With a 7.82% drop in the past 24 hours, the cryptocurrency market has lost the $2 trillion mark and is currently valued at $1.98 trillion, with a 24-hour trading volume of $116.88 billion. Moreover, the price of Bitcoin hit a low of $53,717.38, the lowest since February this year.
After that, the memecoin category showed strong bearish price action with the top coins recording a correction of over 15% each in their respective wallets. With the rising bearish sentiment, will memecoin make a comeback this month?
Pepe (PEPE) Price Analysis:
Pepe price has recorded a correction of 16.84% in the past 24 hours and 36.02% in the past 7 days. Moreover, memecoin has decreased by 46.74% in the past 30 days, highlighting the rising bearish sentiment in the crypto space.
The Moving Average Convergence Divergence (MACD) indicator is showing a continuous rise in the red chart, indicating an increase in buying pressure in the crypto space. Moreover, the averages are showing a negative trend, indicating that the PEPE price will continue to lose momentum.
Moreover, the RSI failed to cross the midpoint on the 1D timeframe, causing it to record a sharp decline towards the oversold range.
If the bulls regain their momentum, Pepe memecoin will be ready to test the upper resistance level at $0.00001150. Conversely, if the bears continue to dominate the market, Pepe memecoin will drop towards the lower level at $0.00000625 in the coming time.
Meme Ai (MEMEAI) Price Analysis:
Amidst the ongoing market correction, Meme Ai price has recorded a correction of 12.89% over the past day and 14.92% over the past seven days. Moreover, it has declined by 53.63% over the past 30 days, highlighting the bearish outlook for this coin in the coming period.
The Relative Strength Index (RSI) has registered a sharp decline on its chart, indicating an increase in bearish sentiment for memecoin in the cryptocurrency market. Moreover, the intermediate trend line is showing a negative crossover, suggesting that MEME price will continue to lose momentum.
On the other hand, the MACD displays a flat, flat line on its price chart, indicating weak price action. Moreover, the average is recording a neutral trend, highlighting the uncertainty in the future price action of this coin.
If the market regains momentum, the price of MEME AI will head towards the upper resistance level at $0.0048 in the coming weeks. However, if the bears overcome the bulls, the price of memecoin will decline towards the crucial support level at $0.000586.