The post The Meme Coins Market in the Past Seven Days appeared on BitcoinEthereumNews.com.

The short-lived rally in Solana-based meme coins has come to an abrupt end, with Bonk (BONK), Cat in a Dog’s World (MEW), and Book of Meme (BOME) ranking as the top assets leading the decline. These tokens climbed in value on Wednesday but have since retraced and are now poised for an extended decline. Bonk (BONK) Lingers Below Key Moving Average Despite Wednesday’s rally in BONK’s value, its price remains below its 20-day exponential moving average (EMA), which measures its average trading price over the past 20 trading days. When an asset’s price is below its 20-day EMA, it typically indicates a short-term downward trend. This means the average price over the past 20 trading days is higher than the current price. It suggests that buying pressure has weakened, and the asset’s price may continue to decline if selling pressure increases. BONK’s negative Elder-Ray Index confirms the surge in selling activity. At press time, the meme coin’s Elder-Ray Index is -0.0000024.  This index measures the market’s buying and selling pressure. A negative value indicates that selling pressure outweighs buying momentum, signaling that sellers are in control and pushing the asset’s price lower. If BONK bears remain in control, the token’s price may drop to $0.000020. If the low demand persists, the price may fall further to $0.000012, a level last witnessed in April. Read more: How to Buy Solana Meme Coins: A Step-By-Step Guide BONK Price Analysis. Source: TradingView However, if sentiment shifts from bearish to bullish, the meme coin’s price may climb to $0.000025, invalidating the pessimistic projections.  Cat in a Dog’s World (MEW) Faces Weakening Uptrend At press time, MEW trades at $0.0057. However, momentum indicators on the one-day chart suggest a weakening uptrend. For instance, its Aroon Up Line is down at 7.14%. The Aroon Indicator tracks trends…

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Filed under: News - @ August 10, 2024 2:04 pm