For the past two weeks, the Pepe coin price showcased a sideway action resonating between the $0.000009 resistance and the lower trendline of the wedge pattern. A recent bearish reversal from overhead resistance plunged the asset by 18% to trade at $0.0000074. Consecutively, the market cap fell to $3.16 Billion.#pepe⚡
The wedge pattern consists of two converging trendlines that indicate a prevailing trend’s losing momentum. The trendline as dynamic resistance and support leads the price to a narrow apex before a decisive breakout for the next directional rally.
Moreover, the Pepe coin has experienced a notable surge in Open Interest over the past week. Data from Coinglass reveals that Open Interest jumped from $63 million to $92 million, marking a significant increase of 46%. #BinanceSquareCreatorAward This sharp rise in OI suggests growing investor interest and increased participation in the market, indicating that traders are positioning themselves for potential volatility or upcoming price movements.
If the selling pressure resumes, the PEPE price may plunge 15% to seek support at the lower trendline. Previously, a reversal from this support led to a 72% rally to hit $0.000013 in late July, indicating a high accumulation zone for buyers.
If history repeats, the PEPE price will rally 30% to $0.0000098 to challenge the resistance trendline of the wedge pattern. A bullish breakout from this resistance will signal the end-of-correction trend. #MtGoxJulyRepayments #BinanceTurns7 #MarketDownturn
Why is Solana's Dogwifhat ($WIF ) memecoin crashing? 👉#Dogwithhat (WIF), the fourth-largest memecoin by market capitalization, is on the brink of erasing the recovery it achieved after the Aug. 5 crypto market crash. WIF has dropped approximately 30% from its Aug. 9 local top of around $1.95, bringing its price down to $1.36 as of Aug. 17. #BinanceSquareCreatorAward
👉WIF’s price declines accompany similar downside moves across other top memecoins, namely Dogecoin ($DOGE ), Shiba Inu (SHIB), and Pepe (PEPE). For instance, DOGE, the largest memecoin by market capitalization, has dipped by approximately 10% in the last nine days. #pepe⚡
👉Among the leading memecoins, WIF has experienced more significant losses over weekly and monthly timeframes. For instance, WIF’s 30-day returns are around -42%, far exceeding DOGE (-15%) and SHIB (-23.5%).#shiba⚡