
While some altcoins have experienced losses ranging from 20-30% during this downturn, the situation is notably worse for memecoins, with declines hitting 40-60%. The recovery potential for $DOGE, $PEPE, and $BONK is examined.
Altcoin investors have faced tough times recently. Bitcoin ($BTC) is struggling to reverse its current downtrend, and as usual, altcoins have suffered more. For those holding memecoins, enduring a loss of at least 40% over the past two weeks has been particularly challenging.
Strong Support and a Rebound for $DOGE
Source: TradingView
Analyzing the weekly chart for $DOGE (DOGE/USDT) reveals a clear trend. The impressive surge starting from $0.08 in early August peaked at the 0.618 Fibonacci level of $0.47 in November.
This significant price increase required a correction, and over the past weeks, a 43% drop has helped the market digest the previous surge. The fact that this decline reached an ascending trendline that began in late 2022 is quite bullish.
Currently, the $DOGE price rests on solid horizontal support aligned with the 0.382 Fibonacci. The chart above outlines potential upward targets.
$PEPE Supported by Strong Horizontal Levels
Source: TradingView
$PEPE (PEPE/USDT) has experienced significant volatility recently. After a classic bull flag breakout suggested an upward trend, a subsequent drop forced prices back down to confirm the flag's base, resulting in a 49% pullback from the peak.
The price is now beginning to rise from solid horizontal support at $0.000017. Should $PEPE manage to climb out of the flag, investors will need to be wary of a possible future head and shoulders reversal pattern. If avoided, the all-time high at $0.000028 would be the primary target.
$BONK Bulls Aim to Break the Downward Trendline
Source: TradingView
$BONK (BONK/USDT) has been hit harder than most major memecoins. A 60% decline from the peak at $0.000062 has occurred, and now, bulls must step in to push the price above the descending trendline.
Given the steep correction, a breakout is quite possible, with targets shown in the chart above. However, if the decline persists, the ascending bull market trendline might serve as the final support level.
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.
Investment DisclaimerRXS vs Coldware: Rexas Finance Whales Expand Presale Portfolios to a Promising New Layer-One Protocol
Top Altcoin to Consider for the Next Major Crypto Boom