- Dogecoin and PEPE log minimal drops amid memecoin slump.
- Despite the bearish market sentiment, these memecoins showed resilience.
- “High buying pressure might have allowed PEPE to hold its ground better than the rest,” according to AMCrypto’s analysis.
Dogecoin and PEPE exhibit resilience amid broader memecoin downturn, showcasing unique market dynamics and investor behavior.
PEPE, DOGE Hold Their Ground
While most memecoins witnessed significant price corrections, Dogecoin (DOGE) and PEPE managed to hold their ground better than others. Shiba Inu (SHIB) and Dogewifhat (WIF) saw price drops of more than 6% and 8%, respectively. In contrast, DOGE and PEPE remained relatively stable, with their values dropping by less than 2% at press time.
Market Sentiment and Investor Behavior
According to CoinMarketCap, at the time of writing, PEPE was trading at $0.00001457, and DOGE had a value of $0.1592. Notably, PEPE created a buzz last week as its price rallied substantially, reaching an all-time high. Despite DOGE’s stable price action, its weighted sentiment dropped sharply, indicating dominant bearish sentiment in the market. PEPE’s sentiment followed a similar trend, with both tokens experiencing a decline in social volumes after their respective spikes last week.
What to Expect Next?
AMCrypto’s analysis of PEPE’s daily chart revealed that the meme coin’s price was sitting just above its 20-day Simple Moving Average (SMA). This suggests that if the bearish trend continues, its price might drop to its 20-day SMA before gaining bullish momentum. Additionally, the Chaikin Money Flow (CMF) registered an uptick, signaling potential bullish sentiment.
Dogecoin’s Outlook
For Dogecoin, the outlook appeared more uncertain. The MACD displayed a bullish crossover on May 31st, but the Relative Strength Index (RSI) registered a decline, reaching the neutral mark. These indicators suggest that DOGE’s price decline might continue. However, the Chaikin Money Flow (CMF) remained bullish, showing a slight increase. If the downturn persists, DOGE might fall to its support level at $0.148. A drop below this mark could push its price to $0.129 in the coming days.
Conclusion
In summary, while the broader memecoin market experienced significant corrections, Dogecoin and PEPE demonstrated resilience. High buying pressure and strategic investor behavior played crucial roles in stabilizing their prices. As market dynamics continue to evolve, investors should closely monitor key indicators and market sentiment to navigate the volatile landscape of memecoins.
