When the water is full, it will overflow; when the moon is full, it will wane; when you are complacent, you will fail; when you are proud, you will be foolish. Those who avoid reality will have an even worse future. The market will be cleansed, but only the strong ones will remain. The market is volatile, and going against the mainstream has become the norm. When many people are bearish, the bulls may be about to come. The rapid conversion between long and short always catches people off guard, and the conversion between strong and weak happens in just a moment.
Following the news that the Ethereum spot ETF was approved in the early morning of May 24, Bitcoin and Ethereum experienced a brief rise before beginning to fluctuate and fall. Similarly, the Meme coin sector also followed in Ethereum's footsteps, breaking upward before beginning to fluctuate and fall.
It is worth mentioning that PEPE, which hit new highs repeatedly this week, was not afraid of the decline of the broader market and set a new all-time high of 0.000015 on Friday. However, selling pressure emerged afterwards, and it fell back to 0.00001479 as of the time of writing, turning into a decline of 1.2% in the past 48 hours.
On the other hand, due to the news of the death of Doge Kabosu on Friday, Doge-related currencies also fell collectively. The top five Doge-related currencies by market value have all fallen in the past 48 hours, with the largest declines being WIF, down 7.1%, and BONK, down 7.4%.
PEPE four-hour chart
After the current rise, the price of PEPE has the risk of a correction in the short term. MACD shows that bullish forces are accumulating, but have not yet completely dominated. Bollinger Bands show that market volatility has increased, and it is necessary to pay attention to the price fluctuations between the middle track (0.00001448) and the upper track (0.0000156). KDJ indicates that there may be a certain correction pressure in the short term. If the price can stand firm on the middle track of the Bollinger Bands and KDJ shows a golden cross pattern at the same time, then the price of PEPE will have room for further increase. If the price falls below the middle track, then it is necessary to guard against the risk of a correction.
WIF four-hour chart
Currently, WIF is in an upward trend, but the upward momentum has weakened, and there may be adjustments in the short term. If the price continues to run near the upper track of the Bollinger Band and the momentum increases, the upward trend may continue. What needs to be paid attention to is the persistence of the MA golden cross and the change in the momentum of MACD, as well as the performance of KDJ in the overbought area.
BONK four-hour chart
The current BONK price is in an overall upward trend, but there are signs of consolidation in the short term. MACD shows that the short-term momentum has weakened, but the conversion to long has not been completed. The KDJ three-line value is in the median area. The price will have a certain adjustment in the short term. The Bollinger Band shows that the price volatility is low. It is necessary to pay attention to the operation of the Bollinger Band middle track (0.0000346). In the short term, you can wait for the price to pull back to the vicinity of the Bollinger Band middle track to consider entering a long order.
It is better to give you a correct idea and trend than to give you a 100% accurate suggestion. After all, it is better to teach a man to fish than to give him a fish. Suggestions can make you money for a while, but ideas can make you money for a lifetime! What matters is the idea, the grasp of trends, the layout of the market and the planning of positions. What I can do is to use my practical experience to help you so that your investment decisions and business management will go in the right direction.
Writing time: (2024-05-26, 15:00)
