The cryptocurrency market has experienced a shift this week, marked by a selloff that has led to a decrease in leverage for many altcoins. This reduction in trading activity reflects a sense of caution among investors, particularly impacting meme tokens like Bonk (BONK), Dogwifhat (WIF), PEPE, and Dogecoin (DOGE).
Bonk (BONK) has struggled with bearish momentum, with a 2.81% price drop in the last 24 hours, trading at $0.00003862. The token’s market cap has also decreased by 2.77%, now standing at $2.92 billion. Key resistance levels for BONK are at $0.00004000 and $0.0000397, while support levels at $0.00003800 and $0.00003770 aim to prevent further losses.
Dogwifhat (WIF) has faced a sharper decline, with a 5.83% drop in price to $2.91. The token’s market cap and trading volume have also decreased, pointing to reduced participation. Resistance levels at $3.08 and $3.00 are critical for any recovery, while support zones at $2.90 and $2.85 offer potential stability.
PEPE token, on the other hand, displayed a milder 1.02% decline, trading around $0.0000233. Despite volatility, the token has shown gradual upward attempts after hitting lower lows. Support at $0.0000230 and $0.0000233 is crucial for maintaining recovery efforts, while resistance at $0.0000245 and $0.0000248 present hurdles for further upward movement.
Dogecoin (DOGE) traded at $0.4065, marking a 1.90% decline over the past day. The token faced resistance at $0.4137, leading to sideways trading. Support levels are observed at $0.3980–$0.4000 and $0.4050, while resistance at $0.4137 and $0.4100 limits upward movement.
Overall, the reduction in leverage and trading activity has impacted the altcoin market, with meme tokens and other cryptocurrencies facing challenges in maintaining stability and gaining momentum. Investors are advised to exercise caution and monitor key support and resistance levels to make informed decisions in this cautious market environment.