Top 3 meme coins price prediction Dogecoin, Shiba Inu, Bonk: Memes face steeper correction than Bitcoin


  • Dogecoin eyes February lows after nearly 23% decline in the past seven days. 
  • Shiba Inu could plummet another 13% amid the broader crypto market correction. 
  • Bonk price is likely to regain lost ground as technical indicators point at recovery. 

Crypto markets are suffering a market-wide correction, with Bitcoin (BTC), Ethereum (ETH) and XRP prices down 14%, 12% and 10%, respectively, in the past seven days. In the same time frame, meme coins Dogecoin (DOGE), Shiba Inu (SHIB) and Bonk (BONK) suffered an even steeper correction, accumulating losses of more than 20% each. 

The technical picture of the top three meme coins suggests that while DOGE and SHIB are likely to extend the recent decline, BONK is showing some signs of recovery. 

BTC

Price performance between April 24 and May 1

Dogecoin likely to revisit lows seen at the end of February 

Dogecoin has been in a downward trend since March 28. The meme coin has formed consistently lower highs and lower lows. Nearly a month ago, on April 2, there was a bearish sign in Dogecoin’s Moving Average Convergence Divergence (MACD) indicator. 

The signal line crossed over the MACD line,  a bearish crossover that was followed by a further decline in DOGE price. In the ongoing correction, the February 29 and 28 lows of $0.1113 and $0.0947 are the next support levels. 
DOGE

DOGE/USDT 1-day chart 

A daily candlestick close above April 30 close at $0.1333 could invalidate the bearish thesis, indicating the possibility of a price recovery. In such a scenario, the April 30 high at $0.1460 is the immediate resistance for DOGE.  

Shiba Inu holders brace for further correction

SHIB is gearing up for a 13% correction, or a decline to the April 13 low at $0.00001830, as its downward trend looks likely to persist.. The Relative Strength Index (RSI), a momentum oscillator, is at its lowest level since October 2023 at 34.66. Once RSI makes a comeback from its decline below 30, it could generate a buy signal, implying that SHIB is oversold. 

The Moving Average Convergence/ Divergence (MACD) indicator crossed below the signal line on Monday. This reaffirms the bearish thesis for the Shiba-Inu-themed cryptocurrency.

SHIB

SHIB/USDT 1-day chart 

If SHIB closes above $0.00002476 (the 23.6% Fibonacci retracement level of the decline between the March 5 top of $0.00004567 and the April 13 low of $0.00001830), it could invalidate the bearish thesis. SHIB faces immediate resistance at the April 23 high at $0.00002814. 

Bonk likely to regain lost ground, bullish signs flash

Bonk is the only meme coin in the top three which is flashing signs of recovery. BONK broke out of its bearish trend on April 20, as signaled by the Moving Average Convergence/ Divergence (MACD) crossing above the signal line. This is typically considered a bullish sign.

The RSI has fallen to 47.79 at the time of writing, closer to 50 (neutral zone). BONK faces immediate resistance at $0.000026, the April 30 high. 

BONK

BONK/USDT 1-day chart

A daily candlestick close under the 50% Fibonacci retracement at $0.00002089 could invalidate the bullish thesis. Looking down, $0.00002089 and $0.00001882 are two support levels for BONK, coinciding with the 50% and 61.8% Fibonacci retracement levels of the climb from the April 13 low at $0.00001212 to the April 25 high at $0.00002966.


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Three reasons why Chainlink could rally

Three reasons why Chainlink could rally

Chainlink has noted accumulation by large wallet investors for the past two weeks. Nearly $110 million in LINK has been withdrawn from exchanges in this time period. LINK sustained above $13 on Sunday, extending gains by nearly 1%. 

More Chainlink News

Ripple holds on to double-digit gains, highest in top 20 cryptocurrencies

Ripple holds on to double-digit gains, highest in top 20 cryptocurrencies

Ripple rallied over 19% in the past seven days per CoinGecko data. The altcoin broke past resistance at $0.50 on the one-year anniversary of Judge Analisa Torres’ XRP ruling. 

More Ripple News

Bitcoin breaks $60,000 as market anticipates re-election of pro-crypto former President Trump

Bitcoin breaks $60,000 as market anticipates re-election of pro-crypto former President Trump

Bitcoin extended gains post the shooting at the rally of US Presidential candidate Donald Trump. The former President is a pro-crypto candidate, and a report by Fortune shows that Trump’s chances of winning the race increased after the Saturday events.

More Bitcoin News

Ethereum ETF launch could push Ether to new all-time high, on one condition

Ethereum ETF launch could push Ether to new all-time high, on one condition

Ethereum (ETH) traders are watching two key events closely: the anticipated approval of the Spot Ether ETF and the activities of whales, the large wallet investors holding ETH. An analyst has predicted that the odds of Spot Ether ETF is 72.7% this week. 

More Ethereum News

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin (BTC) stabilized around the $57,000 mark this week, while the German Government persists in transferring Bitcoin to exchanges. Concurrently, US spot Bitcoin ETFs have recorded inflows. On-chain analytics indicate that whales are accumulating BTC during dips, potentially foreshadowing an imminent rally in the days ahead.

 

Read full analysis

BTC

ETH

XRP