Dogwifhat (WIF) and BONK, two popular meme coins, have experienced notable price drops with much of the reason attributed to the overall downturn in the cryptocurrency market. Bitcoin fell to $62,746, leading to a broader market decline that has impacted the prices of various altcoins, including WIF and BONK.
What you'll learn 👉
Dogwifhat (WIF) Faces Resistance at $3.57, Fails to Gain Traction
Dogwifhat (WIF) faced resistance at the $3.57 level and subsequently fell after failing to gain sufficient traction to break through this key level. The meme coin is currently trading at $3.31, representing a 6.70% decrease over the past 24 hours.
The daily chart RSI (Relative Strength Index) for WIF stands at 55.97, indicating a neutral momentum. An RSI value above 70 is considered overbought, while a value below 30 is considered oversold. With WIF’s RSI at 55.97, the cryptocurrency is neither overbought nor oversold, suggesting a balance between buying and selling pressure.
Over the past 24 hours, WIF has traded between a low of $3.22 and a high of $3.57, showcasing the volatility in the meme coin’s price action.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +BONK Breaks Down from Descending Channel, Faces Resistance at $0.00002946
BONK has also experienced a price decline, breaking down from a descending channel pattern. The cryptocurrency faced resistance at the $0.00002946 level a few days ago but failed to gain enough traction to break through this level.
BONK is currently trading at $0.00002503, representing a 5.84% decrease over the past 24 hours. The meme coin’s 200-day moving average (MA) stands at $0.000012, which is significantly lower than the current trading price.
Read also: Arkham Unmasks $251 Million Bitcoin Trove Seized From Convicted Drug Kingpin
The 200-day MA is a widely used long-term trend indicator, and when a cryptocurrency’s price is above this level, it is generally considered a bullish sign. BONK’s position above the 200-day MA suggests that the long-term trend remains favorable, despite the recent price decline.
The daily chart RSI for BONK stands at 54, indicating a neutral momentum, similar to WIF. An RSI value of 54 suggests that the cryptocurrency is neither overbought nor oversold, and there is a balance between buying and selling pressure.
Over the past 30 days, BONK has traded between a low of $0.00001257 and a high of $0.00002946, highlighting the meme coin’s price range and volatility.
Factors Contributing to the Price Decline
The recent price declines of Dogwifhat (WIF) and BONK can be attributed to several factors, including:
- Overall Market Downturn: The broader cryptocurrency market has experienced a downturn, with Bitcoin’s price drop leading to a cascading effect on altcoins, including meme coins like WIF and BONK.
- Resistance Levels: Both WIF and BONK faced significant resistance levels that they failed to break through, leading to a loss of momentum and subsequent price declines.
- Profit-Taking: As meme coins are often subject to high volatility and speculative trading, some investors may have taken profits during the recent price highs, leading to increased selling pressure.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
