Memecoins
dogwifhat (WIF) and BOOK OF MEME (BOME) Memecoins plunge despite bullish influence! And after?
The crypto market continues to witness an increase in prices, leading to a significant increase in major crypto tokens in their respective portfolios. In addition, the market leader, BTC Pricemaintains its price above the $66,000 mark, which suggests a positive outlook for these tokens in the coming times.
However, Solana-based memecoins are showing bearish influence, indicating a decrease in buying price sentiment in the crypto space. Additionally, dogwifhat price (WIF) and BOOK OF MEME price (BOME) lost 4.51% and 8.21% in their respective portfolios over the past day.
dogwifhat (WIF) Price records a death cross:
Despite the increased price volatility in the crypto space, the WIF Price continues to display a neutral trend as it trades in a closed range between $2.7775 and $3.0150. Additionally, memecoin has lost more than 10% over the past week, indicating increased bearish sentiment for the dogwifhat token.
TradingView: BOME/USDT
The 50/200 day Cross EMA is showing a Death Cross on a 4-hour time frame, indicating a strong possibility of bearish price action for the dogwifhat token during the coming week.
The MACD technical indicator shows a steady decline in the red histogram, highlighting increased bullish sentiment in the crypto space. Additionally, the averages display a strong possibility of bullish price action in the coming times.
If the market continues to trade under bullish influence, WIF price will test its resistance level of $3. However, bearish price action could cause dogwifhat price to fall towards its crucial support level of $2.7775 this month.
The BOME token displays increased price volatility:
THE BOME price follows in the footsteps of the category leaders and displays a similar trend by recording a neutral trend over the past week. Furthermore, the trading volume of this memecoin fell by over 30.5% to $579.52 million over the past day, indicating a negative outlook for the coming week.
TradingView: BOME/USDT
The simple moving average (SMA) acts as resistance to the price action, indicating a strong bearish influence for this memecoin. On the other hand, the Relative Strength Index (RSI) shows a bullish crossover in the chart, highlighting mixed sentiment for the BOME memecoin in the crypto market.
If the market regains momentum, BOME price will test its resistance level of $0.0123 in the coming week. Conversely, if the bears dominate the bulls, the price will lose momentum and fall towards its support level of $0.01125 this month.