Should You Keep or Sell Your Memecoins? - Comprehensive Look at $DOGE, $PEPE, and $WIF
Memecoins have seen a dramatic downturn over recent months, with some losing more than 85% of their value. Is it the moment to sell and cut your losses, or could there still be a chance for recovery? Let's take a closer look at $DOGE, $PEPE, and $WIF.
Can $DOGE Maintain Its Position Above the Longstanding Trendline?
Source: TradingView
Among all memecoins, $DOGE arguably stands the best chance of enduring, largely due to the potential influence of Elon Musk. Focusing on technical analysis, $DOGE is at a pivotal point.
The price of $DOGE is at risk of falling below a long-standing ascending trendline that dates back to 2022. With the week still ongoing, it’s vital for the bulls to drive the price back above this trendline before the week concludes on Sunday.
Currently, the price appears set to confirm the breakdown, but the weekly Stochastic RSI shows potential for significant upward momentum, which might lift the price in the coming two to three weeks. While this may not prevent the confirmation of the breakdown under the trendline, it could turn into a false alarm, redirecting the price upwards.
Does $PEPE Have More Potential?
Source: TradingView
$PEPE is currently resting at a critical support level, defined by both its ascending bull market trendline and strong horizontal supports. It's imperative for the bulls to maintain this support level. If the price falls and confirms below it, the situation could worsen for $PEPE's supporters.
However, last week's candle left a long wick pointing downward, which might indicate a bottom has formed. Additionally, the Stochastic RSI has reached its lowest point, and the indicator lines could soon cross upwards, providing a burst of upward price momentum. This suggests that $PEPE still has some life left.
$WIF Shows Signs of Struggle, But It's Not Over Yet
Source: TradingView
Though $WIF isn't completely out of the game, its future looks bleak. The chart suggests a potential decline to around $0.33, almost half of its present value of $0.60.
Although the Stochastic RSI has hit its lowest point, it appears to be flattening out. A rebound for $WIF from this point seems improbable.
Are Most Memecoins Facing Their Demise?
Those holding onto memecoins or considering trading on their fluctuations should remember that this market is highly volatile and unpredictable. A trend is emerging where new memecoins capture significant value in the niche, only to be abandoned shortly after, while investors wait for the next big release with potential for massive gains. For inexperienced traders, it may be wise to avoid this volatile market.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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