Ben The Dog is making a compelling upside move despite Bitcoin’s dip, but with the Bendog coin climbing, should you ride the meme coin wagon?
The crypto market responded positively to Bitcoin’s rebound from its support: will Bendog follow the same trend? A simple price analysis can reveal a better picture.
$BENDOG
Flip this and we are running straight to 50M!
Memes catching big, full send this! pic.twitter.com/bzUFIenQwq— Limbo (@CryptoLimbo_) June 25, 2024
BenDog Price Analysis: Is Ben The Dog Heading For Major Skyrocket Amid Impressive Recovery?
When Bendog launched on Bybit’s perpetual futures, the price exploded. It started with a massive +300% in the first 3 days and retraced a whopping +80% in the following 2 weeks.
It appears that Bendog’s price formed support around the $0.0206 level and has bounced over 50% since then.
If we look at the blue line, the 100-hourly moving average, which simply tracks the average price of the last 100 candles, we can deduce that since the price has fallen below this level, it has been rejected every time it has attempted to break above it.
On June 25, price successfully broke above it for the first time in over two weeks and stayed there. This can be considered an indicator that we are reversing from bearish price action to bullish.
We can also see that the $0.027742 area has been supporting Bendog as price was falling. It touched the area 4 times before breaking below it.
As price tried to bounce, it touched the same over 5 times without being able to come through it.
We can call this a support and resistance area. The price came above it yesterday, retested it this morning, and has bounced from it so far. This can be considered bullish as well!
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Another thing we can consider in our Bendog’s price analysis is the RSI (Relative Strength Index). This indicator is considered oversold when it’s below 30, overbought when it’s above 70, and crossing from bullish to bearish when it goes above 50.
It can often signal bullish or bearish price action before the price is reflected. By looking at this, we can gather that as the price went up overnight, this indicator became overbought.
Price retraced and retested our support at $0.027742, which coincidentally also means it touched 50 RSI and price bounced.
Considering all these things, we can establish that price action has gone from bearish to bullish lately and that our next level of importance is resistance at $0.036414.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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