The Solana price has recorded a correction of 6.86% within the past 24 hours with a trading volume of $1.77 Billion, a jump of 138.82%. With this, the altcoin has plunged below the $125 mark, indicating a strong bearish sentiment for this crypto token in the market.
The Solana-based have experienced a similar trend by recording significant corrections in their portfolios. On the other hand, the top SOL-based memecoins have recorded the highest loss by plunging over 10% each within the past day.
With the rising bearish sentiment in the cryptocurrency market, will the memecoin category regain its lost momentum or plunge toward a new low during the upcoming month?
WIF Memecoin Bearish Trend Intensifies!
The dogwifhat price has plunged 14.77% within the past 24 hours with a jump of 39.31% in its trading volume. Furthermore, the memecoin has cut 37.46% within the past seven days and 44.50% over the past month. Notably, the WIF token is trading at a discount of 68% from its ATH.
Moreover, the WIF coin price has formed a descending channel pattern, suggesting a weak price action for the memecoin in the cryptocurrency space. Further, the SMA constantly acts as a resistance to the price chart in the 1D time frame.
The Relative Strength Index (RSI) has plunged below the oversold range, indicating increased selling pressure for the WIF price in the crypto space. Furthermore, the average trendline shows a constant decline, suggesting a negative outlook for the Solana-based memecoin in the market.
If the crypto market records a bullish reversal, the dogwifhat price will regain momentum and prepare to test its resistance level of $2.10. Conversely, if the bears continue to dominate, the WIF crypto will plunge toward its important support level of $1.240 in the coming time.
Pepe Price On The Verge Of A Major Breakdown?
By recording a correction of approximately 13% in its portfolio over the past 2 days, the Pepe coin price has successfully formed a triangle pattern in its 1D time frame. Moreover, the memecoin has traded under a bearish sentiment since the month started, indicating a bear power in the market.
The Pepe price has lost 14.77% in valuation within the past 24 hours with a change of +51.29% in its trading volume. Moreover, it has plunged 11.23% within the past seven days and 31.57% over the last 30 days, indicating a long-term bearish sentiment in the crypto space.
The technical indicator, MACD, displays a constant red histogram, highlighting a weak bullish sentiment for the PEPE memecoin in the crypto space. Furthermore, the averages show a constant downtrend, suggesting the Pepe price will continue losing value this week.
If the market pushes the price of the Pepe token above the resistance level of $0.00001150, the bulls will prepare for a breakout and head toward its upper resistance level of $0.00001410. However, if the bears continue to gain control, the memecoin will plunge toward its support of $0.00000880.
