Meme Coin price plummets: Book of Meme ($BOME ) and Dogwifhat ($WIF ) face selling pressure
The two meme coins are following a similar pattern, hence the decline in price. Let's look at their main triggers one by one.
BOME drops but support offers some hope
BOME has gone down after touching the descending trend line. The price bounced off the trendline as resistance and then dropped to support at around $0.007.
Price has followed this pattern since March: bouncing off the trendline as resistance and doing the same at support. The ongoing decline started after it reached the trendline and now the pattern continues. We expect support to decrease.
Buyers will look for support at $0.007 once again
However, the support level has held steady since BOME was launched. If this continues, we expect to eventually see a breakout of the descending pattern.
dogwifat Lower Lows and Lower Highs formation
dogwifat (WIF) follows a similar pattern. The price is currently meeting resistance at the descending trendline. It has declined since returning to the trendline 10 days ago.
The price has started to form a low-low and low-high pattern that makes it look like it will fall further. WIF is currently trading at strong support around $1.90.
If the support fails to hold then we could see another lower low. This means the price could drop below $1.40.
Next big airdrop?
Notcoin airdrop on Telegram has made millions of dollars for people. Don't miss the next TG airdrop from the same team – Dogs on Ton!
The price direction of meme coins often changes very quickly during meme coin season. Top meme coins are the main targets for the upside move.
Therefore, a change in the overall market sentiment could easily change the price direction of these two meme coins.
This is not investment advice, this is useful information
