• Tuesday saw an almost 1% increase in Dogecoin’s value, with over 76% of wallets waiting on unrealized gains.
• Shiba Inu may sweep liquidity at $0.00002213 while the daily period of SHIB price forms a falling triangle.
• As it trades sideways on Tuesday, Bonk anticipates a nearly 10% fall.

In reaction to GameStop’s rally on Monday, meme coins Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk (BONK) rallied alongside popular meme tokens. Memes gained ground on Monday as popular trader “Roaring Kitty” reappeared on X with a string of tweets.

According to CoinGecko, the prices of DOGE, SHIB, and BONK increased by 4%, 0.5%, and 1.3% over a day. The values of the meme coins showed advances of no more than 1% daily.

Dogecoin erases gains following a spike prompted by GameStop

Alongside joke currencies, DOGE surged to a high of $0.1576 on Monday. The trader “Roaring Kitty” returned to X for the first time in three years, which is likely what sparked the gains. At the time of writing, DOGE has erased its gains, and the meme coin is currently trading at $0.1490 on Binance.

The 61.8% Fibonacci retracement level of Dogecoin‘s slide from the peak of $0.2288 on March 28 to the low of $0.1201 on May 1 represents resistance for the cryptocurrency. Over one week, the DOGE price trend exhibits underlying negative momentum, as indicated by the Moving Average Convergence Divergence (MACD) indicator.

Relative Strength Index (RSI) is approaching neutrality at 50 on the 1-day DOGE/USDT chart. As of this writing, the RSI is 48.41. The price of DOGE is probably going to test resistance at $0.1616, which is almost 8.45% below the current price. When the MACD crosses above the signal line, the MACD indicator displays a bullish sign.

In the event of a correction, DOGE might sweep liquidity at the low of $0.1311 on May 3.

76% of wallets containing DOGE are presently waiting on unrealized earnings, according to data from IntoTheBlock. The Global In/Out of Money (GIOM) indicator aids in determining an asset’s important levels of support and resistance. The indicator indicates that to reach $0.1616, DOGE will encounter resistance at $0.1526.

Shiba Inu is trapped in a pattern of a descending triangle

As can be seen in the daily chart, the SHIB price has been trading in a bearish descending triangle since March 5. On Tuesday, the market attempts to break above the upper boundary of the pattern at $0.00002338; however, a clear close below the descending trend line is required to validate a break from the descending triangle.

This type of chart pattern usually indicates a decline in the demand for SHIB.

The lower edge of the descending triangle, $0.00002213, is where SHIB is most likely to sweep liquidity. This might represent a drop in price of more than 6% from the current level.

The 23.6% Fibonacci retracement of the drop between the March 5 peak of $0.00004567 and the April 13 low of $0.00001830 is located around $0.00002476, which might serve as resistance for SHIB if it closes above $0.00002348.

Bonk may fall by 10% on Tuesday. On Tuesday, BNK is trading at $0.00002339. The price movement of BONK exhibits an underlying negative momentum on both the daily and 4-hour timeframes. At $0.00002089, the 50% Fibonacci retracement of the rise from the April 13 low of $0.00001212 to the April 25 peak of $0.00002966, BONK might sweep liquidity 10% below the present price.

BONK may find intermediate support at the low of $0.00002144 on May 13 during its decline.

The May 13 high of $0.00002542, which is located just below the resistance at $0.00002552, the 23.6% Fibonacci retracement of the rise between April 13 and April 25, could serve as a resistance level for BONK on the upside.