Dogwifhat (WIF) And BOOK OF MEME (BOME) Memecoins Plunge Despite Bullish Influence! What’s Next?
The post Dogwifhat (WIF) And BOOK OF MEME (BOME) Memecoins Plunge Despite Bullish Influence! What’s Next? appeared first on Coinpedia Fintech News
The crypto market continues to record increased price action, resulting in the top crypto tokens experiencing a significant rise in their respective portfolios. Furthermore, the market leader, BTC price, holds its price above the $66K mark, suggesting a positive outlook for these tokens in the coming time.
However, the Solana-based memecoins display a bearish influence, indicating a decrease in the buying price sentiment in the crypto space. Moreover, the dogwifhat (WIF) price and BOOK OF MEME (BOME) price have lost 4.51% and 8.21% in their respective portfolios within the past day.
dogwifhat (WIF) Price Records A Death Cross:
Despite increased price volatility in the crypto space, the WIF price continues to display a neutral trend by trading in a closed range between $2.7775 and $3.0150. Furthermore, the memecoin has lost over 10% within the past week, indicating increased bearish sentiment for the dogwifhat token.
The Cross EMA 50/200-day displays a Death Cross in the 4H time frame, indicating a high possibility of a bearish price action for the dogwifhat token during the upcoming week.
The technical indicator, MACD, shows a constant decline in the red histogram, highlighting increased bullish sentiment in the crypto space. Furthermore, the averages display a high possibility of bullish price action in the coming time.
If the market continues to trade under a bullish influence, the WIF price will test its resistance level of $3. However, bearish price action may result in the dogwifhat price falling toward its crucial support level of $2.7775 this month.
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. Further, the trading volume of this memecoin has dropped over 30.5% to $579.52 Million over the past day, indicating a negative outlook for it during the upcoming week.
The Simple Moving Average (SMA) acts as a resistance to the price action, indicating a strong bearish influence for this memecoin. On the other hand, the Relative Strength Index (RSI) displays a bullish crossover in the chart, highlighting a mixed sentiment for BOME memecoin in the crypto market.
If the market regains momentum, the BOME price will test its resistance level of $0.0123 during the upcoming week. Conversely, if the bears overpower the bulls, the price will lose momentum and fall toward its support level of $0.01125 this month.
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