Meme coins took a hit this week as bearish market conditions dragged even Bitcoin down to $95,700. With altcoins extending their downtrend, investor losses continued to mount.
BeInCrypto analyzed three meme coins that once stood out as top performers but are now undergoing significant corrections.
Dogecoin (DOGE)
Dogecoin, the largest meme coin, experienced a sharp 25% decline this week, reaching a two-and-a-half-month low of $0.248. The price fell through the critical support of $0.268, signaling increased bearish pressure. With investor sentiment weakening, DOGE faces the risk of extended downside unless buyers step in.
The next key support for Dogecoin is at $0.220, a level that could determine its short-term trajectory. If the price reaches this support, investors may begin selling off their holdings to minimize losses.
Increased liquidation pressure could push DOGE lower, further extending its downtrend and amplifying market-wide concerns.
A reversal remains possible if Dogecoin manages to reclaim the $0.268 support level. Flipping this resistance into support could fuel a recovery, allowing DOGE to aim for $0.311 and beyond. This would invalidate the bearish outlook and restore investor confidence.
SPX6900 (SPX)
SPX suffered a significant correction, declining 50% over the past week to trade at $0.642 at the time of writing. The steep drop has put the meme coin under intense selling pressure, raising concerns among investors. Despite the decline, SPX continues to hold above a key support level.
Currently maintaining support at $0.568, SPX remains vulnerable to consolidation within a narrow range. Historically, the meme coin has struggled to break above $0.759, delaying any meaningful recovery. If price action remains subdued, SPX could continue fluctuating between these levels, making a strong rebound less likely in the short term.
A bullish reversal could occur if SPX flips the $0.759 resistance into support. This shift would signal renewed buying interest, allowing the meme coin to push toward $0.91. A breakout above this level would invalidate the bearish outlook.
Fartcoin (FARTCOIN)
FARTCOIN experienced a steep 58% decline this week, trading at $0.468 at the time of writing. This sharp drop positioned it as one of the worst-performing meme coins. The downturn intensified as FARTCOIN fell below the critical $0.600 support level, increasing selling pressure and dampening investor sentiment in the market.
The next key level for FARTCOIN is $0.377, where a bounce could help stabilize the price. However, weak momentum raises concerns about continued consolidation below $0.600. Without significant buying pressure, the meme coin could struggle to regain lost ground, leading to prolonged stagnation in its price movement.
A potential recovery remains possible if FARTCOIN reclaims the $0.600 support level. Flipping this barrier into support could pave the way for an upward push toward $0.693. A breakout above this resistance would invalidate the bearish outlook, potentially restoring investor confidence and fueling a broader recovery in the meme coin’s price.
Disclaimer
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