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3 Memecoins Facing Bear Flag Breakdowns: Dogecoin (DOGE), Pepe (PEPE), Dogwifhat (WIF) Price Anal...
The crypto market is very much in the red on Monday morning. Three prominent memecoins have already broken down over the last several days and have formed bear flags. Are $DOGE, $PEPE, and $WIF about to break down even further?
$DOGE breakdown could take price to $0.15
Source: TradingView
The 4-hour time frame for $DOGE is not good viewing. The correction from the $0.25 local high looks as though it’s about to get worse. The strong $0.20 support level has broken and a bear flag is forming below the ascending trendline. The price is likely to break down below the flag soon. A measured move for the drop is to around $0.15.
$PEPE bear flag close to breaking down
Source: TradingView
The next classic bear flag is formed by the recent $PEPE price action. This is also close to breaking down. The Stochastic RSI on the 4-hour time frame has the indicators crossing back down and this could be enough to tip the price out of the bear flag. The measured move of the flag would take the price down past the support at $0.00000917 all the way to $0.00000790.
$WIF price likely to continue to fall
Source: TradingView
The price action for $WIF is more in the shape of a rising wedge rather than a bear flag, although this could change as price action develops. As it stands, the pattern formation is still bearish, and the price would be expected to break down
If the price does get down beyond the last low at $0.784, the next support would be at $0.720. Be very careful if looking to catch this particular falling knife.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.