Memecoin Crash Hard While Pepe & Dogecoin (DOGE) Display Strength—Can the Other Tokens Trigger a Recovery?
Release: 2024/12/10 17:44 Reading: 828
As markets plummeted, with over $1.5 billion in liquidations, Bitcoin's price fell below $95,000. Memecoins faced a significant sell-off, reducing their market cap from $137 billion to $116 billion. However, trading volume doubled, indicating that market participants engaged in panic selling. Despite losses, popular memecoins Dogecoin and Pepe have initiated a recovery. If they remain positive until the end of the trading day, other memecoins could also gain momentum.
Dogecoin (DOGE) Price Analysis
Dogecoin experienced approximately $90 million in liquidations over the past 24 hours, dropping its price from $0.466 to $0.412. Nevertheless, it has demonstrated resilience since the start of its October rally, and bulls have defended crucial support levels. Currently, DOGE is within a rising channel, suggesting a potential recovery to reclaim lost levels and establish new yearly highs.
As depicted in the chart, DOGE has regained levels within the bullish pattern, indicating sustained bullishness. While the RSI shows bullish divergence, the MACD suggests a decline in buying pressure. Nonetheless, a short-term bullish crossover could boost prices above the pivotal resistance at $0.478. Beyond this level, a surge above $0.5 could occur, targeting highs at $0.53.
Pepe (PEPE) Price Analysis
Unlike other memecoins, PEPE has exhibited significant resilience, with levels maintaining a steady upward trend near all-time highs. Despite the market volatility, the popular memecoin is only 8% below its highs, increasing the likelihood of reaching new peaks later this week.
PEPE is trading within a rising wedge. The current daily candle has reached the upper resistance and tested the support. As such, the price is anticipated to surpass $0.000027 shortly, potentially pushing prices above $0.00003. However, the RSI and OBV indicate a bullish divergence, which could be a cause for concern. Nevertheless, PEPE is expected to establish new highs above the specified target, potentially facing resistance after breaking out from the rising wedge.
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