Meme Coin Analysis: Market Correction Impacts Bonk, Dogwifhat, Popcat Rally Towards All-Time Highs

As cryptocurrencies have surged following the US presidential election and Donald Trump’s victory, the meme coin mania has also shown interesting positive developments. Among the trending coins, Dogwifhat (WIF), Bonk (BONK), and Popcat (POPCAT) have attracted significant attention due to their recent price movements and strong community support. These coins are witnessing notable gains, reflecting renewed investor enthusiasm in the crypto market.

WIF is trading at $3.89, marking an 8.66% increase in the past 24 hours. With a market cap of $3.88 billion and robust trading volume, WIF has quickly gained traction among crypto enthusiasts. Similarly, BONK has risen to $0.00003746, with its market cap nearing $2.81 billion. Bonk’s community sentiment is highly bullish, further fueling interest in this coin’s short-term potential.

On the other hand, POPCAT trades at $1.75 and has seen a 12.68% gain in the last day. This increase is driven by strong community engagement and growing trading activity. With a total supply of 979.97 million and a market cap of $1.72 billion, Popcat continues to capture attention in the memecoin space. The recent performances of these coins underscore the dynamic nature of the crypto market. Trends can shift rapidly based on investor sentiment and external events.

Bonk Technical Analysis

BONK Daily Chart – Breakout from Triangle Pattern

The daily chart for BONK shows that the price has broken out of the triangle formation following Trump’s victory. The price is approaching the record level, and a break above this level could initiate a price surge. The breakout from the triangle pattern is accompanied by a solid bullish formation, showing a rounding bottom in September. This bullish pattern indicates upward momentum in BONK’s price. A break above $0.00004756 will initiate a strong move higher.

BONK 4-hour Chart – Inverted Head and Shoulders

The 4-hour chart also shows inverted head and shoulder patterns. This pattern was broken at the black trend line, initiating a strong surge in BONK prices. Price fluctuations following the presidential election indicate high volatility. This volatility suggests potential movement in both directions, but the primary trend remains upward.

Dogwifhat Technical Analysis

WIF Daily Chart – Cup Pattern

The daily chart for WIF shows bullish price action in the form of a cup formation from March to November 2024. The price is approaching the record level on Thursday and appears poised for an upside breakout. A break above the record level would initiate a strong upward move. This bullish trend began from the bottom of the cup and confirmed upward momentum when the price broke above the black dotted trend line. The RSI is overbought, so prices might consolidate around the record level before moving higher.

WIF 4-hour Chart – Ascending Channel

The 4-hour chart for WIF also shows upward momentum within an ascending channel. This channel was broken to the upside following an inverted head and shoulder pattern formation. A break above $3.52 has triggered the upward move. However, overbought conditions may lead the price to consolidate back to $3.52. The support around this level will likely spark a strong move. This move targets $6, determined by a parallel line to the ascending channel.

Popcat Technical Analysis

POPCAT Daily Chart – Breakout

The daily chart for POPCAT shows a breakout on Wednesday above $1.715, which has opened the door for higher prices. The double bottom formation in August 2024 highlights a historical bullish pattern, indicating an upward move.

POPCAT 4-hour Chart – Ascending Broadening Wedge

The 4-hour chart for POPCAT shows the formation of an ascending broadening wedge pattern. Following Donald Trump’s victory, the price reached the resistance level of $2. A break above $2 could pave the way for higher prices. However, POPCAT prices have been rising steadily and remain bullish.

Bottom Line

In conclusion, the recent surge in cryptocurrencies following the US presidential election has brought new momentum to meme coins like WIF, BONK, and POPCAT. Each coin has shown strong upward movement, with robust community support fueling gains. Technical patterns suggest potential breakouts for BONK and WIF, while POPCAT maintains steady bullish momentum. Despite short-term volatility, the overall trend remains positive. Investors may find investment opportunities in these coins as market sentiment drives prices.