Memecoins
Will Pepecoin and WIF price overcome their losses this week?
THE Solana price recorded a correction of 6.86% in the last 24 hours with a trading volume of $1.77 billion, a jump of 138.82%. With this, the altcoin collapsed below the $125 mark, indicating strong bearish sentiment for this crypto token in the market.
Solana investors experienced a similar trend as they experienced significant corrections in their portfolios. On the other hand, major SOL-based memecoins posted the highest loss, plummeting by more than 10% each over the past day.
With growing bearish sentiment in the cryptocurrency market, will the memecoin category regain lost momentum or plummet to a new low in the next month?
WIF Memecoin Bearish Trend Intensifies!
THE dogwifche price it collapsed by 14.77% in the last 24 hours with a jump of 39.31% in its trading volume. Furthermore, memecoin has lost 37.46% in the last seven days and 44.50% in the last month. Notably, the WIF token is trading at a 68% discount to its ATH.
TradingView: WIF/USDT
Additionally, the WIF coin price has formed a descending channel pattern, suggesting weak price action for the memecoin in the cryptocurrency space. Furthermore, the SMA constantly acts as resistance to the price chart in the 1D time frame.
The Relative Strength Index (RSI) has fallen below the oversold range, indicating increased selling pressure for the WIF price in the crypto space. Furthermore, the average trend line shows a steady decline, suggesting a negative outlook for the Solana-based memecoin in the market.
If the cryptocurrency market experiences a bullish reversal, dogwifhat price will regain momentum and prepare to test its $2.10 resistance level. On the contrary, if the bears continue to dominate, the WIF cryptocurrency will plummet towards its important support level of $1,240 in the coming times.
Pepe Price on the verge of a serious collapse?
Recording a correction of around 13% in its portfolio over the last 2 days, the Pepe coin price it successfully formed a triangular pattern in its 1D time frame. Furthermore, memecoin has been trading with a bearish sentiment since the beginning of the month, indicating bearish power in the market.
TradingView: PEPE/USDT
Pepe price lost 14.77% in rating in the last 24 hours with a change of +51.29% in its trading volume. Furthermore, it has fallen by 11.23% over the past seven days and 31.57% over the past 30 days, indicating long-term bearish sentiment in the cryptocurrency sector.
The technical indicator, MACD, shows a steady red histogram, highlighting weak bullish sentiment for the PEPE meme coin in the crypto space. Furthermore, the averages show a consistent downtrend, suggesting that Pepe price will continue to lose value this week.
If the market pushes the Pepe token price above the $0.00001150 resistance level, the bulls would prepare for a breakout and head towards the $0.00001410 upper resistance level. However, if the bears continue to gain control, the memecoin will plummet towards its support of $0.00000880.