Dogecoin, PEPE log minimal drops amid memecoin slump – How?

Memecoins Struggle Amid Bearish Market, Dogecoin and PEPE Buck the Trend

In the past 24 hours, Dogecoin (DOGE) and PepeCash (PEPE) experienced price declines of approximately 2%, while the overall market sentiment remained bearish for both memecoins.

Despite the negative market conditions, DOGE and PEPE outperformed other memecoins, such as Shiba Inu (SHIB) and Dogwifhat (WIF), which saw drops of 6% and 8%, respectively.

At the time of writing, PEPE was trading at $0.00001457, while DOGE was valued at $0.1592, according to CoinMarketCap.

Notably, PEPE recently made headlines with a surge in price that brought it to an all-time high. However, despite DOGE's relatively stable price action, its weighted sentiment dropped, indicating a dominant bearish sentiment in the market.

Lookonchain's analysis suggests that PEPE's stability may be attributed to large purchases by two whales, who bought over 500 billion PEPE worth approximately $7.5 million during the recent price decline.

Technical Analysis

A technical analysis of PEPE's daily chart shows that its price is hovering just above its 20-day Simple Moving Average (SMA). This indicates that a continuation of the bearish trend could push the price below the 20-day SMA. However, its Chaikin Money Flow (CMF) is uptrending, suggesting potential bullish momentum.

For Dogecoin, the outlook appears less favorable. Its MACD indicator suggests a bearish crossover on May 31st, while the Relative Strength Index (RSI) has declined, reaching the neutral zone. These indicators hint at a potential price drop for DOGE.

Nevertheless, DOGE's Chaikin Money Flow remains bullish, indicating that significant buying pressure persists. If the downturn continues, DOGE may fall to its support level at $0.148, potentially leading to a further decline to $0.129.