Meme coins have experienced notable growth, with a market capitalization of $52 billion and a daily trading volume exceeding $10.6 billion. Despite the rise of Solana-based meme coins, Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) continue to dominate the market.
At present, PEPE, the frog-themed meme coin, boasts a fully diluted valuation (FDV) of approximately $3.08 billion and an average daily trading volume of about $1 billion. With approximately 190,000 holders, Pepe coin has solidified its dominance in the meme coin realm. Additionally, it holds liquidity in Wrapped Ethereum (WETH) valued at nearly $50 million.
PEPE Price Analysis: Signs of Mid-Term Correction
After a remarkable 700 percent surge over the past four weeks, the PEPE price against the U.S. dollar has encountered a notable resistance range between $0.0000087 and $0.0000117. Despite the prevailing bullish sentiment, early indications of a mid-term correction have emerged.
On the daily time frame, the meme coin has formed a double top pattern and a descending divergence on the Relative Strength Index (RSI).
If the PEPE price falls below the support level near $0.0000061 in the upcoming days, it could trigger a substantial decline towards the next liquidity level around $0.0000049, aligning with the 0.618 daily Auto Fibonacci Retracement.
However, the short-term bearish sentiment would be negated if PEPE bulls consistently achieve closures above the recent all-time high (ATH).
Fantom (FTM) Sparks Crypto Cash Rotation
The recent surge in Fantom (FTM) suggests a noticeable shift in crypto cash rotation, particularly from meme coins to mid-cap altcoins. This movement indicates a changing market dynamic as investors seek new opportunities beyond meme coins.
Profit-Taking in Meme Coins
The ongoing profit-taking in the meme coin sector hints at an imminent market reversal. As investors capitalize on the recent gains from meme coins, it sets the stage for potential buying opportunities in other segments of the cryptocurrency market.
Anticipation of Bitcoin Halving
Furthermore, anticipation surrounding the upcoming Bitcoin halving event is expected to catalyze a highly anticipated parabolic rally. This event, which occurs approximately every four years, has historically triggered significant price surges in the cryptocurrency market. Investors are closely monitoring developments in anticipation of potential market movements following the halving.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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