The post Memecoins Outclassed by Major Tokens: BONK Losing the Grip, WIF, FLOKI, & BOME Prices Plunge! appeared first on Coinpedia Fintech News
The crypto markets appear to be recovering as Bitcoin price rises above $59,000. This move appears to have extracted maximum liquidity as the volumes of the popular memecoins have drained by more than 40%. This may raise suspicion as to whether the memecoin craze has settled or if it is just a minor pullback before the next bullish move.
FLOKI Price Remains Consolidated Within a Range
FLOKI price tapped the same support zone that triggered a strong rebound during each bearish event. In previous times, the price initiated a quick and strong rebound with a minimum of 25% gains; however, the recent flip failed to gain the required momentum. Hence, the price, which is struggling hard to secure levels above $0.0002, is expected to face a huge bearish action at around $0.00017, which is one of the important trend reversal zones.
The FLOKI price appears to have rebounded, but the token continues to remain under bearish heat. The growing positive sentiments may assist the price to soar above $0.00018 but the bulls may not make it to $0.0002 as bears could takeover the rally as the Ichimoku cloud remains bearish. On the other hand, the RSI is grounded to the lower support and failed to rise above the average levels for over a month. Therefore, the price could face a 15% upswing followed by a 25% pullback, landing back to its initial range.
dogwifhat (WIF) Price May Trade Within Range-Bound This Week
dogwifhat price dropped below the crucial support zone between $2.26 and $2.18 and despite a rebound, the token failed to surpass it, indicating the growing influence of the bears. The -Di of the DMI has displayed a bearish divergence, which suggests the growing strength of the bears. Hence, a bearish crossover is expected in the coming days, which may slash prices hard.
The price is accumulating within a narrow range as it collects strength for the next price action. Secondly, the RSI is trying to rise by forming consecutive higher highs and lows, which indicates the growing strength of the bulls but may not indicate the growing dominance of the bulls. Hence, the WIF price is expected to remain consolidated between resistance and support for a while, probably until the end of the first fortnight.
However, the BONK price is trying hard to revive a strong ascending trend while the bulls are yet to stabilize their strength as the bears are preparing for the next action. On the other hand, the Pepe price is also struggling to sustain above the crucial support. Therefore, the memecoins appear to be outpowered by the major tokens, as Bitcoin & Ethereum attract massive volumes.