Memecoins
Should you buy Solana Dip or PEPE, Dogwifhat meme coins?
On Monday, the cryptocurrency market witnessed another wave of selling pressure Bitcoin it plunged below $60,000 with a decline of almost 5%. The same momentum is seen in the altcoin market, as major assets like Ethereum tumbled 5.4% to $3,232, Binance coin fell 3.3% to $555, but Solana showed a modest decline of 0, 1% to $127.
Additionally, digital asset investment products recorded a second consecutive week of net outflows of $584 million, leading to a total reduction of $1.2 billion in assets under management. According to data shared by the satoshi club, Ethereum (ETH) recorded significant outflows totaling $58 million.
Digital asset investment products saw a second consecutive week of outflows totaling $584 million, reducing the total by $1.2 billion.$ETH faced outflows of $58 million, while $SOL, $LTCAND $MATIC saw inflows of $2.7 million, $1.3 million, and $1 million, respectively. pic.twitter.com/eWdc6GGDZE
— Satoshi Club (@esatoshiclub) June 24, 2024
In contrast, Solana (SOL), Litecoin (LTC), and Polygon (MATIC) recorded inflows of $2.7 million, $1.3 million, and $1 million, respectively. This trend highlights a mixed investment landscape within the market and not one dominant direction.
In the midst of the prolonged correction, here are 3 cryptocurrencies that may offer a suitable downside opportunity for sidelined buyers.
Read also: Bitcoin Crash: What to Do as Mt. Gox BTC Payments Threaten a Slump to $46,000
Solana’s decline to monthly support suggests a reversal is underway
Solana (SOL) is a high-performance blockchain platform known for its high transaction speeds and low costs, making it ideal for decentralized applications (dApps) and crypto projects.
Solana | Tradingview
In the last three months, the Solana the price traded sideways, bouncing within a triangle pattern. The two converging trend lines act as dynamic resistance and support and squeeze the price within a narrow range.
SOL price is currently trading at $126 and looking for support at the lower trendline of the triangle. According to the market capitalization, the Solana coin has a market capitalization of $59.6 billion, while the trading volume is $3.08 billion.
As per previous records, the lower trendline reinforces buyers for a potential bounce towards a higher trendline, indicating a potential 32% gain to reach $170. However, a breakout beyond the triangle range is required to trigger an uptrend.
Read also: Do you want to retire rich? 5 simple Solana rivals to buy now and keep forever
The correction of the Pepe coin under the bull banner suggests an immediate rally
Pepe coin (PEPE) is a meme-inspired cryptocurrency that has gained popularity for its association with the Internet meme character Pepe the Frog.
Pepe Coin | Tradingview
The altcoin entered a correction in late May when the price recovered from $0.0000172. The bearish reversal sent the asset down 38%, currently trading at $0.0000107, while the market capitalization plummeted to $4.5 billion.
Downside resonating closely within two parallel trend lines shows flag pattern formation. This chart pattern is known to restore exhausted bullish momentum with a temporary pullback.
Therefore, a potential break of the upper trend line will signal the continuation of the uptrend. With sustained purchases. THE Price PEPPER it could reach $0.000045.
Dogwifhat coin in the oversold region indicates a potential reversal
Dogwife hat (WIF) is a meme-based cryptocurrency with a playful concept that features a Shiba Inu dog wearing a knitted hat and captures the lighthearted spirit of Internet memes.
Dogwifhat Coin| Tradingview
The recent market correction had a major impact on the Dogfihat coin, triggering a collapse from $4.08 to $1.47 with a record loss of 68%. However, this oversold asset, highlighted by the RSI indicator falling below 29%, witnessed renewed demand pressure.
With an intraday jump of 4.24%, the WIF price it traded at $1.647, while the market capitalization also jumped to $1.65 billion. However, interested buyers must wait for a reversal pattern to develop as the Memecoin movement is currently dominated by sellers.
Key takeaway
Overall market sentiment remains bearish, with most major currencies prolonging the correction. With the price of BTC plummeting below $60,000, altcoins are seeing a new wave of selling pressure. However, with a broader uptrend, potential investors can look for downside opportunities in Solana, PEPE, and Dogwifhat.
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