![Memecoins lead with an astounding 1312.6% average return](https://image.coinpedia.org/wp-content/uploads/2024/04/04183806/Q1-Crypto-Report-Memecoins-Lead-with-Astounding-1312.6-Average-Return-1.png)
The memecoins category, which had been displaying bearish prices for more than a week now, has seen a positive upward trend of approximately 7 percent in its value within the last 24 hours. This indicates a reduction in selling pressure on the crypto market.
Each of the top five memecoins has seen a correction in their portfolios exceeding 20%. Dogecoin, Shiba inu and other memecoins have suffered losses of 20.08 % and 18.89 % respectively over the last week. WIF, PEPE and BONK also lost valuations of 24.54% 26.63% and 26.08%.
Dogecoin price continues to display a consolidated price action:
The leader of the memecoin, Dogecoin pricesIn 2024, the price of the coin fluctuated between $0.065 to $0.086 in the closed trading range for the first 2 months. The price soared 117% as the volatility of the market increased.
Dogecoin’s price gained momentum after testing the low at $0.128 and registered a new valuation jump of 77.86%. After the memecoin was rejected at resistance $0.22900, its price began to trade under a negative influence.
MACD is a technical indicator that displays a decreasing red histogram. This indicates an increased buying pressure within the crypto market. The averages are constantly falling, indicating a downward trend in the price of memecoin.
The DOGE will gain momentum if the bullish market sentiment returns and the price is ready to reach its resistance of $0.205. If the bears dominate the market and continue to control it, the DOGE price will plummet, and the pair is likely to reach its support level at $0.128 in the coming month.
The Shiba Inu price breakdown of its crucial support!
In the same vein as the leader, the second-largest memecoin token traded in a range that was closed until the second month. The volatility of the cryptocurrency increased. SHIB Price Successfully broke through its resistance level of $0.000011.
Within a ten-day period, the Shiba Inu Token grew by 388.58%. The bulls lost their momentum after being rejected above the $0.0000450 support level. This led to the SHIB token price falling below the level. The price is now in a neutral direction, which indicates a weaker price movement.
MACD displays a red histogram on the chart to indicate a greater bearish impact in the crypto space. The averages also show a constant decline in price, which suggests that the value of the cryptocurrency may be continuing to decrease.
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Elena R.
Elena has a wealth of experience in the cryptocurrency industry, particularly in risk management and technical analysis. She is a journalist with 10+ years of experience.