news 
Market Watch: Meme Coins Slow Down Buying as Bitcoin Creates New Lower High After Bounce
Despite a brief recovery in recent days, the market has taken a turn for the worse. Bitcoin’s price rejection under $109k has resulted in a significant slowdown in buying activity among meme coins. This comes after major tokens such as Pengu and Fartcoins had previously shown signs of resilience by holding onto their weekly gains.
However, Doge is now slowly drawing back from its earlier surge, while other assets are trading with minor gains over the past few hours. It’s clear that the market sentiment has shifted, with most meme coins finding themselves in an indecisive state.
It’s worth noting that a few low-cap altcoins have followed suit, with some even defying the odds to post massive daily gains despite the downturn. These assets are currently trading on decentralized exchanges, which may be less affected by the overall market trend.
The reason behind this sudden shift is largely attributed to Bitcoin’s failure to break through key resistance levels. The cryptocurrency has tested a crucial sell point and is now respecting it, signaling a potential reversal in its upward momentum.
This development has led many traders to reassess their positions and adjust their portfolios accordingly. As a result, buying activity among meme coins has significantly slowed down, with some even recording minor losses over the past few hours.
Despite this setback, it’s essential for investors to remember that meme coins can still recover and thrive in a declining market. However, any potential recovery may be limited to trading on centralized exchanges due to their lower risk profile.
In contrast, decentralized exchange assets are more likely to see bigger gains despite market downturns. This is because they offer higher returns and less volatility compared to their centralized counterparts.
While some meme coins have managed to hold onto their weekly gains, others such as Doge are now slowly losing ground. It’s clear that the situation remains fluid and subject to change with every new development in the cryptocurrency space.
As a reminder, it’s essential for investors to always conduct thorough research before making any investment decisions.
Source: nulltx.com
