Meme Coin Correction: PEPE Holds Steady, WIF Tumbles

• PEPE token shows stability amid a bearish market, trading near recent highs.
• WIF token faces steep declines, breaching crucial support levels.
• The meme coin market experiences a slight correction with reduced trading volumes.

Meme coins are experiencing a minor setback, with their total market capitalization of approximately $46 million dipping a marginal 0.18% decline over the last 24 hours. Its trading volume has also dropped by about 25%, settling at $3.266 million.

This adjustment reflects broader trends in the cryptocurrency market, which has also seen a notable 21% decrease in trading volume during this period.

Despite the general market correction, certain tokens like PEPE have remained relatively stable compared to other meme coins.

PEPE Token Holds Ground Amidst Volatility

The PEPE token has demonstrated a stable price trajectory amidst the prevailing bearish market conditions. Data from CoinMarketCap reveals that PEPE has been in bullish territory for most of the day, starting from an intraday opening price of $0.00001124. It subsequently surged to an intraday peak of $0.00001165 before encountering resistance, causing its price to retract to $0.00001129. 

PEPE/USD 1-Day Chart (Source: Coinmarketcap)

This marks a 0.76% increase over the last 24 hours, though it has seen a 5.95% decrease over the past week. Following this relatively unstable bullish trend, PEPE’s 24-hour trading volume decreased by 24.40%, reaching $608.52 million, indicating reduced trading activity and interest.

PEPE Coin Price Outlook

The recent price action indicates that PEPE has been trading within a bearish channel since achieving its all-time high of $0.000017 in May. Analysts suggest that a breach below the immediate support level at $0.000011 could potentially drive PEPE towards lower support levels, possibly testing lows of $0.000010 and even levels as deep as $0.0000097 and $0.0000088, last seen in June and May, respectively. 

PEPE/USD 1-Day Chart (Source: Tradingview)

Conversely, a breakout above the current bearish trendline could signal renewed bullish momentum, propelling PEPE towards recent highs around the $0.000012 mark. Further bullish movements could aim for levels above $0.000014 and potentially up to $0.000015, last observed in early June.

WIF Token Faces Steeper Declines

In stark contrast, the WIF token has been under significant selling pressure amidst the broader bearish sentiment prevailing across the market.

WIF/USD 1-Day Chart (Source: Coinmarketcap)

Currently trading at $1.78, WIF has witnessed a decline of 2.88% in the past 24 hours, with more substantial losses of 25.35% over the last week and a significant 37.97% over the past month.

WIF Token Breaks Support Level

Recent market data indicates that WIF has breached its support level around the $1.957 mark, suggesting potential further downside risk. Analysts warn that if this bearish momentum persists, WIF could potentially seek support levels around $1.0175, which was observed in March this year. 

WIF/USD 1-Day Chart (Source: Tradingview)

On the flip side, a reversal in sentiment leading to bullish momentum could see WIF attempting to reclaim levels above its current resistance at $1.957, potentially targeting the next resistance zone around $2.6400.

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