Memecoins
Is Memecoin Rally Over As MEMEAI, PEPE Tokens Point To 30% Drop?
With a 7.82% drop in the last 24 hours, the cryptocurrency market has lost its $2 trillion mark and is currently valued at $1.98 trillion with a 24-hour trading volume of $116.88 billion. Bitcoin recorded a low of $53,717.38, the lowest since February of this year.
Following this, the memecoin category saw a sharp price decline, with major tokens seeing a correction of over 15% each in their respective portfolios. With bearish sentiment rising, will memecoins make a comeback this month?
Pepe (PEPE) Price Analysis:
THE Pepe Prize The meme price has recorded a correction of 16.84% in the last 24 hours and 36.02% in the last seven days. Moreover, the memecoin’s valuation has fallen by 46.74% in the last 30 days, highlighting a growing bearish sentiment in the crypto space.
TradingView: PEPE/USDT
The Moving Average Convergence Divergence (MACD) is showing a steady rise in the red histogram, indicating an increase in selling pressure over buying in the crypto space. Additionally, the averages are showing a negative trend, suggesting that PEPE Award will continue to lose momentum.
Additionally, the RSI indicator failed to rise above its midpoint on the 1D time frame. This led it to register a sharp drop towards the oversold zone.
If the bulls regain momentum, the Pepe memecoin will prepare to test its upper resistance level of $0.00001150. Conversely, if the bears continue to dominate the market, the Pepe token will plunge towards its low of $0.00000625 in the coming time.
Meme Ai (MEMEAI) Price Analysis:
In the context of continued market correction, the Ai Meme Price has recorded a correction of 12.89% in the last day and 14.92% in the last seven days. Moreover, it has plunged by 53.63% in the last 30 days, highlighting a negative outlook for this memecoin in the times to come.
TradingView: MEMEAI/USDT
The Relative Strength Index (RSI) has registered a sharp decline on its chart, suggesting an increase in bearish sentiment for the memecoin in the cryptocurrency market. Moreover, the average trendline is showing a negative crossover, suggesting that the MEME price will continue to lose momentum.
On the other hand, the MACD is showing a constant flat line on its price chart, suggesting weak price action. Moreover, the average is recording a neutral trend, highlighting the uncertainty about the future price movement of this memecoin.
If the market regains momentum, the MEME AI Price The meme price is expected to head towards its upper resistance level of $0.0048 in the coming weeks. However, if the bears get the upper hand over the bulls, the memecoin would drop towards its crucial support level of $0.000586.