With the BTC price dropping below the psychological barrier of $63,000, top altcoins have experienced an increase in selling pressure. Moreover, the memecoin category has recorded the highest loss with ~$1 billion liquidated within a day.
With this, questions like “Is this a crucial time to sell meme coins?” have recorded increased volume. Dive in as, in this article, we have covered the market analysis of the top 3 memecoins for this week.
Pepe (PEPE)
The PEPE price has dropped ~7% in the past 24 hours with a trading volume of $1.178 billion, a change of -1.78%. Moreover, it has lost ~15% over the past seven days. This highlights an increase in the bearish sentiment for the memecoin.
The EMA 50/200-day shows a constant neutral trend in the 1D time frame. Further, the MACD indicator displays a negative action. This suggests a negative outlook for the Pepe memecoin during the upcoming time.
If the bears continue gaining momentum, the Pepe crypto price could record a breakdown and retest its lower support level of $0.00000625. However, if the bulls gain power, it could head toward its resistance level of $0.00001150.
Dogwifhat (WIF)
Failing to hold the bullish momentum, the Dogwifhat price has plunged below the $2.5 mark with an intra-day correction of 5.39% and a trading volume of $731.63 million. Further, it has dropped 4.07% during the first week of October.
The Relative Strength Index (RSI) fails to breach its overbought range in the 1D time frame. Moreover, with its average trendline acting as a resistance, the WIF price may continue losing value in the coming time.
Suppose, a bullish reversal occurs, the Dogwifhat price could head toward its important resistance level of $3.050. On the flip side, if the bearish sentiment intensifies, this could result in it plunging toward its lower support of $1.240.
Wondering if the WIF price will hit $5? Our Dogwifhat Price Prediction answers that and much more!
Bonk (BONK)
The BONK price has continued hovering close to its resistance/support level of $0.00002125 for about a short period. However, with a correction of 17.93% over the past week, this memecoin is one of the top losers of the previous week.
The MACD indicator shows a neutral price action with its averages recording a similar trend. Moreover, with the SMA acting as a resistance to the Bonk price chart, this memecoin experiences weak buying-over-selling pressure in the market.
Maintaining the price above its support level could prepare the Bonk memecoin to head toward its resistance level of $0.0000270. However, if the bears gain power, the Bonk coin price could retest its low of $0.0000150 this month.
