0.000023.

Learn Extra: 11 Prime Solana Meme Cash to Watch in July 2024

Nonetheless, if the present pattern is reversed and sentiment shifts from constructive to unfavorable, the token’s worth will drop to $0.000021.

Dogwifhat (WIF) is the Odd One Out

Out of the highest 5 meme cash by market capitalization, Dogwifhat (WIF) is the one one which has recorded a price decline within the week below evaluate. Trading at $1.56 at press time, the price of the dog-themed token has dropped 4% within the final week. 

Readings from WIF’s Parabolic Cease and Reverse (SAR) indicator recommend that the price decline would possibly lengthen into the weekend. This means that the bearish sentiments trailing the meme coin stay important. 

The indicator’s dots relaxation above their price at press time, indicating that the market is in decline and would possibly proceed. 

The Parabolic SAR indicator is used to establish potential pattern course and reversals. When its dotted traces are positioned above an asset’s price, promoting stress is excessive.

If this pattern continues, WIF’s price will drop to $1.50.