Since the Bitcoin Halving the scenario of the price action projection has been very confusing, this if we take into account that the price lost the $60,000 level to then enter positive, action that for some analysts probably traders will pay more attention to the post-halving recovery of BTC.

Now, beyond Bitcoin's behavior alternative cryptocurrencies and the popular Memecoins have weathered the worst of it, even according to information disclosed by Nancy Lubale, "Memecoins like Dogecoin were among the cryptocurrencies trending lower on May 6, highlighting a deviation from the craze that drove the sector higher last week."

To wit, "DOGE, the top meme token by market cap, posted a 2.1% decline on the day, bringing its market cap to USD 22.74 billion. Importantly, DOGE still accounts for nearly 41% of the memecoins sector's total market share."

On the other hand it was mentioned that, "From a historical perspective, the bull market is usually driven by a rally in altcoins. However, in line with the current correction in memecoins prices, TOTAL3, the total market capitalization of all cryptocurrencies excluding Bitcoin (BTC) and Ether (ETH), has experienced a pullback after its rally that started in October 2023."

Even, "The altcoins remain in a prolonged downtrend, confirmed by TOTAL3's downward movement within a parallel downward channel. The RSI value has moved from 89 to 62 over the past seven weeks, suggesting that market conditions still favor the downside"

SOURCES CONSULTED

Cointelegraph. Memecoins sell-off as Bitcoin price takes the spotlight — Is meme season over?. Link

OBSERVATION:

The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph