- Evencoins lost 7.5% in market capitalization while Bitcoin dropped by 4.5%, strongly resulting in feeling.
- The Doj Probe on Trump cryptographic dinner sparked panic on a market scale and $ 598 million in total liquidations.
The drop of 4.5% Bitcoin (BTC) earlier in the day did not just drag the larger market – it was sole -like.
The market capitalization of the meme sector fell by 7.5%, while negotiation volumes sang by 10.35%, according to data examined by Ambcrypto.
And that was not all.
Massive sale in the same
In the middle of that, Pepe (PEPE), official Trump (Trump), Dogwifhat (WIF) and Floki (Floki) were among the hardest, recording price reductions of 11%, 9%, 12.5%and 9.5%, respectively, during the same period.
The current decline in the above mecoins does not seem to be just a drop; It looks more like a crash, because prices continue to lower and have changed the overall price action.
But why did the soil memecoin fell?
The potential reason for this brutal decrease in crypto andcoins is the recent decision of the American legislators, which urged the Ministry of Justice to investigate President Donald Trump’s cryptographic dinner.
Source: press release by members of the US Congress Sean Casten
The announcement of this survey created panic, leading to a significant drop in the main assets such as Bitcoin and Ethereum (ETH), and causing the total liquidation of $ 598 million.
The majority of liquidations came from long positions, which represented $ 508.66 million, while short positions saw $ 89.59 million in liquidations. This indicates that the bulls were the most struck.
The $ 600 million in total liquidations not only had an impact on the main assets, but also triggered an accident of 7.5% in the Global market capitalization of the same.
The signal was clear – the Bulls found themselves off guard.
Do whales buy the dip?
While prices dropped, the wallets took care of.
According to Spot Inflow / Outwerd by Coinglass, exchanges around the world have recorded $ 38.79 million in Pepe, $ 33.81 million in Trump, $ 17.19 million in WIF and $ 2.13 million in floki.
Source: Coringlass
This substantial exit of exchanges under current market conditions indicates a potential accumulation, which could lead to a purchase pressure and another rally up.
What is the next step for the same?
After the notable drop in prices of 11%, Pepe failed to maintain his recent escape above the level of key resistance of 0.0000145 and fell below this level.
If the feeling of the market remains unchanged, the same could see an additional price drop of 14%, which has potentially reached the level of $ 0,0000,12.
Source: tradingView
Trump Memecoin, following his recent dive, came across his main support area of $ 12.50.
This level has a solid history of price reversals; Whenever the price has reached this level, it tends to see an upward rally of 20%, which may be possible for Trump even in the coming days.
Source: tradingView
With the recent drop in prices, WIF has formed a headachered candlestick chandelier pattern at the resistance level, which has a history of price reversal.
According to this historic model, whenever the price of the same reached this level, it mainly experienced a decreased momentum.
Given the current feeling of the market, it seems likely that history will be repeated and WIF could see a price drop of 15% until it reaches the next level of support at $ 0.93.
Source: tradingView
Similar to WIF, Floki has also formed a catteriel, swallowing headache at the top of the level of resistance, indicating a potential drop in prices.
Historically, this level acted as an area of sales pressure, and each time the price reached this level, it recorded a drop.
If the current feeling of the market remains unchanged, Floki could see a drop in price of 12% until it reaches the following support.
Source: tradingView
