Top Memecoins SHIB, DOGE, and PEPE Face Decline Following Key Resistance Rejection of BTC
Release: 2024/09/30 19:26 Reading: 360
Crypto Market Reels as Resistance Holds, Dragging Memecoins
The cryptocurrency market has experienced a tumultuous month, with Bitcoin's (BTC) rally boosting altcoins and memecoins. However, as September closes, bullish sentiment has waned, with Bitcoin falling 3% in the past 24 hours. This downturn has dragged popular memecoins Shiba Inu (SHIB), Dogecoin (DOGE), and Pepe (PEPE) into negative territory.
Resistance Rejection Impact
SHIB, DOGE, and PEPE have lost approximately 5% of their value today. These declines follow Bitcoin's rejection at $66,200, a critical resistance level that has historically triggered market sell-offs. Each previous rejection at this level has led to significant market corrections.
Bitcoin's inability to surpass $66,200 in this instance has raised concerns about a potential drop. However, October is typically a bullish month for cryptocurrencies, providing reason for cautious optimism.
Support and Resistance Levels
Bitcoin currently trades at $63,600, with a key support level between $61,800 and $62,400. If Bitcoin maintains this support, a pullback and renewed upward momentum could occur. Conversely, a break below this level may lead to further market declines.
Outlook
The performance of Bitcoin in the coming days will likely dictate the direction of memecoins and altcoins. Investors should monitor Bitcoin's price action closely and make informed investment decisions based on their own research.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
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