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Meme coins have suffered this week due to selling pressure that has pushed prices lower in the sector. However, despite the weakness, the momentum indicators suggest that the losses may be slowing down, and that the downside exhaustion is beginning to appear.
BeInCrypto analyzed three of these meme coins, which, with the stabilizing sentiment, now show the first signs of a possible reversal towards the end of January.
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Jigashaad (Giga)
GIGA is down about 31% in the past week and is now trading near $0.00305. This decrease reflects an aggressive distribution with Limited response from buyers. Short stocks indicate low buying interest so far, keeping selling pressure in check and cautious sentiment in the near term.
Despite the decline, the momentum indicators point to stability. The RSI has entered oversold territory, indicating that selling pressure may be exhausting. The $0.00305 level is now acting as immediate support. If this continues, GIGA may see a slight rebound towards $0.00337 and $0.00362.
A stronger recovery will require a decisive move above $0.00362. exceeds this level It can change the momentum It opens a path towards $0.00417. Failure to defend $0.00305 will weaken the structure and is likely to push GIGA towards $0.00282 support, invalidating the bullish thesis.
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SPX6900 (SPX)
Another one of the cryptocurrencies to watch towards the end of January is the SPX, which has fallen about 30% from a previous high near 0.516 to a recent low of 0.358. This move broke several support levels, confirming a strong bearish structure. However, the last candle shows initial stabilization, indicating that the selling pressure may slow down near the current support.
Momentum indicators indicate a possible downside shock. The Money Flow Index is close to the oversold zone, indicating tight selling conditions. The area of ​​$0.358 – $0.401 is a major demand area. If it is defended, SPX6900 could jump towards $0.427 as the next target.
Recovery strength depends Next. A confirmed close above 0.427 improves the outlook and supports a trend reversal. Failure to hold 0.358 will weaken confidence. In this scenario, the price can jump towards 0.316, extending the trend and invalidating the bullish thesis.
Bonk (bonk)
Bonk posted a relatively moderate weekly decline of 10%. But it’s still stuck In an active downtrend for more than two weeks. The meme coin is trading at around $0.00000859 at the time of writing. The price action shows resistance compared to its counterparts, but the sustained sale continues at the maximum bullish moment.
An upward divergence appeared during the bearish period. While the price of Bonk formed a lower low, the Money Flow Index recorded a higher low, indicating strengthening buying pressure. This divergence indicates accumulation. If this is confirmed, Bonk can break above 0.000000933 and jump towards $0.00001103, ending the downward trend.
The bullish setup is still conditional. Failure to break resistance keeps sellers in control. Losing the $0.00000815 support will weaken the market structure. In this scenario, the BONK index can slide towards $0.00000737, invalidating the bullish hypothesis and extending the prevailing downward trend.
