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Meme coins seem to have found a recovery environment after a prolonged decline. Leading the pack, Dogecoin (DOGE), along with its closest rival Shiba Inu (SHIB), and two frequently mentioned Solana-based tokens, BONK and WIF, have continued their ascent, accompanying Bitcoin‘s recovery.
How Much is Dogecoin Worth Now?
After days of decline, DOGE’s price has seen an increase of over 2% in the last 24 hours, pleasing its investors. Despite the price increase, it may be too early to consider a mid-term rise due to the market’s weak structure.
If bulls can possibly push the price above the critical resistance area of $0.08, traders might see the price settle in a horizontal trading zone between $0.080 and $0.085 before the weekend. DOGE is currently finding buyers at the $0.080 level as of this writing.
Is SHIB’s Price Rising?
On the other hand, DOGE’s biggest competitor, SHIB, experienced a price increase of 1.58%, which was below expectations.
Upon examination of their history, SHIB appears to be showing a similar price movement to DOGE technically, looking like it’s consolidating within a certain range after its decline.
With no clear direction yet, a consolidation scenario within the range of $0.00000860 to $0.00000940 in the next few days seems more likely for investors. SHIB’s price was trading at $0.00000882 at the time of writing.
BONK’s Comeback
BONK had hosted incredible rises in the past, influenced by the “Solana Saga Phone”. After a sharp decline, BONK performed much better than DOGE and SHIB today, with a price increase of 6.87%.
Upon examining the 4-hour BONK chart, the meme coin’s price seemed to have recovered despite dropping to the $0.000009246 support. If the upward movement continues, a move to the $0.000012 region could be expected. BONK is currently finding buyers at $0.00001087 as of this writing.
Solana’s New Meme Coin WIF
Following BONK on the Solana network, WIF has started to be frequently mentioned and became the star of the meme coin segment today with a 50% increase, becoming the biggest gainer.
Despite the recent price performance, WIF still seems far from its peak that emerged in the past days. Considering this, investors might think WIF has a long way to go.
Taking the market structure into account, it might likely move in a horizontal zone between $0.30 and $0.35 in the next few days. WIF was trading at $0.3360 at the time of writing.
