Crucial Time To Hold Memecoins As These Altcoins Turn Bearish?
Release: 2024/10/09 02:04 Reading: 578
Altcoin Market Sentiment Falls with Bitcoin's Dip
As Bitcoin (BTC) breached the $63,000 psychological barrier, altcoins have faced significant selling pressure. Memecoins, in particular, have suffered heavily, with approximately $1 billion in liquidations within a day.
Memecoin Market Analysis: Time to Sell?
The recent market downtrend has raised concerns about the future of memecoins. This article examines the market dynamics of three prominent memecoins for the week:
Pepe (PEPE)
- 24-hour price drop of ~7%
- Trading volume: $1.178 billion
- EMA 50/200-day trend: Neutral
- MACD: Negative
Pepe's market indicators suggest a bearish sentiment, with potential for a breakdown below its support level of $0.00000625. Conversely, a bullish reversal could drive it towards $0.00001150.
Dogwifhat (WIF)
- Intra-day correction: 5.39%
- Trading volume: $731.63 million
- RSI: Overbought range
- Average trendline: Resistance
WIF has failed to sustain bullish momentum and has fallen below $2.50. Its technical indicators indicate potential for further value loss, with a target support level of $1.240. However, a bullish reversal could push it to $3.050.
Bonk (BONK)
- Price hovering near $0.00002125
- Weekly correction: 17.93%
- MACD: Neutral
- SMA: Resistance
BONK has experienced a 17.93% correction over the past week. While it has found support at $0.00002125, its technical indicators suggest weak buying pressure. A breakout above $0.0000270 could signify a bullish trend, while a drop below $0.0000150 would indicate bearish sentiment.
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