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The cryptocurrency market has posted a remarkable bounce in some altcoins while it witnesses a general market downturn. While Bitcoin struggled to stay above the $60,000 mark, meme coins and AI-focused cryptos made big gains that attracted investors.
Today’s crypto markets deal with a slump in general as global crypto cap drops by 1.38% to $2.26trillion. Nevertheless, the total volume has surged by 122.06% from the previous day to $97.64 billion.This volume spike particularly in meme and AI coins indicates trader’s shift towards more speculative assets currently providing significant returns despite difficult conditions on the broader market.
Dogwifhat (WIF), Aave (AAVE), and Bonk (BONK) have secured most of the gains in todays crypto markets with increases of 16.24%,16.15%and 15.21%respectively as evidenced by high trading volumes
Dogwifhat, WIF, has been one of the most impressive cryptocurrencies with a price increase by 18.48% rising to $1.92 in the last twenty-four hours while its market cap stands at over $1.91bn.Dogwifhat (WIF) had a strong growth pattern on intraday charts with a steady uptrend reaching about $1.92.
The chart shows heavy buying interest which might mean that there is organic demand or speculation. In this scenario, RSI is currently around the top line of neutral area, therefore meaning that asset is coming close to becoming overbought but not quite there yet.What’s more, it may also mean that if buy pressure continues there can be another upward move.
WIF’s journey on a daily time frame presents higher volatility where we see sharp peaks followed by corrections after some time.The MACD line crosses below the signal line indicating bearish momentum recently declining and cooling off from bullish trends.However, considering their nearness together,it implies that just in case there are positive institutional triggers in the market then it could turn around at any moment.Investors have to watch out for any signs of reversal as this could lead to considerable shifts in prices..
Aave (AAVE) also ranks among today’s top gainers, with a price increase of 15.54% to $92.43. Market capitalization of about $1.37 billion has been reached by this movement. The trading chart of Aave reflects a strong rebound from the recent lows as the price is now testing resistance near the $92 mark. The greater intraday chart’s continuous uptrend together with an immense volume increment shows that there is a strong buying interest. The RSI lies in a healthy range between 50 and 60 indicating that the coin is gaining upward momentum after an intense sell-off.
The RSI has recently moved up and bullish divergence on the MACD suggests upward momentum may strengthen.The price of Aave can reach higher resistances if it can support above its current resistance levels or pull back to test support levels especially during bearish market conditions.
Bonk (BONK), another meme coin, also increased by 16.39% to trade at $0.00002245. Bonk’s trading volume has soared by 76.91% amounting to nearly $298.3 million in spite of its much lower price level.
Bonk’s daily chart is showing some life with successive peaks in price.Even though there have been rapid changes in price for this cryptocurrency due to significant volumes traded.RSI on the daily chart will soon be at mid-point
