Meme Coins Weekly Recap: BONK Defies Market Trends, PNUT and GOAT Grapple With Losses

In this weekly analysis of meme coins, BeInCrypto observed that these tokens experienced mixed results. While some tokens saw gains, others grappled with significant losses.

This week's analysis of meme coins by BeInCrypto revealed varying results, with some tokens encountering gains and others facing significant losses.

Among the underperformers were Peanut the Squirrel (PNUT) and Goatseus Maximus (GOAT), both experiencing substantial price drops. In contrast, Bonk (BONK) defied market trends, emerging as one of the top-performing cryptocurrencies. Here's a closer look at each token's performance.

PNUT's price at the beginning of the week was $1.94. However, the meme coin experienced a significant decline of 33% during this period. This drop could be attributed to selling pressure as PNUT reached an all-time high.

As of press time, PNUT trades at $1.17. However, glancing at the one-hour chart reveals that the Relative Strength Index (RSI) has dropped to 31.66. When the RSI reaches 70.00, it indicates that an asset is overbought.

On the other hand, if it falls below 30.00, it suggests that an asset is oversold. Hence, while the RSI reading signifies bearish momentum, it also indicates that PNUT is now considered oversold.

As such, the meme coin's price could be set for a rebound. If confirmed, PNUT's price could bounce toward $1.40. In a bullish scenario, the meme coin could rally toward $1.72. However, if selling pressure picks up again, the price could decrease below $1.15 by the time we cover the next meme coins weekly update.

Another meme coin that faced a steep decline this week was GOAT, with its price experiencing a 22% decrease.

During this period, GOAT's price fell to $0.87, which could be attributed to waning interest in AI-themed meme coins. The shifting narrative in the meme coin market suggests that some traders may be moving on from the AI buzz, seeking opportunities elsewhere.

Adding to the bearish sentiment, GOAT's 4-hour chart revealed a head and shoulders pattern, a classic bullish-to-bearish reversal indicator. This formation suggests that the meme coin could face further downside.

If the pattern plays out, coupled with the negative Moving Average Convergence Divergence (MACD), GOAT's price could decrease to $0.66. However, a surge in buying pressure could invalidate this bias. If that happens, the value could jump to $1.37.

In a stark contrast to GOAT and PNUT's performance, Bonk's price experienced a 28% increase. This price hike occurred as the project announced that it will burn 1 trillion tokens by December 25 at the latest.

This disclosure sparked euphoria around the Solana meme coin, driving demand and a higher value for the token. However, BONK faces resistance at $0.000050, which has made it challenging for the cryptocurrency to rise much higher.

Despite that, the Bull Bear Power (BBP) shows that bears do not still have control. If sustained, then BONK's price could move toward $0.000060.

On the flip side, if bears outpace bulls’ dominance, that might not happen, as the next meme coins weekly analysis could see it decline to $0.000043.