Altcoin
Memecoin Suggests a Bullish Move! Will Solana-Based Tokens Outperform Top Altcoins in May?
The cryptocurrency industry continues to exhibit mixed price sentiment amid increased volatility among major crypto tokens. Positively, the market leader, BTC, has recovered the $62,000 mark in the past day, resulting in the market seeing a positive inflow into its digital assets.
However, the memecoin category showed a strong bullish reversal adding significant valuation to their respective portfolios. Additionally, major meme tokens have gained around 10% each over the past seven days, indicating a bullish outlook for these tokens over the next week.
dogwifhat (WIF):
After trading under bearish influence for the last month, this Solana-based memecoin has seen a bullish leap adding around 16% in the last two days. Furthermore, the WIF price it has formed a symmetrical triangular pattern in the 1D time frame and continues to trade within it.
TradingView: WIF/USDT
Furthermore, the dogwifche price is on the verge of testing its resistance trend line, the outcome of which is uncertain. On the upside, the simple moving average (SMA) supports the price action, highlighting a strong bullish influence in the cryptocurrency sector.
The MACD shows a steady green histogram in the 1D, suggesting an increase in buying sentiment within the crypto space. Furthermore, the averages show a positive curve, suggesting that the price will continue to trade under a bullish influence during the coming week.
If the bulls manage to break out of the resistance trend line, the WIF price will prepare to test its $3.90 upper resistance level. Negatively, a trend reversal could push the price towards its support trend line in the near future.
BOOK OF MEMES (BOME):
THE BOME price jumped 10.86% in the last day and recorded a 24-hour trading volume of $248.162 million, a change of +30.43% in the last day. Furthermore, at the time of writing, its weekly earnings stood at +23.71%, indicating a growing dominance in the cryptocurrency sector.
TradingView: BOME/USDT
The technical indicator, RSI, shows a steady increase towards the overbought range, highlighting a strong bullish reversal in the cryptocurrency sector. Furthermore, the average shows a bullish curve towards the midpoint, indicating positive price sentiment for the BOME memecoin in the near future.
If the market continues to trade with positive sentiment, the Meme Book Price will prepare to test its important resistance level of $0.0123 within the next week. Conversely, if the bears gain control over the bulls, the price will plummet towards the lower support level of $0.00990 this month.