Memecoins Hints Bullish Move! Solana-based Tokens To Outperform Top Altcoins In May?
The post Memecoins Hints Bullish Move! Solana-based Tokens To Outperform Top Altcoins In May? appeared first on Coinpedia Fintech News
The crypto industry continues displaying a mixed price sentiment amid increased volatility among the top crypto tokens. Positively, the market leader, BTC, has reclaimed the $62K mark within the past day, resulting in the market experiencing a positive inflow in its digital assets.
However, the memecoin category has displayed a strong bullish reversal by adding significant valuation to their respective portfolio. Furthermore, top meme tokens added approximately 10% each within the past seven days, indicating a bullish outlook for these tokens during the upcoming week.
dogwifhat (WIF):
After trading under a bearish influence for the past month, this Solana-based memecoin has recorded a bullish jump by adding approximately 16% within the past two days. Moreover, the WIF price has formed a symmetric triangle pattern in the 1D time frame and continues to trade within it.
Moreover, the dogwifhat price is on the verge of testing its resistance trendline, the outcome of which is uncertain. Positively, the Simple Moving Average (SMA) supports the price action, highlighting a strong bullish influence in the crypto space.
The MACD displays a constant green histogram in the 1D, hinting at an increase in the buying sentiment within the crypto space. Furthermore, the averages show a positive curve, suggesting the price will continue trading under a bullish influence during the upcoming week.
If the bulls break out of the resistance trendline, the WIF price will prepare to test its upper resistance level of $3.90. Negatively, a trend reversal could pull the price toward its support trendline in the coming time.
BOOK OF MEME (BOME):
The BOME price has experienced a jump of 10.86% within the past day and has recorded a 24-hour trading volume of $248.162 Million, a change of +30.43% over the past day. Moreover, at the time of writing, its weekly gains stood at +23.71%, indicating a rising bullpower in the crypto industry.
The technical indicator, RSI, shows a constant rise toward the over-bought range, highlighting a strong bullish reversal in the crypto industry. Moreover, the average shows a bullish curve toward the mid-point, indicating a positive price sentiment for the BOME memecoin in the coming time.
If the market continues to trade under a positive sentiment, the Book Of Meme price will prepare to test its important resistance level of $0.0123 by next week. Conversely, if the bears gain control over the bulls, the price will plunge toward its lower support level of $0.00990 this month.
