(Very) delicate situation for memecoins! Cryptocurrency analysis

While we wait to see if Bitcoin is able to mark a new ATH, the crypto market is bouncing back. Is The Memecoin Sector Preparing For A Bullish Period? Is the downturn really over? We will focus on these assets that do not rely on fundamentals to attract investors!

The memecoin sector has been correcting since July

It has been since Julythe memecoin index (GMCI MEME) is in freefall. Index draws bearish structuresand there is no sign that the trend is ready to reverse:

Between April and July, the sector managed to advance, butthe madness passed quickly. We observe a kind of lateralization from February, but buyers will have to wake up early to avoid a a new bearish phase. Can memecoins recover before the end of the year? Let’s immediately analyze some key assets in the sector.

Dogecoin (DOGE) needs to react around the $0.17 support

This year, DOGE was rejected several times resistance at $0.28. The last refusal led to the fall below moving average (EMA 9/EMA 18) and return to support for $0.17. DOGE finds himself in contact with sa bullish trend line an important one that allowed rebounds for several months:

Losing a bullish trendline a support for $0.17 could lead to a further fall towards support at $0.125. Such a scenario could reflect a stuffiness on the buyers’ side, which could challenge bullish momentum in place for several years. But DOGE can still recover, and if so, return to level resistance at $0.21 is possible. It will be necessary to have a break in resistance at $0.28 hope it can be overcome 2024 summit.

Momentum indicator RSI is falling for several weeks. To find a strong momentumwill need to increase over 60.

Heading Back To $0.0000082 For Shiba Inu (SHIB)?

SHIB made good progress between June 2023 and March 2024, but since then sellers who have a hand. In fact, the course is recording bearish structures for several months. Recently he has a course lost the level at $0.000012and returned to the height support at $0.0000082 :

If the course fails to be repeated $0.000012 as support, new drop to $0.0000082 is possible. However, if SHIB finds a bottom here and manages to get back above the moving average (EMA 9/EMA 18), it could return to resistance at $0.000017.

For its part, the RSI is still below the bearish trend line. A break of the trend line could lead to bullish volatility. But for now, momentum is fragile per SHIB weekly.

Retracement to weekly support at $0.000006 for Pepe (PEPE)

After several months of decline, the price of PEPE has bounced back support of $0.000006. However, since 2024, this level has generated significant rebounds :

A buying reaction to support would allow PEPE to pull back resistance at $0.000009. PEPE’s underlying dynamics are bullish but losing support of $0.000006 can be very problematic. THE The RSI is trending downward and below the bearish trend line. Until the trend line is broken, the momentum is in the hands of the sellers.

Key elements to remember

The situation with memecoins has been complicated since July. At the moment, there are no signs that the sector could start to rise again soon. DOGE and PEPE are back at important support levels. And without a reaction from buyers, the trend of these two assets could be challenged. The recent crash of Bitcoin has thrown the cryptocurrency market into uncertainty.