Top Memecoins SHIB, DOGE, and PEPE Face Decline Following Key Resistance Rejection of BTC

Date: Mon, Sept 30, 2024, 10:38 AM GMT
The cryptocurrency market has experienced a rollercoaster this month, with a significant rally in Bitcoin (BTC) boosting the prices of memecoins and altcoins. Many traders were hopeful for a strong bullish push going into October. However, as the month comes to a close, those positive sentiments are taking a hit, with Bitcoin down 3% in the last 24 hours, dragging popular memecoins Shiba Inu (SHIB), Dogecoin (DOGE), and Pepe (PEPE) into the red.
Source: Coinmarketcap

Key Resistance Rejection:
Shiba Inu, Dogecoin, and Pepe are all facing average losses of about 5% today. These declines come on the back of Bitcoin's rejection at the $66,200 level—an important resistance point that has historically triggered sell-offs in the market. Each time BTC has been rejected here, the market has seen sharp corrections.

Bitcoin's failure to break above $66,200 this time has sparked concerns about another major drop. However, with October typically a strong month for crypto, there is still hope for a recovery. Currently trading at $63,600, Bitcoin has a key support level at between $61,800 to $62,400. If it holds this support, we may see a pullback and renewed upward momentum. On the other hand, failure to maintain this level could lead to further market declines.

It will be crucial to watch how Bitcoin performs over the next few days, as its price movement will likely dictate the direction for memecoins and altcoins alike.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.