5.59% Drop Across the Board in the Memecoin Market Sector
This review of the memecoin market sector highlighted a 5.59% drop across the board, at the time of writing. In fact, as the memecoin market fell
The memecoin market sector was highlighted by a 5.59% drop across the board, at the time of writing. In fact, as the memecoin market fell, four leading tokens - BONK, FARTCOIN, PENGU, and WIF - emerged as the top losers.
What happened?
Interest in memecoins dropped sharply compared to the previous month.
According to Artemis’s sector performance data, which tracks how each market segment performs through a weighted average, memecoins have seen a steeper decline.
Memecoins, which had rallied by 17.6% last month and ranked as the sixth-best performing segment, have now fallen behind.
Over the past 7 days, the sector has appreciated by just under 2%, with most of these gains seen over the last 24 hours.
This hinted at a lower liquidity allocation into the memecoin sector, contributing to the crypto’s weak performance.
In fact, analysis indicated that this drop stemmed from liquidity flowing into the Bitcoin ecosystem, while the Altcoin Index fell on the charts.
Here, altcoins refer to all tokens other than Bitcoin. The Altcoin Index tracks how this segment performs based on liquidity inflows.
When the index is low (As it is now, with a reading of 26), it implies less liquidity is entering the altcoin market and more is going into Bitcoin. Such a shift explains why Bitcoin continues to hold above $100,000 on the price charts.
How will these memecoins perform?
Each of these top-losing tokens was analyzed to assess whether these assets will continue to fall or whether they will rebound.
At the time of writing, BONK memecoin was trading on an ascending support line – A pattern that influences price in two possible directions.
Such a bullish scenario, as seen in previous instances, hinted at a rally each time BONK hits this support level.
This has happened three times so far, and BONK could repeat the pattern soon.
However, in the bearish scenario, BONK could break south, reversing gains made since trading along the ascending line. In this case, BONK could fall to $0.00001405.
FARTCOIN – Follows a bullish fractal pattern
FARTCOIN has followed a fractal path since its April rally, forming higher highs (HH) and higher lows (HL).
These higher lows have aligned with key support levels, with the same acting as catalysts for past rallies.
If the press time candlestick closes above the support line, a new higher high may be on the horizon for the memecoin.
Finally, PENGU’s performance was weak at press time. It seemed to be consolidating at the lower support level of a symmetrical triangle.
Although it entered the support zone of this channel, the price reacted slowly and failed to make a notable move north on the charts.
Typically, this pattern should trigger a quick rally to $0.015 and then, $0.017.
However, given the prevailing price action, the memecoin may continue consolidating without significant gains.
WIF — Slight rally, major drop
Bollinger Band analysis suggested WIF could see a brief rally before a major decline.
At the time of writing, WIF had entered the middle band and moved north towards the upper band (marked in red).
If the upper band acts as resistance, as it often does, the memecoin could trend lower – Potentially falling to $0.764 and marking a 41% decline.
News data source: kdj.com
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