Cryptocurrencies Price Prediction: Dogecoin, Pi Network & Bonk – European Wrap 17 July

Dogecoin Price Forecast: DOGE nears yearly low as bearish bias grows

Dogecoin (DOGE) extends its decline on Friday, trading near its yearly low at $0.069 as bearish sentiment continues to weigh on the meme coin. Weakening derivatives metrics and a deteriorating technical outlook suggest a deeper correction if DOGE slips below $0.069.

Coinglass's long-to-short ratio for DOGE read 0.75 on Friday, nearing its lowest level in over a month. The ratio being below one, indicates bearish sentiment, as traders are betting the asset's price will fall.

Pi Network Price Forecast: Mild recovery in PI marks early signs of trend reversal

Pi Network (PI) shows a mild recovery on Friday, following three consecutive days of consolidation, as selling pressure eases after a steep decline earlier this month. Speculative demand for a potential rebound in PI is on the rise as its Open Interest remains elevated. Technically, PI holding steady at key support amid oversold momentum implies a potential recovery ahead.

Pi Network remains a highly speculative, community-driven crypto asset that saw a sharp correction earlier this month as broader market sentiment shifted to risk-off. However, the upcoming mainnet upgrade to Stellar Protocol version 25 on July 22, alongside easing market-wide risk-off sentiment, implies improving bullish factors for PI. 

Bonk Price Forecast: Extends losses as hacker moves stolen tokens to Binance

Bonk (BONK) extends its losses, trading below $0.0000034 on Friday, losing over 16% so far this week. The ongoing correction was fueled by on-chain data indicating that the hacker behind the recent exploit transferred a portion of the stolen tokens to Binance. The move has heightened concerns about increased selling pressure, while the hacker still holds roughly $10.85 million in BONK, leaving the meme coin vulnerable to further declines.

Lookonchain data shows that the hacker who had stolen $21.2 million the previous week deposited $4.11 million worth of BONK on Binance on Friday.