The majority of the cryptocurrency market has slowed down a bit following its recent surge. While many analysts see a rebound surge coming towards the end of March into April to reignite the market, some also believe that certain coins, including PEPE, BONK, and MAGA, may crash.
Market volatility will be interesting to watch over the coming weeks to predict how leading cryptocurrencies will perform. Some analysts are looking at three crypto assets that may drop in price due to mining costs and failure to breach resistance levels.
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PEPE
PEPE Coin has become a household name in the meme coin market over the past year. In March, the frog-themed coin continued its rise, in part due to the bullish crypto market. Just one week ago, the asset was able to erase a zero, but shortly after, it gained the zero back and fell.
Since reaching that high, PEPE has fallen to $0.000007046, down 14% in the past week. While the asset did explode in value this month, the coin clearly had a wall to break through by erasing a zero that it failed to break. Therefore, if PEPE approaches that zero-erasing level again, it may be wise to sell at that time, considering that it could fall in price again and face resistance.
BONK
Another meme-coin that has followed the trajectory of PEPE throughout March is BONK. Currently trading at $0.00002246, BONK is also down 20% in the past week, following reaching an ATH this month. Hence, some investors may be bearish on the coin once it begins approaching that high once again, as it failed to break through to $0.00005.
While investors hope for the bullish crypto market to continue, short investors may wish for assets like BONK to crash in order to capitalize on buying low and selling high.
Also Read: Book of Meme (BOME) Forecasted to Hit New ATH: Here’s When
MAGA TRUMP COIN
Lastly, there is the Donald Trump-themed meme coin MAGA. The asset, created by Steven Steele, has been on the rise since Trump sealed the Republican nomination for the US Presidential Race. Furthermore, it seems to climb whenever the former President speaks publicly or holds rallies.
TRUMP is certainly one of the most silly meme-coins on the market, as it isn’t based on any fundamentals or platforms but instead on the public performance of one man. The cryptocurrency is a Proof-Of-Stake coin. If you’re looking to make money quickly, TRUMP has risen by over 150% since February. It also has plenty of room to grow as the election draws nearer.
However, it is possible that if Trump fails to secure the presidential nomination, the asset may crash and burn. Furthermore, like all meme coins, the coin may also just lose popularity over the coming months. Therefore, it may be smart to capitalize on these short-term but profitable returns.