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<p>Dogwifhat (WIF) and BONK, two popular meme coins, have experienced notable price drops with much of the reason attributed to the overall downturn in the cryptocurrency market. Bitcoin fell to $62,746, leading to a broader market decline that has impacted the prices of various altcoins, including WIF and BONK.</p>
<h2 class="wp-block-heading" id="dogwifhat-wif-faces-resistance-at-3-57-fails-to-gain-traction">Dogwifhat (WIF) Faces Resistance at $3.57, Fails to Gain Traction</h2>
<p>Dogwifhat (WIF) faced resistance at the $3.57 level and subsequently fell after failing to gain sufficient traction to break through this key level. The <a class="wpil_keyword_link" href="https://captainaltcoin.com/meme-coins/" title="meme" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">meme</a> coin is currently trading at $3.31, representing a 6.70% decrease over the past 24 hours.</p>
<p>The daily chart RSI (Relative Strength Index) for WIF stands at 55.97, indicating a neutral momentum. An RSI value above 70 is considered overbought, while a value below 30 is considered oversold. With WIF’s RSI at 55.97, the cryptocurrency is neither overbought nor oversold, suggesting a balance between buying and selling pressure.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="420" src="https://captainaltcoin.com/wp-content/uploads/2024/05/image-190-1024x420.png" alt="" class="wp-image-487716" srcset="https://captainaltcoin.com/wp-content/uploads/2024/05/image-190-1024x420.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-190-300x123.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-190-766x314.png 766w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-190-1536x630.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-190-2048x840.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-190-366x150.png 366w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-190-100x41.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-190-854x350.png 854w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-190-788x323.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-190.png 1793w" sizes="(max-width: 1024px) 100vw, 1024px">
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  Source: Tradingview
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<p>Over the past 24 hours, WIF has traded between a low of $3.22 and a high of $3.57, showcasing the volatility in the meme coin’s price action.</p>
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   New Meme Coin to Watch Aiming to be Next $BONK, $WIF or $MEW
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<h2 class="wp-block-heading" id="bonk-breaks-down-from-descending-channel-faces-resistance-at-0-00002946">BONK Breaks Down from Descending Channel, Faces Resistance at $0.00002946</h2>
<p>BONK has also experienced a price decline, breaking down from a descending channel pattern. The cryptocurrency faced resistance at the $0.00002946 level a few days ago but failed to gain enough traction to break through this level.</p>
<p>BONK is currently trading at $0.00002503, representing a 5.84% decrease over the past 24 hours. The meme coin’s 200-day moving average (MA) stands at $0.000012, which is significantly lower than the current trading price.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="422" src="https://captainaltcoin.com/wp-content/uploads/2024/05/image-191-1024x422.png" alt="" class="wp-image-487724" srcset="https://captainaltcoin.com/wp-content/uploads/2024/05/image-191-1024x422.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-191-300x124.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-191-767x316.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-191-1536x633.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-191-2048x843.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-191-364x150.png 364w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-191-100x41.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-191-850x350.png 850w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-191-788x324.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-191.png 1804w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Source: Tradingview
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</figure>
<p><em><strong>Read also:&nbsp;<a href="https://captainaltcoin.com/arkham-unmasks-251-million-bitcoin-trove-seized-from-convicted-drug-kingpin/" target="_blank" rel="noopener noreferrer nofollow">Arkham Unmasks $251 Million Bitcoin Trove Seized From Convicted Drug Kingpin</a></strong></em></p>
<p>The 200-day MA is a widely used long-term trend indicator, and when a cryptocurrency’s price is above this level, it is generally considered a bullish sign. BONK’s position above the 200-day MA suggests that the long-term trend remains favorable, despite the recent price decline.</p>
<p>The daily chart RSI for BONK stands at 54, indicating a neutral momentum, similar to WIF. An RSI value of 54 suggests that the cryptocurrency is neither overbought nor oversold, and there is a balance between buying and selling pressure.</p>
<p>Over the past 30 days, BONK has traded between a low of $0.00001257 and a high of $0.00002946, highlighting the meme coin’s price range and volatility.</p>
<h2 class="wp-block-heading" id="factors-contributing-to-the-price-decline">Factors Contributing to the Price Decline</h2>
<p>The recent price declines of Dogwifhat (WIF) and BONK can be attributed to several factors, including:</p>
<ol>
 <li><strong>Overall Market Downturn</strong>: The broader cryptocurrency market has experienced a downturn, with Bitcoin’s price drop leading to a cascading effect on altcoins, including meme coins like WIF and BONK.</li>
 <li><strong>Resistance Levels</strong>: Both WIF and BONK faced significant resistance levels that they failed to break through, leading to a loss of momentum and subsequent price declines.</li>
 <li><strong>Profit-Taking</strong>: As meme coins are often subject to high volatility and speculative trading, some investors may have taken profits during the recent price highs, leading to increased selling pressure.</li>
</ol>
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<p>The post <a href="https://captainaltcoin.com/dogwifhat-wif-and-bonk-meme-coin-prices-plunging-heres-why/" rel="noopener noreferrer nofollow">Dogwifhat (WIF) and BONK Meme Coin Prices Plunging – Here’s Why</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Dogwifhat (WIF) and BONK Meme Coin Prices Plunging – Here’s Why

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