Memecoins
dogwifhat (WIF) and BOOK OF MEME (BOME) Memecoins Slump Despite Bullish Influence! What’s next?
The cryptocurrency market continues to experience increased price action, resulting in major crypto tokens seeing a significant increase in their respective portfolios. Furthermore, the market leader, BTC pricemaintains its price above the $66,000 mark, suggesting a positive outlook for these tokens in the near future.
However, Solana-based memecoins are showing bearish influence, indicating a decrease in purchase price sentiment in the crypto space. Furthermore, dogwifhat (WIF) price and BOOK OF MEME (BOME) price 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 cryptocurrency industry, the WIF price continues to show a neutral trend, trading in a closed range between $2.7775 and $3.0150. Additionally, memecoin has lost over 10% over the past week, indicating growing bearish sentiment for the dogwifhat token.
TradingView: BOME/USDT
The Cross 50/200 day EMA shows a Death Cross on the 4H time frame, indicating a high possibility of bearish price action for the dog hat token during the next week.
The technical indicator, MACD, shows a steady decline in the red histogram, highlighting a growing bullish sentiment in the crypto space. Furthermore, the averages show a high possibility of bullish price action in the near future.
If the market continues to trade under a bullish influence, WIF price will test its $3 resistance level. However, bearish price action could cause dogwifhat price to fall towards its $3 level. crucial support of $2.7775 this month.
The BOME token shows increased price volatility:
THE BOME price follows in the footsteps of the category leaders and shows a similar trend recording a neutral trend in the last week. Furthermore, the trading volume of this memecoin dropped by more than 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 on the chart, highlighting mixed sentiment for the BOME memecoin in the cryptocurrency market.
If the market regains momentum, the BOME price will test its $0.0123 resistance level during the next week. Conversely, if the bears prevail over the bulls, the price will lose momentum and fall towards the $0.01125 support level this month.