Memecoin Sector Bleeds Red Under Bearish Dominance

• Leading memecoins such as DOGE, SHIB and FLOKI showed significant price dips in the past day. 
• WIF recorded the highest price dip in the overall market with a 7.39% decline.

The overall crypto market has been oscillating between a price recovery and modest price dips these past few weeks. Leading cryptocurrencies are showing obvious struggles to surpass their respective resistance levels after the recent dip. Meanwhile, the memecoin sector garnered community attention in the last 24 hours, as top coins began dipping significantly. 

Notably, over the past day, leading memecoins have recorded price declines apart from some of the tokens being the top losers of the day. The largest memecoin Dogecoin (DOGE) recorded a price decline of 3.11%. SHIB followed closely with a 1.57% daily decline in prices. 

On the other hand, significant memecoins – WIF, POPCAT, and FLOKI showed the highest dips and appeared on the Top Losers list. 

dogwifhat (DOG)

On inferring the memecoin’s daily price chart, dogwifhat (WIF) has shown a 7.39% decline in price. At the beginning of September 11, the token began to slide downwards in price to reach current trading levels. At the time of writing, the token was trading at $1.561 as per CMC data. 

Additionally, the token’s 9-day SMA stands above the current trading price indicating the bearish trend. This bearish trend is reflected in the token leaning towards a selling market sentiment. The token’s RSI stands at 47.52 highlighting the aforementioned selling pressures. 

Popcat (SOL) (POPCAT) 

Solana-based memecoin POPCAT recorded the second-highest price dip within the memecoin sector. The token, after attempting to witness a price breakout momentarily, succumbed to bearish movements sliding 6.35% over the past day. 

Additionally, the memecoin’s short-term 9-day MA stands below the long-term 21-day MA indicating the bearish trend. According to TradingView data, POPCAT slid to an intraday low of $0.5592. At the time of writing, the token was trading at $0.5784. 

FLOKI (FLOKI) 

The gaming token and one of the leading memecoins, FLOKI also recorded significant price declines in the past day. According to CMC data, FLOKI’s price fell 4.79% as the token sparked bearish candles in the Asian early morning hours of September 11. At the time of writing, FLOKI was trading at $0.000121 as per CMC data. 

Additionally, FLOKI’s price movement recently witnessed a death crossover in its moving average in August. The token’s 200-day MA currently stands above the 50-day MA indicating a bearish run. 

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