Meme coins have dropped by 4.7% over the past 24 hours, while Bitcoin briefly reached $108,000 on Thursday. The price of Baby has also fallen by 7.5%, while the prices of Vart Coin and Dogwifhat have declined by nearly 10% in the past 24 hours.
Pessimistic forecasts for the meme coin sector indicate that traders are leaning towards Bitcoin, Ethereum (ETH), and Ripple (XRP), which have seen most of the gains this week.
Negative risks are increasing for Vart Coin.
The price of Vart Coin is $0.96, down about 3% today. On the 12-hour chart, the 200-period Exponential Moving Average (EMA) at $0.99 limits the rise of the meme coin's price.
The Relative Strength Index (RSI) shows signs of a bullish reversal at level 42, thus a rebound is likely. A breach of the midpoint 50 may indicate bullish momentum, potentially leading to highs beyond the $1.25 barrier recorded on June 17.
Baby is retreating.
Baby's performance remains pessimistic, having dropped about 2% to $0.00000930. The digital currency has lost nearly 43% of its value since May, indicating a decline in trader interest in Baby.
The open interest (OI) for Baby futures contracts has dropped to $491 million, indicating weak trader activity, according to CoinGlass derivatives market data. Over the past 24 hours, liquidations of long positions rose to $1.31 million, compared to $743,000 in short positions, indicating that sellers are in the lead.
The death cross pattern on the 12-hour chart, where the 50-period exponential moving average crossed below the 200-period exponential moving average, indicates that the path of least resistance will continue to decline. Support levels to watch are $0.00000750, last tested in early May, and $0.00000600, which was tested in April.
Dogwifhat maintains a bearish market trend.
Daily losses approached 5%, putting Dogwifhat at $0.75. CoinGlass data shows an 8.4% decline in open interest in the futures market to $334 million, increasing its negative risks.
Since the price of $WIF peaked at $1.39 in May, significant liquidations have occurred, with long positions losing $2 million and short positions $375,000 in the past 24 hours.
Traders are watching the middle limit of the downward channel and the demand area at $0.60, which was tested on Sunday, and the seller congestion at $0.51, which was previously tested as support in late May and early June.
