- Crypto data tracker CoinMarketCap listed 138 new meme coins in April, but the actual number may be higher.
- Analyst Crypto Koryo says diversification is key while investing in meme coins.
- SHIB and BONK have erased all gains from the past seven days, while DOGE price is up 12%.
April recorded the addition of 138 new meme coins to CoinMarketCap. The actual number could be even higher as analyst Crypto Koryo notes that CoinMarketCap reportedly lists only 10% of all tokens.
Amidst a surge in demand for meme coins, Dogecoin (DOGE) sustains nearly 12% gains over the past seven days, while Shiba Inu (SHIB) and Bonk (BONK) wiped out gains.
Dogecoin sustains gains, eyes 20% rally
Dogecoin is trading within a range between $0.17449 and $0.12010 since mid-April, as seen in the DOGE/USDT 1-day chart. At the time of writing, the largest meme coin by market capitalization is trading at $0.14757 on Binance, rising 12.38% in the past seven days.
The Moving Average Convergence Divergence (MACD), a momentum oscillator, supports the thesis of DOGE price recovery. The green histogram bars above the neutral line and the crossover of MACD above the signal line are bullish signs for Dogecoin.
In its climb towards the Fair Value Gap (FVG) between $0.17586 and $0.18974, DOGE faces resistance at $0.16165 and $0.17449, the 61.8% and the 50% Fibonacci retracement levels of the decline between March 28 top of $0.22888 and May 1 low of $0.12010, respectively.
A move to the conservative target at $0.17586 implies almost 20% gains from the current level.
DOGE/USDT 1-day chart
Looking down, DOGE could find support at the May 1 low of $0.12010 and the February 29 low of $0.11132.
Shiba Inu could sweep liquidity at $0.00002251
Shiba Inu has formed lower highs and lower lows since March 5, as seen on the SHIB/USDT 1-day chart. SHIB has formed a descending triangle pattern, a bearish pattern characterized by a descending upper trendline and a flatter horizontal trendline, at $0.00002251.
SHIB is likely to sweep liquidity at the horizontal trendline at $0.00002251. The meme coin could find support at the May 1 low of $0.00002057 in the event of further decline.
SHIB/USDT 1-day chart
On the other side, Shiba Inu faces resistance at $0.00002476 in case the meme coin sees a daily close above May 6 high of $0.00002424.
Bonk trades within a tight range, wipes out gains from past seven days
BONK/USDT 1-day chart shows BONK is trading within a range, with its upper boundary at the April 25 top of $0.00002966 and lower boundary at $0.00002089 (the 50% Fibonacci retracement level of the climb from April 13 low of $0.00001212 and the April 25 top of $0.00002966).
BONK has wiped out all gains from the past seven days and trades at $0.00002320 at the time of writing on Thursday.
BONK’s Moving Average Convergence Divergence indicator shows red histogram bars below the neutral line, meaning there is negative momentum in BONK’s rangebound price action. BONK could sweep liquidity at $0.00001212, the 50% Fibonacci retracement level.
BONK/USDT 1-day chart
On the upside, BONK faces resistance at the May 7 high of $0.2559.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.