The post Memecoins Losing Momentum! As DOGE, SHIB, And FLOKI Prices Experience A Plunge? appeared first on Coinpedia Fintech News
The market has gained massive bullish momentum as the industry has achieved its market valuation of $1.4T in today’s early trading hours. Further, the price of Bitcoin holds its price strong above the $36,500 level, indicating a bullish influence in the space.
On the other hand, Memecoins have recorded a correction as the top coins have experienced a drop in their values. Top coins display a negative trend in their charts, with the prices presently experiencing a correction.
Dogecoin Price Analysis:
The DOGE price has recorded a drop of approximately 4% in its value within the past day, indicating a bear power in the market for this category. The category leader traded sideways before breaking out of its resistance level at $0.06148.
Following this, the price gained massive price action, resulting in the price breaking out of multiple resistance levels. Further, Dogecoin broke out of its key resistance level at $0.06931.
After which, the coin continued to surge, but the price was rejected at $0.07648 and then experienced a correction in value as the bulls lost momentum. On the positive side, the 50-day EMA acts as a dynamic support to the price, indicating a possibility of a bullish reversal soon.
The MACD displays a constant red histogram, indicating a bearish influence in the market. Further, the averages show a decline in the chart, suggesting the price to continue falling in the coming time.
If bulls hold power and break out of their resistance level at $0.07648, the price will regain momentum and make a run to test its upper resistance level of $0.07803 soon.
On the flip side, if a trend reversal occurs, the price will lose momentum, start trading negatively, and test its support level of $0.07250. Moreover, if the bears gain power, the price will further drop and test its lower support level of $0.06931 in the coming week.
Floki Price Analysis:
Floki’s price has dropped over 8% in value within the past day, making it one of the top losers of the day. The price constantly traded sideways since the month started, indicating a neutral trend for this memecoin in the market.
The FLOKI price was seen trading in a consolidated range between $0.00001629 and $0.00002046 for a brief period, after which the market pumped and the price surged, breaking out of its key resistance level.
After recording a six-month high at $0.00004001, the memecoin lost momentum, breaking the support level at $0.00003305. The price has been hovering close to the level since.
The MACD has displayed a volatile sentiment since the month started, indicating significant price volatility for the coin in the market. Further, the average shows a neutral trend, suggesting an uncertainty in future price action.
If the bulls push the price above the resistance level of $0.00003305, the price will continue to gain momentum and make a run to test its upper resistance level of $0.00004001 soon.
Conversely, if the bears overpowered the bulls, the price will lose momentum and fall to test its support level at $0.00002698 soon. Moreover, if the bears continue to dominate the market, it will further plunge and test its lower support level of $0.00002046 in the coming days.
Shiba Inu Price Analysis:
The Shiba Inu price followed the footsteps of the category leader and displayed a similar price action. SHIB price has recorded a correction of over 3% in value within the past day.
The SHIB price has gained over 22% in value within the past month, indicating an increasing interest of investors in the coin. Further, the price has displayed massive volatility as the market has started to gain momentum.
The Moving Average Convergence Divergence (MACD) has displayed significant price volatility since the month started, indicating a bear-bull power in the market. Further, the averages show a flatline, suggesting a mixed sentiment in the market.
If the SHIB price pushes itself above the resistance level of $0.00000851, the memecoin will regain momentum and prepare to test its upper level of $0.00000875 in the coming days.
On the other hand, if the bulls fail to hold the price at that level, the price will experience a drop in its value and prepare to test its support level of $0.00000813 soon. Moreover, if the bears gain control over the market, the Shiba Inu price will further fall and test its lower support level of $0.00000758 this month.
Conclusion:
Overall, the Memecoin category has displayed a strong positive uptrend as major coins have gained significant value in their respective price. The category is predicted to undergo massive price action in the coming time as these coins breaking new ATH is inevitable.
#PriceAnalysis [Source: Coinpedia]