What's Going On With Bonk Memes? An Update On Useless, GP, Hosico, and more

Written by Jason Krutzky, Chartered Meme Technician at Spot Trading.

Hello Trenchers,

The market has been getting hit the past few days, and I thought it'd be a good idea to take a moment to update you all with what I'm seeing on the charts of our favorite Bonk eco coins. 

Let's get into it.

❗❗❗  What's Going On With Bonk Memes?

Things are looking rough out there, and it's got me asking, 'What's going on with Bonk memes?' So, I did what any good analyst would do and dug into the charts. Here's what I'm seeing.

$USELESS

Currently trading -44% off its highs that were hit just a week ago, $USELESS is now coming into an area of interest for me. It swept a key low overnight, with two more just below. Additionally, we've got the Anchored VWAP from the start of this big run coinciding with those two other lows. If it does want to push lower from here, I think the $200-220m market cap area will be very important and I really want to see it find a bottom there. 

Buy USELESS

$GP

This one looks a bit weaker than $USELESS, and after the move that brought it up to $7.00, I honestly didn't expect it to sell off as much as it has. That said, it is now in a really key area that I think must hold. We've got the beginning of the move that brought us up to the all-time highs (the light blue box) and the Anchored VWAP that should act as support. In the best case scenario, we see a strong bounce sometime in the next session or two. If it keeps pushing lower, I'm going to get pretty concerned about this one.

Buy GP

$ANI

$ANI has a bit of a falling wedge look, which is generally a bullish chart pattern. That said, the fact that it failed to make a proper new high back on the 23rd, and that it's currently trading below the Anchored VWAP from launch, makes me suspicious. I'd wait for price to get back up and over both the aVWAP and the descending trendline before considering any long positions.

Buy ANI

$二哈

This is a new name for me and one I've not looked at until this morning, but it is the 3rd highest market cap coin on LetsBonk.Fun, so I should talk about it. While the price action seems quite odd, perhaps due to the low volume, overall, the chart is constructive. Price is trading nicely above the Anchored VWAP from launch and a there's a clear bull flag forming. 

Buy 二哈

$MOMO

$MOMO is one of the most constructive looking names of this bunch today. Currently trading nicely above the Anchored VWAP from launch, it has a clear bullish structure. The Fair Value Gap below represents an area of 'imbalance' between buyers and sellers, which can sometimes act as magnets for price. If it was to push lower and at least a wick through that area to clear out the imbalance, it wouldn't surprise me in the least and I think it'd be a good buying opportunity, at least short term.

Buy MOMO

$HOSICO

$HOSICO has been riding the struggle bus ever since it failed below the ascending trendline and the Anchored VWAP, and it will continue to struggle until it's back over them. Simple as. That said, a bounce back into that area could come if the market is able to regain some strength. 

Buy HOSICO

$KORI

Much like $GP, $KORI has come to a really important area. We've got the Anchored VWAP from launch and the zone that took us up to the all-time highs. If you're bullish on the pom in sunglasses, this is where you want to see her dig in and find a bottom. 

Buy KORI

$MEMECOIN

What a fall from grace for this aptly named coin. Down over -75% from the recent highs and trading below the Anchored VWAP from launch, this one looks destined to test its previous highs in the blue box sooner rather than later. While it might bounce there, I think it has some serious work to do before I'm willing to get bulled up on it again.

Buy MEMECOIN

$DEBT

Though it had an exciting first few days, $DEBT is starting to show its hand and I don't like what I'm seeing. The main problem is that sellers are now in control, as evidenced by price getting rejected below the Anchored VWAP from launch. The problem with this coin for me was always the premise; Why on earth are they sending money to the federal government? How is that fun or memetic? Bunch of narcs, IMHO.

Buy DEBT

$BLUECHIP

Perhaps every port doesn't need a $BLUECHIP? It's a shame, too, because I really did believe in the memetic nature of this name. Unfortunately, once the Anchored VWAP from launch was lost, it was lights out and I was left holding the bag. I do, however, think a sweep of that horizontal level could offer an opportunity for a bounce back to test the aVWAP from the other side. 

Buy BLUECHIP

🧳  The Takeaway

Frankly, lads, things don't look great out there right now, but I'm not personally ready to throw in the towel on all of these names just yet. 

Now that we're in August, perhaps end of July repositioning caused this turbulence and we'll resume the bull market soon. 

In this weekend's report, I'm going to take a look across the majors and give you all a top down view of what I'm seeing. Be on the lookout for that note in your inboxes on Sunday morning.

Until then, have a great Friday and try to touch some grass this weekend!