The cryptocurrency market rebounded on Wednesday, with Dogecoin (DOGE), Shiba Inu Coin (SHIB), Frog Coin (PEPE) and BONK on the Solana chain leading the emoji coin sector, all with double-digit gains! After breaking through the 50-day moving average resistance, these coins are now challenging the next key level - the 100-day moving average.
Dogecoin (DOGE): Shorts get blown up, bulls aim for $0.18
DOGE surged 13% in a single day, and the short sellers suffered a "bloodbath" - $11.68 million in futures contracts were forcibly liquidated, of which more than 85% were bearish bets.
DOGE has broken out of the downtrend line and the 50-day moving average and is now hitting the critical resistance of $0.1809. If it succeeds in breaking through, the future gains may exceed 80%! But be aware that $0.2106 and the 100-day moving average are still strong resistances.
Key points: RSI and stochastic indicators show short-term overbought signals, and there may be a small correction. Risk warning: If it falls below the 50-day moving average, DOGE may return to a volatile market.
PEPE and SHIB break through 50-day moving average, but 100-day moving average is a challenge
PEPE rose 14%, breaking through the resistance of $0.00000762, but the 100-day moving average may suppress the rise. If the breakthrough fails, it may fall back to the support level; otherwise, the next target is $0.00001076.
SHIB also stands above the 50-day moving average. If it can hold the support, it may challenge $0.00001612. However, it may encounter selling pressure near the 100-day moving average. Technical indicators: RSI is close to overbought and may pull back in the short term.
BONK: Soared 20% in a single day, the most powerful emoji coin on the Solana chain!
BONK rebounded strongly after holding the 50-day moving average for 11 days, soaring 25% from the low point, and is currently challenging the key resistance of $0.00001579 (near the 100-day moving average). If the breakthrough is successful, the increase may be further expanded by 55%! Otherwise, it may fall back to the 50-day moving average support.
Although the technical aspects of these coins show that they may pull back in the short term, they are still highly dependent on the trend of Bitcoin. Therefore, in addition to paying attention to the key price levels of DOGE, SHIB, PEPE and BONK, the performance of Bitcoin is equally important!
Summary in one sentence: Emoji coins are taking off collectively, but there is still strong resistance ahead, and investors need to be wary of short-term fluctuations!