Memecoins $DOGE, $PEPE, and $BONK were previously analysed and potential entry points were suggested. Did you make your buys? Given the recent market dip, how accurate was the analysis?
$DOGE dip lower than expected
Source: TradingView
As with this, and the subsequent charts, the green buy boxes have been left just as they were for the original analysis. On the daily chart for $DOGE it can be seen that the price fell through the bottom of the green box and made support at the $0.19 horizontal level.
Hopefully, those buying at the bottom of the box, which coincided with the 0.618 Fibonacci and horizontal support, had their stop losses triggered and were able to buy in at this lower level.
While the Stochastic RSI indicators on this daily time frame are just ticking up from the bottom, it should be noted that the 4-hour is right at the top of its trajectory, so consolidation, and a possible retest of $0.19 could be on the cards.
How Bitcoin reacts over this week would also impact memecoins. If there is one last flush-out to come, there is the possibility that $DOGE could even come down to strong horizontal support and the 0.786 Fibonacci at around $0.17. In this kind of environment stop losses are extremely important.
$PEPE price could still come back further
Source: TradingView
The $PEPE price is still in the green box having come down almost to the 0.786 Fibonacci level. With the 4-hour Stochastic RSI indicators right at the top and about to potentially fall back down, there is the possibility that the 0.786 Fibonacci could still be hit. Also, depending on how the US stock market opens, and how Bitcoin reacts, the bottom of the green box at $0.00000917 is still feasible.
Perfect call on $BONK
Source: TradingView
$BONK came down perfectly to touch the bottom of the green box which coincides with horizontal and good price structure support, and also with the 0.786 Fibonacci level. A bounce from this area is very bullish.
However, once again, the 4-hour Stochastic RSI indicators have just started to turn back down. This might result in a revisit of this local low, but if $BONK bulls can keep the price relatively steady, a W candle pattern could help to send the price back in a powerful surge to the upside.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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