MemeCoins Down: High Tokens DOGE, SHIB, WIF, PEPE, FLOKI Undergo Value Drop

• DOGE drops to $0.1705, eyes $0.16 as recent assist on 1.94% market cap decline.
• SHIB checks low of $0.00002573, market cap down 2% in 24-hour bearish flip.
• Bearish WIF hits $3.53, buying and selling quantity down 33% as confidence wanes.

Regardless of memecoins being ranked as essentially the most worthwhile in Q1 2024 with common returns of over 1300%, bearish momentum has taken over the pattern, in line with CoinGecko’s evaluation. Consequently, the costs of Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF), Pepe (PEPE) and Floki (FLOKI) have fallen considerably over the previous 24 hours. This might present a chance for traders to purchase the dip and doubtlessly revenue from a future rebound within the value of those meme cash.

dogecoin (DOGE)

The DOGE market was dominated by bearish sentiment within the earlier 24 hours, with the value dropping from a 24-hour excessive of $0.1874 to an intraday low of $0.1705 earlier than discovering assist. If the bears break the $0.17 assist degree, the following doable assist degree may very well be round $0.16, making it a gorgeous entry place for traders trying to money in on a possible pullback.

DOGE/USD 24-hour value chart (supply: CoinStats)

Nonetheless, if the bulls can defend the $0.17 assist degree and break the $0.18 resistance, it may sign a reversal in Dogecoin’s present downtrend with one other doable resistance degree round $0.20.

In the course of the decline, DOGE’s market cap and 24-hour buying and selling quantity fell 1.94% and 32.28% to $25.84 billion and $2.49 billion, respectively.

Shiba Inu (SHIB)

Shiba Inu (SHIB) bulls additionally retreated within the earlier 24 hours, with makes an attempt to neutralize the bearish rally failing to clear the day by day excessive of $0.00002748. Consequently, SHIB fell to a seven-day low of $0.00002573 earlier than recovering considerably to the present value of $0.00002668, down 2% from the day by day excessive.

If the bearish motion continues, the following assist ranges for SHIB are round $0.000025 and $0.000024. Nonetheless, if the bulls take management, SHIB might take a look at the resistance at $0.000027 and $0.000028 within the fast future.

SHIB/USD 24 hour value chart (supply: CoinStats)

SHIB’s market capitalization and 24-hour buying and selling quantity fell 2% and 29.84% to $15.72 billion and $641.21 million, respectively, reflecting a decline in investor curiosity and total market worth.

Dogwifhat (WIF)

Solana-based memecoin Dogwifhat (WIF) additionally entered a bearish part as the value reversed after failing to interrupt the $4.16 barrier degree. On account of the bearish pattern, WIF fell to a low of $3.53 earlier than discovering some assist. WIF’s present market cap is $3,893,507,974, down 5%.

With a 24-hour buying and selling quantity of $586,674,854, down 33%, there’s a vital drop in buying and selling exercise and market confidence within the Dogwifhat (WIF) coin.

24 hour WIF/USD value chart (supply: CoinStats)

Different key assist ranges to look at for WIF are $3.40 and $3.20 as a break under these ranges may sign additional draw back potential for the coin. Nonetheless, if WIF regains power and breaks above $4.16, the following resistance ranges to look at are $4.50 and $4.80. With the bears nonetheless in management, WIF was buying and selling at $3.90 at press time, down 5.77% from its day by day excessive.

Pepe (PEPE)

Pepe (PEPE) additionally struggled with a 4% drop in worth at this time, marking a seven-day low. Within the earlier 24 hours, bearish sentiment has overcome optimistic momentum, with the value fluctuating between a day by day low of $0.000006621 and a excessive of $0.00000739.

If the bears break the $0.000006621 assist degree, the opposite vital assist ranges to look at are $0.000006 and $0.0000055. Nonetheless, if the bulls can push the value above $0.00000739, the following resistance ranges to look at are $0.000008 and $0.00009.

24-hour value chart of PEPE/USD (supply: CoinStats)

At press time, the bears remained in management, with PEPE buying and selling at $0.000007005, down 4.55% from the barrier degree.

Floki (FLOKI)

After opening at this time’s buying and selling session with a bearish momentum, bulls within the Floki market tried to reverse the pattern earlier than hitting resistance at 0.0002146. Consequently, the value of FLOKI fell as little as $0.0001939 earlier than recovering barely to $0.000203 at press time. If the bulls preserve their momentum and break the resistance at $0.0002146, the following ranges to look at are $0.00022 and $0.00023.

Nonetheless, if the bears proceed to prevail, we may even see one other decline close to the $0.00019 assist degree.

FLOKI/USD 24 hour value chart (supply: CoinStats)

FLOKI’s market capitalization and 24-hour buying and selling quantity decreased by 4.53% and 23.77% to $1.94 billion and $219.96 million, respectively. A lower in market capitalization and buying and selling quantity might point out a decline in confidence within the FLOKI market, which may put additional downward stress on the value.