With Bitcoin’s price close to $64,000, memecoins have recently lost momentum and seen significant corrections. This decline presents a good opportunity for investors to buy more altcoins at lower prices, as the crypto market approaches its next bull cycle.
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If you’re thinking about adding more memecoins for the upcoming bull run, check out this article where we highlight the top two memecoins that could lead the rally in the coming months.
WIF Price Faces Bearish Pressure Amid Recent Declines
The WIF price has been under significant selling pressure, recording six out of seven red trading days and reflecting a growing bearish sentiment in the market. In the past 24 hours, WIF has dropped by 8.43% and has struggled to maintain its value above the key support level of $2.10.
TradingView: WIF/USDT
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The Moving Average Convergence Divergence (MACD) indicator shows a continuous rise in the red histogram, with bearish convergence on the 1-day time frame. This trend suggests a negative outlook for Dogwifhat (WIF) in the near term.
If the market manages to push the WIF price above its resistance level of $2.10, the bulls could regain momentum and potentially test the upper resistance level of $3.05. Conversely, if the bearish trend persists, WIF may decline towards its crucial support level of $1.24.
BOOK OF MEME Price Analysis and Predictions
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Despite a recent 8.43% correction over the past 24 hours, the BOOK OF MEME (BOME) price has surged 8.71% over the past week and boasts an impressive YTD return of 892.89%. With a market capitalization of $623.27 million, BOME currently holds the 99th position in the global cryptocurrency rankings.
TradingView: BOME/USDT
Technical indicators suggest a mixed outlook for BOME. The Relative Strength Index (RSI) shows a sharp decline toward its neutral point, signaling increased selling pressure compared to buying. Additionally, the Simple Moving Average (SMA) is approaching a bearish convergence, which may lead to further loss of momentum for the memecoin.
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If a bullish reversal occurs, BOME may test its resistance level at $0.0110. Should the bulls maintain the price at this level, the memecoin could further challenge its upper resistance of $0.0151. On the other hand, if bearish trends continue, BOME may drop to its crucial support level of $0.007525
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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