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The cryptocurrency market is highly volatile as the market leader, Bitcoin (BTC) price has reclaimed the $72,000 level. However, the memecoin category has experienced a significant sell-off this week.
Will the rising dominance of other crypto projects, will memecoin lose the race or will it make a meteoric comeback this November? Moreover, is this the right time to invest in the meme category? Dive in as, in this article, we have covered the short-term prospects.
Cat in a dogs world (MEW)
After trading under a bullish sentiment for a brief period, the MEW price has recorded a strong bearish reversal in its price chart over the past few days. Moreover, with a 24-hour trading volume of $191.53 million, it has dropped 4.52%.
The Moving Average Convergence Divergence (MACD) has experienced a rising red histogram in the 1D time frame. On the other hand, the SMA indicator constantly supports the price action. This highlights a mixed price action for the memecoin in the crypto market.
If the bears continue dominating the market, the Cat in a dogs world price may retest its support level of $0.008825. On the positive side, if a bullish reversal occurs, this Solana-based memecoin will retest its resistance level of $0.01050.
Also, read Cat in a dogs world (MEW) Price Prediction, for long-term price targets!
Goatseus Maximus (GOAT)
Amid increased volatility, the GOAT price has plunged ~12% in the past 24 hours with a trading volume of $245.062 million. Moreover, it has cut 16.61% from its portfolio over the past week. This highlights a rising disinterest of investors in it.
The technical indicators have both recorded a bearish turnaround in their respective charts. However, a trend change in the market sentiment could result in a strong bullish reversal in the coming time.
If the bulls regain momentum, the Goatseus Maximus price will retest its resistance level of $0.735. On the negative side, this memecoin could plunge toward its lower support level of $0.411.
Pepe (PEPE)
Despite increased bullish sentiment, the PEPE price has dropped 3.39% in the past 24 hours and 5.12% over the past week. Furthermore, it has plunged 15.28% during the past month, indicating a rising bearish sentiment for the meme coin.
The MACD indicator has displayed a constant red histogram in the 1D time frame. However, with a bullish convergence in the Simple Moving Average (SMA), the PEPE memecoin price hints at a potential bullish reversal during the upcoming time.
If the bulls regain dominance, the Pepe price will retest its resistance level of $0.00001150 in the coming time. On the flip side, a bearish action could result in this memecoin retesting its important support level of $0.0000080.