As the cryptocurrency market experiences a massive collapse, altcoins are losing important support levels. In the midst of a collapse, meme coins known for massive moves on both sides are showing an amplified downward movement.
As investors rush in the face of rising FUD, dreams of a market-wide rally after the halving are further from reality. Will meme coins sail across bad seas to take a photo of the moon? Is this a healthy correction?
Let’s take a look at the price analysis of the best meme coins to get a more conclusive analysis.
Coin crash #1 meme
In a pullback row, DOGE price action shows an intense downtrend, as it breaks below the crucial support area at $0.145. With a larger down channel, the increasing supply forms a secondary channel within it and challenges the $0.13 level.
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The daily RSI line falls below the oversold zone, reflecting rising supply pressure. In support of this view, the MACD lines and signal lines are trending in a negative direction.
If the meme drops below $0.13, sellers will test the downward support trend line at $0.11 or closer to the psychological support of $0.10. It is optimistic that a bullish reversal could revive the positive cycle and reach the $0.18 mark.
Shiba Inu triangle collapse
With the supply tsunami hitting most altcoins, SHIB’s price trend is showing a downward shift. The meme coin is displaying a breakdown of the symmetrical triangle pattern on the 4-hour chart.
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The meme coin is down nearly 10% in the past 24 hours, leading to a 25% decline in the last 30 days. Since the breakout represents a selling point, the chances of a decline increase, and the SHIB price may fall below the psychological mark of $0.000020.
On the upside, a retest of a broken trend line can be a return moment for buyers to take control of the trend.
Prolongs retesting of the PEPE channel
Amid collapsing memes, PEPE price action shows a bullish breakdown of a bearish channel struggling to take off. The breakout rally is back to retest the 50% Fibonacci retracement level.
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As it reverses from $0.000007662, the retest puts PEPE price at the 23.60% Fibonacci level near $0.0000060. With a 4.94% drop during the day and 9.37% last night, the toad-themed coin is under intense pressure. The decline could lead to a collapse of $0.0000060.
Punk coin meme under pressure
With the breakout of a downward channel similar to PEPE, BONK meme coin prices were able to rise. However, the short-term uptrend is taking a reversal amid the broader market slowdown.
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As the bearish reversal retests the $0.000020 support area, the BONK price trend shows a high probability of a bullish turn. Despite a sharp 11% drop last night, the memecoin is showing resilience and avoiding a bearish continuation today.
In case of a bounce, the upside could reach $0.000035.
Conclusion
With the collapse and increasing supply, meme coins are under intense downward pressure and expect the downtrend to continue this week. However, strong demand at lower levels could lead to a slightly positive end of the month. Hence, May could be a surprisingly positive month for memes once the market gets over the CZ news.
Also Check: Best Meme Coins to Make 10X Profits in May!