Meme Coins See Red as Ai16z, Dogwifhat and BONK Spearhead the Downward Slump

The month was rough for all the coins, but meme coins have probably got the brunt of the whole thing. At press time, meme coins are simply bleeding red.

Meme coins have had a rough month, with most coins showing steep declines. At press time, meme coins are showing some of the worst performances in the industry. However, stable coins have shown some manageable declines. In the past 24 hours, meme coins have taken a considerable hit.

The coins that are lagging the most include Dogwifhat (WIF), Ai16z and BONK. These three tokens have been spearheading the downward slump, as per the data released by Coinmarketcap. In the meantime, BTC has been stable, as it has shown a steady 0.63% daily and 0.93% weekly timeframes.

This comparison and the following article will help you understand the true nature of speculative coins like meme coins. These coins are simply powered by popularity. Hence, they can show some of the biggest jumps or declines in the industry.

Ai16z’s daily chart at the time of writing shows a prominent bearish pricing trend. At press time, the price of the token is currently $0.32. This is considerably lower than the 7-day simple moving average of $0.34.

Looking at the current pricing structure, the immediate support area for the token is located at the $0.30 price point, which has already been tested a number of times in the last few days.

If the price of the Ai16z token falls below this support level, it could cascade down to $0.27 or $0.28. This was the level where the price was consolidating before a breakout. As of now, $0.40 is the key resistance level. This is a strong resistance level, but if the price does manage to break out, it can operate between the $0.45 and $0.50 range.

The daily chart of Dogwifhat or WIF also shows strong downtrends. The 7-day SMA of the coin is showing some serious downtrend. As of writing, the price of the token is hovering somewhere around $0.60, which is below the 7-day SMA of $0.64.

In the current pricing structure, the key resistance level of the coin is hovering somewhere at the $0.70 and $0.75 range.

Meanwhile, the support level is currently located in the $0.60 range, which has been tested multiple times. If the price fails this support level, it could easily cascade to $0.55. For a potential change of momentum, the token needs to break the 7-day SMA. Otherwise, things can be difficult going ahead.

At press time, Bonk is standing at $0.00001451. This is considerably below the 7-day SMA of $0.00001557. In fact, the price of the token has tried to break the SMA record but has failed repeatedly. This means that the sellers are still in control.

At the moment, the current support level of the coin is $0.00001400. This level has been tested multiple times, and if it breaks, the price of the token might cascade down to the $0.00001250 – $0.00001300 range.

Meanwhile, the $0.00001750 – $0.00001800 region is a strong resistance zone. If the token breaks this zone, its price can climb high. However, the current market stance shows that a climb might be difficult at the moment. As a result, BONK holders are currently in Red.