It was one of the lousy days for the crypto markets, as billions in market cap just whipped out in a few moments. While the markets still remain under bearish captivity, some of the tokens are fighting hard to eliminate bearish influence. Popular memecoins dogwifhat (WIF) & Bonk (BONK) prices are rebounding as decent buying pressures continue to mount over the platform.
dogwifhat (WIF) Price Analysis
dogwifhat price was in the middle of a ‘v-shaped’ recovery from the bottoms below $1.5, aiming to reach above $2.2 before the end of the week. However, the Mt. Gox terror struck the markets, causing massive destruction of nearly $100 billion. As a result, the prices that faced rejection at $2.28 which falls within a crucial resistance zone, plunged back to test the pivotal support levels at $1.51. However, the prices have initiated a recovery while a rise above the bearish influence could be validated with a bullish close for the day.
The WIF price has been trading below one of the important support levels between $2.15 and $2.28 since the last few days of June. Unfortunately, an attempt to pierce these levels was nullified by the bears and hence, another attempt to drag the levels below $1.5 has also been squashed by the bulls. The RSI has triggered a bullish reversal, while the OBV (on-balance volume) is displaying the possibility of a similar reversal that occurred in the last week of June.
As market sentiments are bewildered, the dogwifhat price is expected to remain consolidated within this range until a huge buying volume enters the space.
Bonk (BONK) Price Analysis
The Bonk price has been trading within under a steep bearish trend ever since it failed to surpass the crucial resistance between $0.00003973 and $0.00004125. After failing to breach the resistance at the beginning of the month, the bears dominated the rally and slashed the levels by nearly 25% in the past couple of days. Now that the bulls are trying hard to validate a rebound, a rise above certain levels may squash the bearish influence for a while.
As suggested in the above chart, the BONK prices are trading within a falling wedge. Despite a massive selling pressure hovering over the token, the bulls have managed to sustain the trade within the pattern, hence keeping the bullish hopes alive. However, the technicals do not support a bullish narrative as the OBV displayed a bearish reversal indicating the start of a bearish trend supported by MACD which is about to undergo a bearish cross-over.
Therefore, the Bonk (BONK) price may not hold the buying pressure for a long time, as the technicals suggest another pullback to the support may only begin a fresh ascending trend.