Meme coins: The Dramatic Downfall of Crypto’s Funniest Fads! 😂💸

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Meme coins are having a meltdown that would make a toddler’s tantrum look like a yoga retreat. While Bitcoin is just chilling like it’s on a beach vacation, meme coins are facing a steep sell-off across the board. 🏖️

In the last 24 hours, meme coins have taken a nosedive, with Dogwifhat (WIF), Ai16z (AI16Z), and Bonk (BONK) leading the charge into the abyss, according to Coinmarketcap. Meanwhile, Bitcoin (BTC) is down a mere 0.63% and 0.93% on the daily and weekly timeframes, respectively. This divergence is like watching a tortoise and a hare race, but the tortoise is just taking a nap while the hare is having an existential crisis. 🐢💤

Ai16z

The Ai16z’s daily chart looks like it’s auditioning for a horror movie, indicating a prevailing bearish trend. The price is currently at $0.32, which is below the 7-day simple moving average of $0.34. Talk about a bad hair day! 💇‍♂️

Looking at structure levels, the immediate area of interest is the support level at around $0.30, which has been tested more times than my patience during a family dinner. If this support breaks, the next critical zone lies between $0.27 and $0.28, where the price previously tried to make a comeback but failed like a contestant on a reality show. 📉

The $0.40 level is the next key resistance. This price point has previously rejected upward moves, indicating that sellers are still lurking like that one friend who never leaves the party. A more significant bullish shift would require a breakout above the $0.45 – $0.50 range, an area that marked the beginning of the current downtrend. 🥳

Dogwifhat

Similarly, the daily price chart for Dogwifhat shows a downtrend that’s more dramatic than a soap opera. WIF is trading at $0.60, which is below the 7-day SMA of $0.64. If the price can move past this level, the next resistance lies in the $0.70 – $0.75 range. But let’s be real, it’s like trying to get a cat to take a bath. 🐱🛁

Support is holding around $0.60, a level that has been tested more times than my resolve to eat healthy. If this level fails, a further decline toward $0.55 is possible.

For a potential reversal, WIF would need to break and sustain above the 7-day SMA while reclaiming the $0.70 – $0.75 zone. Until that happens, the bears remain in control, and the risk of further declines persists. It’s like waiting for a bus that never comes. 🚌

Bonk

BONK is trading at $0.00001451, which is below the 7-day SMA of $0.00001557. Despite brief periods of sideways consolidation, especially in mid-February, the price has struggled to break above the 7-day SMA, which means that sellers are still in control like a bad reality show judge. 🎤

In terms of structure levels, the most immediate one is around $0.00001400, a level that has been tested more times than my patience during a family game night. If the price fails to hold above this support, further downside movement could push it toward the $0.00001250 – $0.00001300 range, where historical price action suggests some stability.

The $0.00001750 – $0.00001800 region represents a significant resistance zone where BONK previously faced strong selling pressure. A breakout above this level would indicate a potential trend reversal and shift the sentiment toward a more neutral or bullish outlook. But until then, it’s like waiting for a miracle. 🙏

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2025-02-24 19:49