The better-performing altcoins have lost between 20-30% during this downturn so far. However, in the memecoin niche things are a lot worse, with losses amounting to 40-60%. $DOGE, $PEPE, and $BONK are analysed as to their potential recoveries.
For the altcoin investor things have been pretty bleak over the last couple of weeks. With Bitcoin ($BTC) struggling to turn its current reversal around, the altcoins have fared worse as usual. However, for those sitting in memecoin positions, the stress of seeing a reduction of at least 40% over the last two weeks must be difficult to bear.
Clear support and a bounce for $DOGE
Source: TradingView
The weekly chart for $DOGE (DOGE/USDT) shows a very clear picture. It can be seen that the spectacular rise from $0.08 in early August reached the 0.618 Fibonacci at $0.47 in November.
Such a massive price rise really did need a correction, so over the last couple of weeks a dip of 43% did much to help the market absorb the preceding rise. The fact that this dip went down to touch an ascending trendline which began in late 2022 is very bullish.
The $DOGE price is currently sitting on strong horizontal support that coincides with the 0.382 Fibonacci. Upside target levels are in the chart above.
$PEPE buoyed up by strong horizontal support
Source: TradingView
$PEPE (PEPE/USDT) has seen a lot of volatility over recent weeks. A textbook bull flag broke out and the price looked to be heading skyward. However, a consequent dump took the price all the way back to touch and confirm the bottom of the flag. This amounted to a 49% reversal from the top.
Currently, the price is starting to climb from the strong horizontal support at $0.000017. If the $PEPE price can climb back out of the flag, bulls would then have to keep their eye on a potential future head and shoulders reversal pattern. If this can be avoided, the all-time high at $0.000028 would be the big target.
$BONK bulls need to break the descending trendline
Source: TradingView
$BONK (BONK/USDT) has suffered worse than most among the major memecoins. A 60% reversal from the all-time high at $0.000062 occurred and it is now up to those bulls to buy the price up so that it can break out of the descending trendline.
This is quite likely to happen, given that the correction has already been quite steep. If so, the targets are in the chart above. On the other hand, if the breakdown continues, the ascending bull market trendline would potentially be the last line of support.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
