This Week in Meme Coins: Double-Digit Losses for PNUT, GOAT, but Not BONK

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As a seasoned researcher who has been tracking meme coins for quite some time now, I can say that this week was indeed a rollercoaster ride! Peanut the Squirrel (PNUT) and Goatseus Maximus (GOAT), two popular meme tokens in the crypto sphere, took opposite paths.

In this weekly analysis of meme coins, BeInCrypto observed that these tokens experienced mixed results. While some tokens saw gains, others grappled with significant losses.

This week, Peanut the Squirrel (PNUT) and the AI-generated Goatseus Maximus (GOAT) struggled, each experiencing substantial decreases in value. On the flip side, Bonk (BONK) bucked the market’s trends, establishing itself as one of the top-performing cryptocurrencies. Here’s a comprehensive summary of this week’s events.

Peanut the Squirrel (PNUT)

Initially this week, PNUT was priced at $1.94. But since then, its value has dropped by a substantial 33%. This steep drop might be due to sell-offs from investors who had been holding onto the token until it hit its record peak.

At present, PNUT’s price stands at $1.17. Yet, a glance at the one-hour chart reveals that the Relative Strength Index (RSI) has dipped to 31.66. Normally, when the RSI hits 70.00, it suggests that the asset is overbought, indicating potential for a price correction.

Conversely, when the RSI value drops below 30.00, it suggests that the stock (PNUT) might be overbought or oversold. However, in this case, a low RSI reading implies that PNUT could be oversold. So, while the RSI reading shows bearish momentum, it also signals potential undervaluation for PNUT.

If supported, the price of the meme coin might surge back up. If this holds true, the price could potentially reach $1.40. In a very optimistic prediction, it could even climb to $1.72. But if selling pressure returns, the price may drop below $1.15 by the time we release our next weekly meme coin report.

Goatseus Maximus (GOAT)

Just like PNUT and GOAT, another popular meme coin experienced a significant dip this week, plummeting approximately 22% in value.

The price of GOAT has fallen to $0.87, possibly due to waning interest in AI-themed meme coins. The shifting narrative in the meme coin market suggests that some traders may be moving on from the AI buzz, seeking opportunities elsewhere.

Enhancing the pessimistic outlook, the 4-hour chart of GOAT exhibits a head and shoulders structure, which is often a sign of a shift from bullish to bearish trends. Such a pattern hints at potential continued drops for the meme coin.

If the current trend continues and considering the bearish MACD, the GOAT’s price might drop to around $0.66. But if there’s an increase in buying activity, this prediction could be overturned, potentially causing the price to rise to $1.37 instead.

Bonk (BONK)

As a crypto investor, I noticed an unexpected surge of 28% in Bonk’s price unlike GOAT and PNUT. This significant jump was due to the exciting announcement that the project plans to incinerate 1 trillion tokens by no later than December 25.

Consequently, this revelation sparked excitement within the Solana meme coin’s circle, boosting interest and increasing the token’s worth. On the other hand, BONK is encountering resistance at $0.000050, making it difficult for the digital currency to climb significantly higher.

Contrary to what might be assumed from the Bull Bear Power indicator, it seems that bears are no longer in full control. If this trend continues, the price of BONK may potentially rise towards 0.000060.

Conversely, should bears outperform bulls, a possible decline might occur, and the upcoming analysis of meme coins for the week may predict a drop to approximately $0.000043.

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2024-11-22 22:04