Memecoin Crash Hard While Pepe & Dogecoin (DOGE) Display Strength—Can the Other Tokens Trigger a Recovery?
Bitcoin price fell below $95,000 as the market collapsed, with liquidations exceeding $1.5 billion. The meme coin soon faced a massive sell-off and plummeted, with its market cap falling from $137 billion to $116 billion. At the same time, the meme coin’s trading volume doubled, suggesting that market participants fell into a trap of “panic selling.” However, despite heavy losses, popular Dogecoin and Pepecoin have sparked a recovery, and if they remain bullish by the end of the day, other meme coins are expected to gain some strength as well.
Dogecoin (DOGE) Price Analysis
Dogecoin faced a massive liquidation of approximately $90 million in the past 24 hours, causing the price to drop significantly from $0.466 to $0.412. However, the coin has been showing strength since the start of its rise in October, and as a result, bulls have managed to hold on to key support levels. Currently, the price is trading within an ascending channel, indicating dog price It may regain lost ground and hit a new yearly high soon.
As seen in the chart above, DOGE price has resumed levels within a bullish pattern, indicating that bulls remain wary. Meanwhile, the RSI is showing bullish divergence, while the MACD is signaling declining buying pressure. Furthermore, a bullish crossover in the short term could have a huge positive impact in the long term, which could push the price above the key resistance around $0.478. Apart from this, the price may be about to break above $0.5 and form a high of $0.53.
PEPE Price Analysis
Unlike other meme coins, PEPE price Showing significant strength with a healthy rise in levels remaining close to their highest levels. Despite the current market turmoil, the popular memecoin is only 8% away from its highs, so there is a strong chance of forming new highs later this week.
PEPE price is trading within a rising wedge, with the current daily candle touching overhead resistance and testing support. Therefore, the price is expected to rise above $0.000027 in the short term, which may push the price above $0.00003 soon. However, the RSI and OBV are showing a bullish divergence, which may be a cause for concern at the moment. Therefore, PEPE price is believed to be setting new highs above the above targets and ultimately facing clear rejection after breaking out of the rising wedge.
