The cryptocurrency industry has continued to trade under a strong negative sentiment since the beginning of April, highlighting a massive bearish reversal in the crypto space. Further, top Solana-based memecoins such as dogwifhat (WIF) and Book of MEME (BOME) continue to display a negative price action.
Moreover, the memecoins leaders continue to record significant corrections in their respective portfolios, indicating a high possibility of negative price action during this month for the memecoin category.
dogwifhat (WIF) Price Displays A Rounding Top Pattern!
The WIF price continues to trade under a negative influence, with a correction of over 10% within the past 24 hours and approximately 25% in valuation since the month’s start, indicating a significant increase in the selling pressure within the crypto space.
Moreover, the chart displays a rounding top pattern in the 4H time frame, highlighting a strong bearish influence for the memecoin in the market. Furthermore, the SMA shows a negative trend, suggesting a price breakdown for the WIF token in the coming time.
The technical indicator, MACD, displays a constant red histogram, indicating increased selling over buying pressure in the crypto space. Further, the averages show a significant decline in the chart, suggesting a bearish price action this week.
However, if the market displays a trend reversal, the WIF price may regain momentum and attempt to test its high of $4.1975 by the coming weekend. On the other hand, if the memecoins continue to trade under a negative trend, the dogwifhat token will fall to test its low of $3.
BOME Price On The Verge Of A Major Breakdown!
The BOME memecoin had recently displayed a double top pattern, following which the token experienced a correction of 17.23% in its portfolio with a loss of approximately 13% within the past 24 hours, indicating a rising disinterest of investors in this category.
Moreover, the price has repeatedly failed to break out of its resistance level at $0.0184, highlighting a strong liquidation point at that level in the crypto market. With the current market sentiments, the price is predicted to plunge and test its low during the upcoming weeks.
The MACD shows a constant flatline for a brief period, indicating a weak price action for the altcoin in the market. Furthermore, the averages display a descending pattern, highlighting a bear power in the crypto space.
If the market pushes the price above the resistance level of $0.0159, the bulls will regain momentum and attempt to test its upper level of $0.0184. Conversely, if the bears continue to overpower the bulls, the BOME price will plunge and fall to test its lower support level of $0.0111 this month.