- Despite the price increase, sentiment around BOME remained bearish.
- Several indicators and indicators were pointing to a trend reversal in WIF.
The cryptocurrency market has recently taken a bullish turn, allowing several top coins including: Bitcoin [BTC] and Ethereum [ETH], It will turn green.
Solana several people [SOL]-Base meme coins etc. Bome and BonkFollowing this trend, dog hat [WIF] It seemed like I missed it.
BOME and BONK are trending smoothly
according to coin market capBOME and BONK followed the bullish market trend as the daily and weekly charts remained green.
Notably, BOME rose over 11% and BONK’s value soared over 7% over the past seven days. At the time of writing, BOME was trading at $0.01203 and BONK was worth $0.01203.
Thanks to bullish price action, the social volume of both of these meme coins remained high. BONK’s weighted sentiment also spiked, indicating high investor confidence in the meme coin.
Surprisingly, BOME’s weighted sentiment declined despite double-digit price increases. This meant that bearish sentiment towards meme coins was dominant in the market.
Source: Santiment
AMBCrypto then analyzed the daily charts of BOME and BONK to see if the bullish momentum holds. Starting with BOME, we see that the meme coin is about to test its resistance at $0.0126.
The MACD showed a clear bullish dominance in the market, suggesting that BOME is likely to break above the resistance level.
However, the Relative Strength Index (RSI) recorded a decline, indicating that BOME may not be able to sustain the bull market.
Source: TradingView
Interestingly, unlike BOME, BONK’s indicators suggest that the meme coin’s bullish rally is just beginning. For example, the MACD was showing a possible bullish crossover.
The RSI value was 53., above the neutral mark. Furthermore, Chaikin Money Flow (CMF) has also recorded an increase, meaning that price increases are likely to continue.
Source: TradingView
WIF will be left behind
While the aforementioned meme coins turned the charts green, WIF was left behind as its price fell over 6% in the past 7 days.
As of this writing, WIF is trading at $2.83 and has a market capitalization of over $2.8 billion, according to CoinMarketCap. However, the bearish trend may end soon.
AMBCrypto’s analysis of Santiment data reveals that WIF’s open interest has fallen sharply along with the price.
Generally, a decline in the indicator indicates that the current price trend may change soon.
Source: Santiment
read Mr. Bonk [BONK] price prediction 2024-25
Analysis of the WIF daily chart noted that the CMF has registered an uptrend, suggesting a trend reversal. However, the RSI continued to move sideways below the neutral mark.
Furthermore, the Money Flow Index (MFI) also recorded a significant decline. These two indicators suggest that WIF’s value may decline and therefore may not join the bullish trend.
Source: TradingView
