Despite today’s drops in Bitcoin’s price, Pengu and Fartcoins are still holding weekly gains well, while Doge slowly draws back.
Compared to the past few days of recovery from their recent lows, major meme coins have cooled off on buying today and are now trading with minor gains over the past few hours. This came as a result of recent Bitcoin’s price rejection under $109k. Some low-cap altcoins are following suit at the time of writing.
Reactions to the slight drop have positioned most meme coins into an indecisive state, although some, especially assets on the Dex, are defying the odds as they continue to show strength, posting massive gains daily.
What Triggered The Drop?
As the market follows trends and patterns, prices are expected to react to key levels as they form structure across timeframes. Bitcoin seems to have tested a key resistance level on the daily scale and is now respecting it.
Looking at Bitcoin’s corrective pattern since it printed a new all-time high (ATH) in May, it appears to have reached another crucial sell point after a week bounce. Creating a new high in the intraday trading, it may lose grip again. If this comes into play, meme coins may suffer another big loss.
Can Meme Coins Sustain Recovery Amid Potential Market Drop?
Of course, yes. But such a recovery may be limited to token trading on the centralised exchange due to low risk. Decentralised exchange assets, especially the new gems, are much more likely to see bigger gains even though market drops. Although there are some risks involved. Please do your research!
Despite that, Doge and a few major meme coins are still up weekly. While Solana markets recorded the most gain so far, others follow suit.
Aside from Pengu, which has been trending lately with major gains over the past week, WIF and Pepe are currently on the top-gainers sport with an average increase of 5% in the last 24 hours.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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