The cryptocurrency market is experiencing high volatility as the price of Bitcoin (BTC), the market leader, has regained the $72,000 level. However, the memecoin category has experienced a significant sell-off this week.
Will the increasing dominance of other cryptocurrency projects cause memecoins to lose or will there be a spectacular comeback this November? Moreover, is this the right time to invest in the meme portfolio? Let's find out as in this article, we cover short-term prospects.
Cat in a Dogs World (MEW)
After trading on bullish sentiment for a short period, the price of MEW has recorded a strong bearish reversal in its price chart over the past few days. Furthermore, with a 24-hour trading volume of $191.53 million, it has decreased by 4.52%.
The Moving Average Convergence Divergence (MACD) has gone through a rising red chart in the 1-day timeframe. On the other hand, the SMA indicator continuously supports price action. This highlights mixed price action for memecoins in the cryptocurrency market.
If the bears continue to dominate the market, the price of Cat in a Dogs World may retest the support level of $0.008825. On the positive side, if there is a bullish reversal, this Solana-based memecoin will retest the resistance level of $0.01050.
Goatseus Maximus (GOAT)
In the context of increased volatility, the price of GOAT has dropped ~12% in the last 24 hours with a trading volume of $245.062 million. Moreover, it has cut down 16.61% from its portfolio in the past week. This highlights the growing disinterest of investors in it.
Technical indicators are noting a bearish reversal in their respective charts. However, a change in market sentiment could lead to a strong bullish reversal in the near future.
If the bulls regain momentum, the price of Goatseus Maximus will retest the resistance level of $0.735. On the negative side, this memecoin could drop to a lower support level of $0.411.
Pepe (PEPE)
Despite the bullish sentiment rising, the price of PEPE has decreased by 3.39% in the last 24 hours and 5.12% over the past week. Moreover, it has dropped 15.28% in the last month, indicating an increasing bearish sentiment towards the meme coin.
The MACD indicator has shown a continuous red chart in the 1-day timeframe. However, with a bullish convergence in the Simple Moving Average (SMA), the price of the PEPE memecoin suggests a potential bullish reversal in the near future.
If the bulls regain dominance, the price of Pepe will retest the resistance level of $0.00001150 in the near future. Conversely, a bearish action could cause this memecoin to retest the critical support level of $0.0000080.
