Memecoins were not left out as crypto prices suffered severe declines in the last seven days. For example, Shiba Inu [SHIB] registered..
However, the last 24 hours have brought some sort of respite as all three cryptocurrencies appreciated a tad. In this article, AMBCrypto will examine if these memecoin prices might be able to sustain their recent hikes.
However, we will not focus on the technical part. Instead, we will address the forecast for the weekend from an on-chain perspective. To start, let’s look at the social dominance.This is a sign that the token has been getting popular in the media, compared to the first few days of the week. In terms of the price, this reading might make SHIB more volatile than others with a low social score.As such, increased buying pressure might make gains incredibly higher.
For DOGE and BONK, it was a similar situation as the same rose to 2.675% and 1.136%, respectively. If the prices of the cryptos maintain the momentum seen in the last 24 hours, then a surge could be a reasonable inference in the short-term. As it stands, BONK might jump to $0.000024. Similarly, SHIB could hit $0.000030 before the weekend close while DOGE might retest $0.20 again.. At the time of writing, DOGE’s RSI reading had dropped after hiking initially – A sign of buying pressure slowing down.SHIB and DOGE also projected a similar trend, suggesting that the bullish bias explained above could be contested. However, if buying momentum returns to its heights, these predictions could be validated..
Like Dogecoin, SHIB’s volume dropped too. Therefore, the price prediction for the weekend might be nowhere close to the peak of the first week in March.For BONK, it was also the same situation. However, this forecast might be hasty considering that anything could change before the weekend comes to a close.Victor Olanrewaju is a full-time journalist at AMBCrypto.
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