The crypto market continues to record increased price action, resulting in the top crypto tokens experiencing a significant rise in their respective portfolios. Furthermore, the market leader, BTC price, holds its price above the $66K mark, suggesting a positive outlook for these tokens in the coming time.
However, the Solana-based memecoins display a bearish influence, indicating a decrease in the buying price sentiment in the crypto space. Moreover, the dogwifhat (WIF) price and BOOK OF MEME (BOME) price have lost 4.51% and 8.21% in their respective portfolios within the past day.
dogwifhat (WIF) Price Records A Death Cross:
Despite increased price volatility in the crypto space, the WIF price continues to display a neutral trend by trading in a closed range between $2.7775 and $3.0150. Furthermore, the memecoin has lost over 10% within the past week, indicating increased bearish sentiment for the dogwifhat token.
The Cross EMA 50/200-day displays a Death Cross in the 4H time frame, indicating a high possibility of a bearish price action for the dogwifhat token during the upcoming week.
The technical indicator, MACD, shows a constant decline in the red histogram, highlighting increased bullish sentiment in the crypto space. Furthermore, the averages display a high possibility of bullish price action in the coming time.
If the market continues to trade under a bullish influence, the WIF price will test its resistance level of $3. However, bearish price action may result in the dogwifhat price falling toward its crucial support level of $2.7775 this month.
BOME Token Displays Increased Price Volatility:
The BOME price follows in the footsteps of the category leaders and displays a similar trend by recording a neutral trend over the past week. Further, the trading volume of this memecoin has dropped over 30.5% to $579.52 Million over the past day, indicating a negative outlook for it during the upcoming week.
The Simple Moving Average (SMA) acts as a resistance to the price action, indicating a strong bearish influence for this memecoin. On the other hand, the Relative Strength Index (RSI) displays a bullish crossover in the chart, highlighting a mixed sentiment for BOME memecoin in the crypto market.
If the market regains momentum, the BOME price will test its resistance level of $0.0123 during the upcoming week. Conversely, if the bears overpower the bulls, the price will lose momentum and fall toward its support level of $0.01125 this month.
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