The memecoin industry continues displaying a significant valuation correction, indicating investor’s rising disinterest in it. Further, the top 5 meme coins have recorded a massive correction of over 25% each over the past seven days.
With Bitcoin Halving around the corner, the market continues to stumble, highlighting the high possibility of the crypto industry concluding the month of April on a bearish note. Will memecoin experience a second round of surge Post-halving?
Pepecoin (PEPE):
The PEPE coin price displayed a neutral start to the year, however, as the hype for memecoins gained traction, the PEPE price recorded a jump of over 500% in valuation. Following this, the bulls lost momentum at the resistance of $0.000010. Since then, the price has been trading under a bearish influence.
The PEPE price continues to display a negative trend by recording a correction of approximately 8% within the past 24 hours. Moreover, the memecoin has lost 32.59% within the past seven days and 24.89% over the past 30 days, highlighting increased selling pressure in the crypto industry.
The Cross EMA 50-day shows a bearish curve, indicating a strong bearish influence for this altcoin in the market. Furthermore, the technical indicator, MACD, shows a constant red histogram with its averages displaying a steady decline in the chart.
If the market holds the PEPE token above the support level, the bulls will regain momentum and prepare to test its upper resistance level of $0.00000785. However, a bearish reversal may pull the price toward its low of $0.00000400.
Also Read : Top 13 Memecoins to Buy for 10-50x Profits in 2024
dogwifhat (WIF):
Since its launch, the WIF price has gained significant attention in the cryptocurrency market. Following its launch the price recorded a surge of over 2,500%, resulting in the dogwifhat token recording an ATH of $4.85. Since then, the price has been trading negatively and has lost over 50% in valuation.
The viral Solana-based memecoin has lost 5.06% within the past 24 hours and 33.89% over the past seven days, indicating a bear power for the memecoin in the crypto industry. Moreover, the Year-to-Date of this altcoin has reduced to +1,589% at the time of writing.
The MACD shows a constant red histogram in the chart with its averages showing a steady decline. Moreover, the Simple Moving Average (SMA) displays a bearish price movement, suggesting a negative price sentiment for the WIF token in the coming days.
Read More : Are The Top Meme Coins Going Back in Hibernation?
If the bears continue to dominate the market, the dogwifhat (WIF) price will fall to test its crucial support level of $2.09. However, if the bulls regain momentum, the price will prepare to test its upper resistance level of $3.90 in the coming time.
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