In this weekly analysis of meme coins, BeInCrypto observed that these tokens have seen mixed results. While some tokens saw gains, others struggled with significant losses.
AI-created Peanut the Squirrel (PNUT) and Goatseus Maximus (GOAT) were among the week’s underperformers, both seeing significant price declines. In contrast, Bonk (BONK) has defied market trends, securing its place among the best-performing cryptocurrencies. Here’s a detailed recap of the week’s developments.
Peanut the Squirrel (PNUT)
At the start of the week, the price of PNUT was $1.94. However, the meme coin’s value has since decreased by 33%. This significant decline could be attributed to selling pressure from those who held the token until it reached an all-time high.
The price of PNUT is currently $1.17. However, the one-hour chart shows that the Relative Strength Index (ROI) fell to 31.66. When the RSI rises to 70.00, it means the asset is overbought.
On the other hand, if it is below 30.00, it means that it is oversold. Therefore, even though the RSI reading indicates bearish momentum, it indicates that PNUT is oversold.
As such, the price of the meme coin could be about to rebound. If validated, PNUT price could rebound up to $1.40. In a very bullish scenariothe coin itself could rise towards $1.72. However, if the selling pressure increases again, the price could drop below $1.15 when we release the next weekly meme coin update.
Goat Maximus (GOAT)
Similar to PNUT, GOAT, another meme coin, faced a steep decline this week as its price dropped 22%.
GOAT price fell to $0.87, likely due to declining interest in AI-themed meme coins. THE changing story in the meme coin market suggests that some traders may be moving away from the AI buzz and looking for opportunities elsewhere.
Adding to the bearish sentiment, GOAT’s 4-hour chart revealed a head and shoulders pattern, a classic bullish-bearish reversal indicator. This formation suggests that the coin could face new problems.
If the pattern plays out, associated with the negative Moving Average Convergence Divergence (MACD), GOAT Price Could Drop at $0.66. However, a burst of buying pressure could invalidate this bias. If this happens, the value could rise to $1.37.
Bonk (BONK)
Unlike the performances of GOAT and PNUT, the price of Bonk saw an increase of 28%. This price increase occurred because the project revealed that it burn 1 trillion tokens no later than December 25.
As a result, this revelation spread euphoria around the world. Solana coins meme community, driving demand and a higher value for the token. However, BONK faces resistance at $0.000050, making it difficult for the cryptocurrency to move higher.
Despite this, Bull Bear Power (BBP) shows that the bears are still not in control. If supported, then The price of BONK could move towards $0.000060.
On the other hand, if the bears surpass the bulls’ dominance, this might not happen, as the next weekly meme coin analysis could see them falling to $0.000043.
Disclaimer
In accordance with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decision. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.