It's been a tight race between BONK and WIF on the memecoins front. What does that entail for these altcoins' future price actions?
According to CoinMarketCap, BONK appreciated by over 12% in the last 7 days, with WIF losing 16% of its value over the same period. Thanks to the same, BONK’s market cap hit $1.83 billion while WIF’s fell to $1.69 billion.
Here, it’s worth pointing out though that at press time, BONK was struggling to sustain its bullish momentum. This corresponded with the fact that the memecoin’s trading volume fell by over 45% too – A sign of investors and traders’ lower participation. That’s not all either, since its Open Interest also dropped by 14.3% due to bearish market sentiment and selling pressure across the market.WIF, trading near $1.65 at the time of writing, was struggling on the same fronts too. Its trading volume dropped by over 38% as well. On the contrary though, its OI hiked by over 4% in the last 24 hours.On the price charts, BONK appeared to be on an uptrend and looked bullish.
Meanwhile, BONK has now hit its strong resistance area near $0.000026. This level is the neckline of a bullish double-bottom price action pattern. If it flashes a breakout and the daily candle closes above the $0.000028-level, then there is a high possibility that it will hit the $0.000040-level – Its next resistance level.Besides this analysis, technical indicators suggested that BONK is in a bull cycle as it seemed to be moving above the 200 Exponential Moving Average .
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