The meme coin market is buzzing as top dog-themed cryptocurrencies—Dogwifhat (WIF), Bonk (BONK), and FLOKI (FLOKI)—have demonstrated impressive gains over the past week. After increasing more than 20% last week, these coins are poised for further upward movement, with technical indicators suggesting that bullish sentiment still prevails.
Dogwifhat has shown remarkable strength, breaking above a descending trendline and closing at $1.947 on September 24. Over the next four days, WIF rallied 23%, currently trading at approximately $2.413.
Should WIF close above its 50% price retracement level at $2.586, it could extend its rally by 12%, aiming to retest the July 22 high of $2.895. However, caution is warranted; the Relative Strength Index (RSI) is currently at 74, indicating an overbought condition. If the RSI begins to decline and exits this territory, it could signal a potential price pullback. Conversely, sustained bullish momentum could keep WIF above overbought levels.
If WIF fails to maintain its position above the 50% retracement and drops below the daily support at $1.947, a decline to the September 18 low of $1.444 may be on the horizon.
Bonk also broke through its descending trendline on Friday, closing above the daily resistance at $0.0000228 with a 15% rally. As of Monday, it trades slightly higher at around $0.0000242.
If Bonk can hold the $0.0000228 level as support, it may surge 19% to retest the 50% price retracement level at $0.000030. The RSI has rebounded and is currently trading above 70, indicating bullish momentum. However, as with Dogwifhat, this overbought status raises the risk of a pullback. If Bonk closes below $0.0000228, it could revisit its September 17 low of $0.0000181.
FLOKI's price also shows promise after breaking above its daily resistance level at $0.000154, coinciding with the 50% price retracement level. Following a 12.5% rally, FLOKI trades slightly above the $0.000154 support level.
If this support level holds, FLOKI could rally 21% to retest its July 27 high of $0.000188. The RSI is currently declining from its overbought level of 70, suggesting reduced bullish momentum; however, it remains relatively stable at 66, indicating that bullish pressure persists.
Overall, Dogwifhat, Bonk, and FLOKI are demonstrating notable bullish behavior, with technical indicators pointing toward potential further gains. Traders should remain vigilant, as the high RSI levels indicate an increased likelihood of pullbacks. Monitoring key support and resistance levels will be crucial in determining the next moves for these trending meme coins. As the market evolves, these dog-themed cryptocurrencies continue to capture the attention of investors, signaling a vibrant future in the meme coin landscape.