In recent weeks, the cryptocurrency market has struggled to gain momentum. However, on June 18, 2024, during Asian trading hours, the world’s biggest cryptocurrency, Bitcoin, experienced a massive price drop of 2.7%, slipping to the $64,542 mark and hitting a monthly low. Following this drop, the crypto meme sectors experienced a notable fall of 3.6%.
DOGE, SHIB, WIF plunges as BTC drops below monthly low
The aftermath of this downturn saw Bitcoin and several meme tokens lose all their gains accumulated over the past 30 days. As of now, Bitcoin is looking to recover and move near $65,700, but it remains below the 50-day Exponential Moving Average (EMA), indicating bearish sentiment.
Following this massive price drop in BTC, top meme tokens including Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), and Floki (FLOKI) also experienced a massive fall in their value. These top meme tokens saw price drops of 8%, 10%, 7.5%, 13%, and 11% respectively in the last 24 hours. Additionally, in the last 30 days, only PEPE saw a 15% price surge, while other top meme tokens experienced drops of over 20%.
DOGE, SHIB technical analysis and key levels
However, this bearish sentiment in the market is not attributed to any regulatory updates or data. According to expert technical analysis, following this drop, both top meme tokens DOGE and SHIB fell below the 200-day EMA, which signals bearishness.
Looking at DOGE on a daily time frame, it appears bearish and may decline by 10% in the coming days, reaching its strong support level of $0.11. Similarly, SHIB on a daily time frame looks bearish as it moves below the 200-day EMA and heads toward its support level. There is a high chance that SHIB may decline between 10-12% in the coming days, reaching its strong support level of $0.0000157.
Besides the crypto meme industry, other top cryptocurrencies like Solana (SOL), Toncoin (TON), and Cardano (ADA) also experienced significant drops in their value. Following Bitcoin’s fall, SOL, TON, and ADA saw price drops of 7%, 6%, and 6.5% respectively in the last 24 hours.
This continuous price drop across the cryptocurrency market, particularly in Bitcoin, also impacts ETF (Exchange Traded Fund) flows across issuers in the United States. On June 17, 2024, the ETF market experienced a net outflow of $146 million, with continuous massive outflows for the past three days.
