Crypto space experiences volatility as billions in market cap are wiped off in minutes. As the broader bearish sentiment captivates the bull market, Dogwifhat (WIF) and BONK face massive downtrends due to the selling pressure caused by paper hands. Despite efforts to fight the bearish sentiment, the meme coins remain in the consolidation phase.
Institutional investors shift toward Algotech (ALGT) from these popular meme coins eyeing Algotech’s remarkable features and exponential growth. The massive inflow of substantial resources has influenced the market position of Algotech, resulting in skyrocketing presale.
Dogwifhat (WIF) Price Analysis: WIF Stays In Consolidation Zone
Dogwifhat (WIF) was struggling to reclaim its price of $2.2 when the specter of Mt. Gox struck the market causing massive destruction of nearly $100 billion. Mt. Gox caused market volatility resulting in the prevalence of a bearish trend. Dogwifhat (WIF) fell to a crucial resistance zone, plunging back to $1.51.
The Dogwifhat (WIF) price has been trading below the key support levels, between $2.15 and $2.28 since the end of June. Regretfully, the bears rendered an endeavour to breach these levels ineffective; consequently, the bulls have also thwarted an additional attempt to lower the levels below $1.5.
The RSI has triggered a bullish reversal, and the OBV (on-balance volume) suggests that there may have been a reversal similar to that of the last week of June. Dogwifhat (WIF) price is predicted to stay consolidated within this range until a significant buying volume enters the market, given the confused sentiment of the market. Selling pressure in these circumstances has further hampered the price performance.
BONK Remains In Bearish Zone: Strong Selling Pressure for BONK
BONK has been trading in a steep bearish trend since it failed to break the critical resistance between $0.00003973 and $0.00004125. It has been dominated by bears ever since then. BONK has dropped by 21% within a month. Bulls are now trying to take hold of the BONK price and squash the bearish influence, triggering a rebound.
Market experts reveal that BONK is trading within a falling wedge pattern. The bulls have kept the bullish hopes alive by sustaining the trade within this pattern. However, the selling pressure continues to build as the paper hands lose confidence in BONK’s future performance amid market volatility.
Technical indicators defy the bullish takeover, as the selling of stakes by paper hands has hampered the price actions of BONK. The OBV showed a bearish reversal, signalling the beginning of a bearish trend backed by the MACD. This indicates that another pullback to the support may only signal the start of a new rising trend, so the BONK price may not withstand the buying pressure for very long.
Algotech (ALGT) Presale Performance Grabs Institutional Investors
Algotech (ALGT) emerges as the best altcoin in the DeFi space for revolutionizing algorithmic trading. The platform has been gaining significance thanks to its innovative features and remarkable presale performance. A vast majority of 159,983,708 ALGT tokens have already been sold.
Market analysts claim that the platform is set to rule the crypto space with its advanced trading strategies and state-of-the-art infrastructure. It has raised $9,500,000 in the bonus stage of its presale. Investors are highly inclined towards the platform due to its low-cap investment and humongous gains.
The platform offers detailed reporting and analytics along with learning initiatives for new entrants through social trading as part of its dedication to community engagement. Institutional investors are glued to the trading platform as market experts predict that ALGT tokens are poised to give 100x returns as the listing draws near.
Key Takeaways
Seasonal investors sell Dogwifhat (WIF) and BONK as these coins experience turbulence in the market. Algotech (ALGT) garners investors’ interest with its innovative features.
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