After displaying a bearish price action for over a week, the memecoin category has recorded a positive uptrend of approximately 7% in its valuation within the past 24 hours, indicating a decrease in the selling pressure within the cryptocurrency market.
The top 5 memecoins have recorded corrections of over 20% each to their respective portfolio. The memecoin leaders, Dogecoin and Shiba Inu have lost 20.08% and 18.89% over the past week. Moreover, WIF, PEPE, and BONK have lost 24.54%, 26.63%, and 26.08% in valuation.
The memecoin leader, Dogecoin price, started in 2024 by displaying a neutral trend as the token traded in a closed range between $0.065 and $0.086 for the first two months. As the volatility in the market grew, the price surged over 117% before facing rejection at its upper resistance level.
After testing its low of $0.128, the Dogecoin price regained momentum and recorded another jump of 77.86% in valuation. The memecoin then faced rejection at the resistance of $0.22900 and since then, the price has been trading under a bearish influence.
The technical indicator, MACD, displays a decrease in the red histogram, indicating an increase in the buying-over-selling pressure in the crypto industry. However, the averages constantly decline, suggesting a bearish price action for the memecoin this week.
If the market regains momentum and trades under a bullish sentiment, the DOGE price will regain momentum and prepare to test its upper resistance level of $0.205. Conversely, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.128 this month.
The second largest memecoin crypto token by market cap followed, in the footsteps of the category leader and displayed a similar trend by trading in a closed range till the second month of the year. As the volatility increased, the SHIB price successfully broke out of its resistance level at $0.000011.
The Shiba Inu token jumped 388.58% within the next ten days. After facing rejection above the support level of $0.0000450, the bulls lost momentum, resulting in the SHIB price breaking down the support level. Since then, the price has displayed a neutral trend, indicating a weak price action.
The MACD shows a constant red histogram in the chart, highlighting increased bearish influence in the cryptocurrency space. Moreover, the averages display a steady decline, suggesting the price may continue losing value in the coming time.
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