WIF, BONK, DOGE, FLOKI Price Analysis: May 11

Meme coins continue to suffer sharp declines despite speculation that some of them may be oversold and may be due for a rebound. Those affected include dogwifhat (WIF), Bonk (BONK), Dogecoin (DOGE), and Floki (FLOKI).

As of this writing, WIF changed hands at $3.03. This was a decline of 5.34% in the last 24 hours. BONK price fell by 7.68% while trading at $0.000023. DOGE lost 4.52% of its value, while FLOKI fell by the same percentage to $0.00017.

Here’s what led to the declines and how cryptocurrencies may behave in the next week.

WIF Price Analysis

On May 9, bulls camped at $2.78 on the 4-hour WIF/USD chart, forming support at that level. This ensured that the price of the meme coin rose to $3.26. In this way, the token had to overcome the $3.00 resistance.

But as of this writing, the price had returned to the same resistance level. Meanwhile, the Relative Strength Index (RSI) value also fell, indicating that the momentum had turned bearish.

4-hour WIF/USD chart (Source: TradingView)

If this momentum continues to decline, WIF price may also follow and a decline to $2.59 may be possible. Additionally, the Supertrend issued a sell signal at $3.24, indicating that WIF price may struggle to break above that barrier in a bullish scenario.

BONK Price Analysis

For BONK, the situation was similar according to the Moving Average Convergence Divergence (MACD). At the time of this writing, the MACD was negative, suggesting bearish momentum. Furthermore, the 12 EMA (blue) moved below the 26 EMA (orange), indicating that sellers were dominant

With this trend, BONK’s next target may be below the $0.000020 support, and the price may drop to $0.000019.

BONK/USD 4-hour chart (Source: TradingView)

DOGE price analysis

In the 4-hour time frame, Dogecoin showed low volatility. This was confirmed by the Bollinger Bands (BB). Low volatility implies that price fluctuation may be mild and a significant pump may not occur.

From the chart below, DOGE price was $0.14. But the coin may not rise above $0.15 in the coming days unless the bands expand.

Additionally, the Awesome Oscillator (AO) was negative, indicating growing downside momentum. If this continues, DOGE could drop as low as $0.12 before another rebound.

DOGE/USD 4-hour chart (Source: TradingView)

FLOKI price analysis

Following the 4-hour chart, the bulls were not strong enough to keep FLOKI price higher. Therefore, the rally to $0.00018 was invalidated as the price changed hands at $0.00017. Furthermore, the RSI fell below the midpoint of 50.00, confirming a decline in momentum.

FLOKI/USD 4-hour chart (Source: TradingView)

Besides that, the Fibonacci retracement indicator showed that FLOKI price may decline further. From our analysis, the next target for the meme coin could be $0.00015 where the 0.786 Fib levels are located.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of using any content, products or services mentioned. Readers are advised to exercise caution before taking any action regarding the company.

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