- Bearish sentiment around BOME and WIF was dominant in the market.
Indicators looked bullish and bearish on BOME and WIF, respectively.
With a downturned market, most cryptocurrencies experienced significant price decreases. Dogecoin (WIF) proved to be an exception, unfortunately, and was one of the hardest hit among meme coins.
Despite the price declines for many other books in the last 24 hours, BOME maintained its value relatively stable.
WIF and BOME’s divergence
The pessimistic market situation led to a significant double-digit decrease in WIF‘s value, making it among the top meme coins with the most considerable loss. As reported by CoinMarketCap, WIF suffered a setback of over 13% within the last 24 hours.
At press time, it was trading at $2.30 with a market capitalization of over $2.29 billion.
It’s worth noting that while other assets experienced a decline, BOME displayed unusual behavior by rising more than 2% in the past day. At this moment, the meme coin is priced at $0.008789 and boasts a market capitalization of over $484 million.
According to AMBCrypto’s examination of Santiment’s findings, WIF maintained greater social media buzz than BOME.
Despite a recent increase in BOME‘s price, the sentiment towards both meme coins remained negative according to the latest data.
This meant that bearish sentiment around WIF and BOME was dominant in the market.
What’s happening with BOME and WIF?
Examining the derived measurements of these tokens provided insight into their current situations. According to AMBCrypto’s analysis, while WIF‘s Funding Rate continued to be positive, BOME‘s metric took a downturn.
In general, the direction of price movements often opposes the Funding Rate. This pattern held true in this instance as well; while the price of WIF decreased, the price of BOME rose.
The good news was that BOME’s Open Interest also increased slightly over the last few days.
In simpler terms, an increase in the metric indicates that it’s likely the current price trend will persist, potentially leading to further price increases, or a prolonged bull market.
According to AMBCrypto’s examination of WIF‘s daily chart, several other signs hinted at bearish trends. The Moving Average Convergence Divergence (MACD) line showed a distinctly bearish outlook for the market.
The RSI, or Relative Strength Index, also decreased and was moving closer to the threshold of 50.
Based on these signs, it’s possible that the price of the meme coin could decrease even more for those who invest using a WIF (Wallet Import File).
Read Book of MEME’s [BOME] Price Prediction 2024-25
Instead, the signals from BOME‘s indicators were optimistic. For example, the Money Flow Index (MFI) headed upward.
An uptrend in the Chaikin Money Flow (CMF) signalsApproaching the neutral zone, this suggests that the meme coin’s bullish trend may continue for some more days.
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2024-04-18 17:12