As the markets collapsed with over $1.5 billion in liquidations, the Bitcoin price trembled down below $95,000. In no time the memecoins faced a huge sell-off and plunged, driving the market cap from $137 billion to $116 billion. Meanwhile, the trading volume of the memecoins doubled, suggesting market participants fell into the trap of ‘panic selling’. However, despite massive losses, popular ones Dogecoin & Pepe have triggered a recovery and if they remain bullish until the day’s close, the other memecoins are also expected to gain some strength.
Dogecoin (DOGE) Price Analysis
Dogecoin faced huge liquidations of around $90 million in the past 24 hours that slashed the price from $0.466 to $0.412. However, the token has been displaying strength since the start of its rally in October and as a result, the bulls managed to defend the crucial support. Currently, the price is trading within a rising channel, suggesting the DOGE price may reclaim the lost levels to form new yearly highs soon.
As seen in the above chart, the DOGE price has reclaimed it’s levels within the bullish pattern, suggesting the bulls to have remained vigilant. Meanwhile, the RSI displayed a bullish divergence while the MACD suggests a drop in the buying pressure. Moreover, a bullish crossover in the short term may have a huge positive impact in the long term, which could push the prices above the pivotal resistance around $0.478. Beyond this move, a rise above $0.5 could be imminent, forming highs at $0.53.
Pepe (PEPE) Price Analysis
Being different from the other memecoins, the PEPE price is displaying significant strength as the levels maintain a healthy upswing close to its ATH. Regardless of the current market turmoil, the popular memecoin is just 8% away from its highs and hence there is a high possibility of forming new highs later this week.
The PEPE price is trading within a rising wedge and the current daily candle has hit the upper resistance and also tested the support. Therefore, with this, the price is expected to rise above $0.000027 in a short while, which may push the prices above $0.00003 shortly. However, the RSI and OBV are displaying a bullish divergence, which could be a matter of concern at the moment. Therefore, the PEPE price is believed to mark new highs above the said target and eventually face a notable rejection after breaking out from the rising wedge.
