Bitcoin Reaches All-Time High, Altcoins and Memecoins Under Pressure

Date: Thu, Nov 21, 2024, 06:25 AM GMT

Bitcoin (BTC) has surged to a new all-time high of $97,862, marking a significant milestone in the cryptocurrency market. However, this rally has led to increased Bitcoin dominance, which has put pressure on altcoins and memecoins.

Pepe (PEPE) and Dogwifhat (WIF): Potential for Recovery Amidst Correction

Despite the market downturn, two popular memecoins, Pepe (PEPE) and Dogwifhat (WIF), have shown resilience. After initial rallies driven by exchange listings like Coinbase, both coins have undergone significant corrections.

Pepe (PEPE)

After reaching a high of $0.00002568, PEPE has dropped to $0.00001946, a decrease of nearly 25%. However, it has found support around $0.00001876. If PEPE can break through its downtrend line and move above $0.00002009, a reversal could be in order.

Dogwifhat (WIF)

WIF has experienced a similar correction, falling from its high of $4.82 to $3.19, a decline of approximately 33%. It has tested a key support level of $2.95. A breakout above the resistance level at $3.38 could signal the start of an upward trend.

Outlook for PEPE and WIF

Both PEPE and WIF have the potential to recover, but the broader market sentiment remains crucial. If Bitcoin's dominance continues to rise, altcoins and memecoins may face continued challenges. However, any reversal in BTC dominance could provide relief for these coins.

Disclaimer: This article provides informational purposes only and does not constitute financial advice. Always conduct your own research before investing in cryptocurrencies.