Is The Memecoin Rally Over As MEMEAI And PEPE Tokens Hint A 30% Plunge?

Is the Memecoin Rally Over as MEMEAI and PEPE Tokens Suggest a 30% Plunge?

The cryptocurrency market has shed its $2 trillion valuation, currently valued at $1.98 trillion, following a 7.82% decline in the last 24 hours. The 24-hour trading volume stands at $116.88 billion. Bitcoin has reached its lowest point since February at $53,717.38.

Memecoins, once thriving, have experienced a significant correction, with leading tokens losing over 15% each. Amidst the prevailing bearish sentiment, it remains unclear whether memecoins will rebound this month.

Pepe (PEPE) Price Analysis:

The Pepe token has depreciated 16.84% in the last 24 hours and 36.02% over the past week. A month-long plunge of 46.74% indicates growing bearishness.

TradingView: PEPE/USDT

The Moving Average Convergence Divergence (MACD) displays a sharp rise in the red histogram, signaling intensified selling pressure. The averages trend negatively, suggesting ongoing momentum loss.

The RSI indicator has fallen below its midpoint in the 1D time frame, indicating elevated selling activity.

If bulls regain control, Pepe will attempt to test its resistance level of $0.00001150. Conversely, continued bearish dominance may push Pepe toward its support level of $0.00000625.

Meme Ai (MEMEAI) Price Analysis:

MEMEAI has experienced a 12.89% correction within 24 hours and 14.92% over the past week. A 30-day decline of 53.63% suggests a pessimistic outlook.

TradingView: MEMEAI/USDT

The Relative Strength Index (RSI) has plummeted, indicating increased bearish sentiment. The average trendline crosses negatively, pointing to a potential loss of momentum.

The MACD exhibits a neutral flatline, indicating weak price action. The averages also trend neutrally, suggesting uncertainty in MEMEAI's future price movement.

If the market recovers, MEMEAI may test its resistance level of $0.0048. However, persistent bearishness could drive it towards its support level of $0.000586.