Memecoins Sink to New Lows as Crypto Market Falters

• Memecoins like Dogecoin, Pepe, and Dogwifhat have shown significant losses amid the market downturn.
• The crypto market cap dropped 5.58%, and significant liquidations were observed.

The cryptocurrency market has been under significant pressure as bearish sentiment led to a 5.58% drop in the overall market cap. Bitcoin, the leading cryptocurrency, plunged to an eight-day low of $58,034, marking a 5% decline. Ethereum also faced a sharp downturn, briefly falling to a 20-day low of $2,481. Additionally, $110 million was liquidated from the market in the past few hours.

Even the typically volatile meme coins were not spared from this downward trend, with the meme coin market cap recording a 5.3% decline.

Dogecoin (DOGE)

Dogecoin saw a 4% decrease in the past 24 hours, currently trading at $0.1003. Despite the downturn, trading volume surged by 31%. DOGE hit a nineteen-day low of $0.1850, fluctuating between $0.187 and $0.2172 today. Over the past month, Dogecoin witnessed a 33% surge. The 9-day Exponential Moving Average (EMA) stands at $0.09739, while the daily Relative Strength Index (RSI) is nearing oversold territory at 45. Analysts suggest that if bullish momentum resumes, Dogecoin could reach $0.1156, but continued bearish pressure might push it down to $0.0899.

Pepe (PEPE)

Pepe experienced a 4% decline in the last 24 hours, currently trading at $0.000008089. Despite the drop, trading volume increased by 33%. PEPE reached a nine-day low of $0.00000703, with trading ranging between $0.000007163 and $0.00000828 today. Over the past month, Pepe surged by 77%. The 9-day EMA is at $0.00000746, and the daily RSI is nearing oversold conditions at 45. Analysts suggest that if bullish momentum persists, Pepe could rise to $0.00000923, while a bearish scenario might see it drop to $0.00000660.

Dogwifhat (WIF)

Dogwifhat witnessed a 6% decline in the past 24 hours, currently trading at $1.63, with a 32% increase in trading volume. WIF hit a seven-day low of $1.51, fluctuating between $1.51 and $1.75 today. Over the past month, it declined by 36%. The 9-day EMA is at $1.68, and the daily RSI is at 46, showing it is nearing oversold conditions. Bulls might push it to $2.17, while bears could drive it down to $1.30.

This downturn has raised concerns among investors, who are now closely monitoring the market for potential shifts in sentiment and price movements.

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