- Both GALA and BONE recorded price declines after peak gains.
- Indicators and market indicators looked bearish for both tokens.
Cryptocurrency markets have become more volatile over the past few days. festival And there is also Book of Memes (BOME) that utilizes this. In fact, both were among the market’s biggest gainers on March 17th. However, it wasn’t long before these two tokens were reacting very differently on the charts.
GALA and BOME are at the top
GALA and BOME were among the most profitable cryptocurrencies in terms of price on March 17, according to a recent tweet from CryptoDep, an X handle that shares cryptocurrency-related updates. Apart from these two tokens, Jupiter (JUP), Aptos (APT), and Arbitrum (ARB) were other notable tokens that made it to the same list.
However, since then, these two tokens have behaved differently as market conditions change. According to CoinMarketCap, the price of GALA has fluctuated slightly over the last 24 hours. At press time, it was trading at $0.06172, with a market capitalization of over $1.8 billion.
On the other hand, BOME showed a downward trend. This is an example of a newly launched memecoin, which saw its value plummet by more than 28% in the last 24 hours alone. At the time of this writing, Book of Memes was the 115th largest cryptocurrency, trading at $0.01355, with a market capitalization of over $748 million.
What can you expect from GALA and BOME?
Starting with GALA, you can analyze Santiment’s data. AMBCrypto found that there is not high selling or buying pressure for the token. This is proven by the fact that the supply graph within the exchange and the supply graph outside the exchange are tightly interwoven. Additionally, whales have not been actively buying GALA in the past week as supply at the top addresses has been stagnant.
Source: Santiment
We then took a look at the daily chart of the token to find out what we can expect from it. According to our analysis, MACD showed a bearish crossover. The Funds Flow Index (MFI) also recorded a downward trend, suggesting that the token price may decline in the future.
Source: TradingView
Next, I checked the status of the Book of Meme. We find that one-week price volatility decreases after an uptrend. Trading volume also plummeted after the price surged on March 17. This indicator indicates a further downtrend in the chart.
Source: Santiment
how much? Currently worth 1,10,100 GALA
We also analyzed market sentiment for BOME to double-check whether a further downtrend is likely. We find that BOME’s weighted sentiment has declined following the huge surge. This is a sign that bearish sentiment surrounding memecoin has increased. In addition, social volume also decreased, reflecting the decline in popularity.
Source: Santiment