The cryptocurrency market faced a significant shift this week, with a notable selloff leading to a decrease in the open interest-to-market cap ratio for many altcoins. This decline in leverage and trading activity signaled a cautious sentiment among investors, particularly impacting meme tokens like Bonk (BONK), Dogwifhat (WIF), PEPE, and Dogecoin (DOGE).
Bonk (BONK) experienced a 2.81% price drop, trading at $0.00003862, with its market cap and trading volume also showing decreases. The token’s overall trend is bearish, struggling to maintain stability and facing key resistance levels at $0.00004000 and $0.0000397.
Dogwifhat (WIF) saw a sharper decline of 5.83%, trading at $2.91, with its market cap and trading volume following suit. Key resistance levels at $3.08 and $3.00 are crucial for any potential recovery, while support zones at $2.90 and $2.85 offer stability.
PEPE token displayed a milder 1.02% decline, trading around $0.0000233, showing resilience amidst the market downturn. Support levels at $0.0000230 and $0.0000233 are essential for maintaining recovery efforts, while resistance at $0.0000245 and $0.0000248 present obstacles for upward movement.
Dogecoin (DOGE) traded at $0.4065, marking a 1.90% decline, with the token facing resistance and consolidating. Key support levels are observed at $0.3980–$0.4000 and $0.4050, while resistance at $0.4137 and $0.4100 limits upward movement.
Overall, the altcoin market showed reduced leverage and trading activity this week, impacting various tokens differently. Investors are advised to exercise caution and monitor key support and resistance levels for potential trading opportunities.