Recently, crypto markets experienced a significant downturn due to bearish influence. However, amidst this decline, memecoins like Shiba Inu and BOOK OF MEME are showing signs of recovery.
Impact on the Crypto Market
Recently, the crypto markets, under bearish influence, experienced a significant price drop. This is accompanied by the drop in the S&P 500, leading to a market capitalization reduction of over $200 billion. Major tokens like Bitcoin, Ethereum, and Solana faced strong pullbacks and formed new lows. However, memecoins have begun to show improvement against this backdrop.
Shiba Inu (SHIB) Price Analysis
Shiba Inu price is trying to validate a rebound before reaching the February low, which has sparked bullish momentum. The bulls provide great support, allowing the SHIB price to potentially reclaim the pivotal support-turned-resistance at $0.000015, which could aid in further recovery. The SHIB price has rebounded but continues to trade within a falling wedge, forming lower highs and lows. Although trading volume remains low, a gradual upswing is anticipated.
BOOK OF MEME (BOME) Price Analysis
In the short term, BOME price maintained horizontal consolidation within a set range. However, after dipping below support, the token showed a significant rebound. The price is expected to enter the bullish range, with conditions forming for continued growth. Short-term price actions suggest a potential strong recovery, as technical analysis indicators signal possible upward movement.
Amid the current crypto market downturn, despite the bearish influence, memecoins are recovering, indicating a potential emerging bullish trend in this segment.
