Crypto prices are down today, May 30, in one of the worst intraday declines this month. This dip has led to meme coins shedding more than $10 billion in market cap, with Pepe Coin (PEPE) and Fartcoin (FARTCOIN) recording some of the biggest losses. Considering the typical volatility that often rocks the crypto market during most monthly closes, what’s the crypto price prediction for top meme coins?
Meme Coin Market Cap Sheds $10B
The total meme coin market cap is down by more than $10 billion in the last seven days, with this metric dropping from $74 billion to $64 billion during this time. This valuation currently stands at its lowest level since May 9.
This price decline in top-performing meme coins in May coincides with the bearish crypto price prediction during the first and the last week of each month. For instance, during the April monthly close, the meme coin market cap dropped from $52 billion to $57 billion during the monthly close. An even steeper crash of $16 billion was seen between late March and early April.
Besides following historical patterns, Pepe Coin, Fartcoin, and other meme coin prices are shedding their gains due to a shift in the market sentiment. The Fear and Greed Index has declined from 74 to 69 in one day, and it is now at the lowest point in more than three weeks.
Nevertheless, the ongoing decline is not unique to meme coins only, as the broader crypto market is also crashing. As Coingape reported, over 217,000 traders have been liquidated in the last 24 hours, with the total liquidations surpassing $700 million.
Crypto Price Prediction – What’s Next for PEPE and FARTCOIN Price?
As the crypto price prediction for most meme coins flips bearish, PEPE and FARTCOIN are standing out with some of the biggest losses in the last 24 hours. At press time, PEPE price was down by 9% while FARTCOIN price had shed 10% of its value.
PEPE Price Forecast Amid Bearish Headwinds
Pepe Coin price trades at $0.000013 today, but bearish headwinds may intensify as technical indicators turn negative. The Chaikin Money Flow has crossed over to the negative region, indicating that selling pressure is currently dominating the market. A similar scenario is seen with the AO histogram bars, whose shrinking size shows that the bullish momentum is losing strength.
Despite this bearish Pepe Coin price outlook, popular trader James Wynn believes that the crypto token’s price may recover. Wynn, famed for making over $87M in profits from popular coins, has opened a 10x long leverage position on PEPE, indicating he anticipates the price to rally higher.
FARTCOIN Forms Rising Wedge Pattern
The price prediction for the FARTCOIN crypto token is also bearish as the Solana-based meme coin trades within a rising wedge pattern. This pattern usually indicates that the price is on the verge of a bearish reversal. The RSI has also crashed to 42, indicating that the current momentum is bearish. If buyers fail to step in now, the FARTCOIN price may crash to $0.44 from its current price of $1.11.
Summary of Crypto Price Prediction
The price prediction for most crypto tokens, including meme coins, is bearish today as the market sentiment tanks to its lowest level in three weeks. Amid the widespread market crash, PEPE and FARTCOIN are standing out with the biggest price declines. Technical indicators suggest the two meme coins may continue to decline before making a recovery.
Frequently Asked Questions (FAQs)
The crypto price prediction today is bearish as Bitcoin and most coins edge lower. Unless there is a spike in buying activity, most meme coins may extend the downward trend or stall at current lows.
Yes, PEPE and FARTCOIN prices may recover after the recent crash, as the current dip may be due to a temporary surge in sell-side pressure.
Meme coins are dropping due to a negative market sentiment. The decline in retail interest has seen the tokens shed $10B in market cap.
muthoni
Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience dissecting blockchain trends, price movements, and market dynamics. With a sharp eye for technical analysis and an in-depth understanding of on-chain metrics, she delivers insightful, data-driven content that helps investors navigate the fast-paced world of digital assets.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/crypto-price-prediction-as-meme-coins-shed-10b-ahead-of-monthly-close-whats-next/
✓ Share: