Meme Coin Prices Plunge: Book of Meme (BOME) and dogwifhat (WIF) Face Selling Pressure, But…
The Prices of Book of Meme (BOME) and dogwifhat (WIF) Continue to Decline: dogwifhat (WIF) Down Over 30% in 10 Days, BOME Down 15% in 2 Days
The two meme coins are following a similar pattern, hence the drop. Let’s look at their main triggers one after the other.
What you'll learn 👉
BOME Drops But Support Gives Some Hope
BOME has been going down after it hit the descending trendline. The price has been bouncing off the trendline as resistance and then dips to the support at around $0.007.
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The price has been following the pattern since March: bouncing off the trendline as resistance and also doing the same at the support level. The ongoing decline started after it got to the trendline and now the pattern continues. We expect a decline to the support level.
Buyers Will Look for Support at $0.007 Again
However, the support has held steady since BOME was launched. If this continues to happen, we expect to eventually see a breakout of the descending pattern.
dogwifhat Forming Lower-Lows and Lower-Highs Pattern
dogwifhat (WIF) has also been following a similar pattern. The price is currently having resistance at a descending trendline. It has been declining since it got to the trendline again 10 days ago.
The price has started to form a lower-low and lower-high pattern that makes it look likely to fall deeper. WIF is currently trading at a strong support which is around $1.9.
If the support doesn’t hold the price, then we could see another lower low. This means the price could dip below $1.4.
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Show more +Shift in Market Sentiment Could Change Pattern
The price direction of meme coins usually changes very fast during meme coin seasons. The top meme coins are the main target for the bullish move.
Thus, a change in general market sentiment could easily change the price direction of these two meme coins.
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