Bitcoin's drop in prices raises concerns about a continued slump in meme coin prices. Technical analysis of PEPE and WIF shows mixed signals, with PEPE potentially dropping below a support zone and WIF showing a bullish trajectory.
Together with Bitcoin ’s drop in prices, the possibility of a continued slump in prices were present for both meme coins .down 7% from $73.7k to $68.4k at press time, fears of a market correction had some grounds. Here’s what technical analysis of the meme coin revealed.The RSI of PEPE on the 4-hour chart remained above the neutral 50 mark throughout March. This showed that the momentum continued to favor the bulls. The market structure was also bullish.
The Fibonacci retracement levels showed that a move to the 61.8%-78.6% region was possible. The OBV has remained flat over the past week to indicate a lack of buying volume. Hence, neither side had control over the market in recent days. If PEPE begins to drop below the $0.0000079 support zone, buyers could look to re-enter the aforementioned demand zone based on the Fibonacci retracement levels.The chart of WIF showed that the memecoin has a bullish trajectory. The trading volume has been high over the past couple of days and the OBV soared upward. This indicated that demand far outweighed the selling pressur
Bitcoin Meme Coins Slump Technical Analysis PEPE WIF Support Zone Bullish Trajectory
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