The price action in the cryptocurrency market continues to rise, furthermore, the market leader BTC is maintaining its price above $66,000, which indicates a positive outlook for the future of these tokens.
However, Solana-based memecoins showed a bearish impact, indicating a decline in buying price sentiment in the cryptocurrency space. Additionally, dogwifhat (WIF) price and BOOK OF MEME (BOME) price dropped by 4.51% and 8.21% in their respective portfolios over the past day.
Dogwifhat (WIF)：
WIF price continues to show a neutral trend, fluctuating between $2.7775 and $3.0150. Moreover, memecoin has lost more than 10% in the past week, indicating an increase in bearish sentiment towards the WIF token.
The crossed EMA 50/200 days is showing a death cross on the 4-hour timeframe, indicating that bearish price action is likely for the dogwifhat token over the next week.
The technical indicator MACD shows a continuous decline in the red bar chart, highlighting the increase in bullish sentiment in the cryptocurrency space. In addition, the moving averages show a high probability of a bullish price trend in the future.
If the market continues under the bullish influence, the WIF price will test the resistance level of $3. However, the bearish price action could cause the Dogwifhat price to drop towards the critical support level of $2.7775 this month.
BOME token shows increased price volatility:
BOME price followed suit and recorded a neutral trend over the past week, showing a similar trend. Moreover, trading volume dropped by over 30.5% over the past day to $579.52 million, indicating a negative outlook for the week ahead.
The Simple Moving Average (SMA) is acting as a resistance to the price action, indicating a strong bearish influence on the memecoin. On the other hand, the Relative Strength Index (RSI) is showing a bullish crossover on the chart, highlighting the mixed sentiment around BOME memecoin in the crypto market.
If the market regains momentum, BOME price will test the $0.0123 resistance in the coming week. Conversely, if the bears overwhelm the bulls, the price will lose momentum and fall towards this month’s support at $0.01125.
(Personal opinion, not a recommendation)
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