It’s been a difficult few days for meme coin lovers, with most established tokens seeing a notable price slide.
Dogecoin ($DOGE), Shiba Inu ($SHIB), and Pepe ($PEPE) have all dropped significantly – leading many investors to wonder whether their respective rallies are over.
However, it’s not all bad news in the meme coin space, with several new projects emerging and gaining rapid traction.
Meme Coins Face Downward Pressure As Volatility Takes Hold
Volatility is the name of the game in the meme coin market right now, with the recent price dip serving as a stark warning to bullish investors.
Over the past two days, meme coins have seen a significant price decline, led by established cryptos like $DOGE, $SHIB, and $PEPE.
$DOGE has been at the forefront of the bearish momentum, dropping over 9% from Tuesday’s high.
The coin is now hovering around the $0.065 level, meaning most of the gains from the past week have been erased.
Similarly, Shiba Inu has also experienced a substantial drop in value, with the token’s price falling 8% in the same time frame.
Perhaps more worrying for $SHIB bulls is that price has broken (and retested) the 20-day Exponential Moving Average (EMA) to the downside – hinting that further selling pressure could be imminent.
This selling pressure is also evidenced in Pepe’s price movements, with the token posting three bearish daily closes in a row.
Per CoinGecko, the $PEPE price has dropped 11% in the past 24 hours alone.
Adding to the bearish woes, $PEPE looks to be printing a “Shooting Star” candlestick pattern on the weekly chart – often viewed as a bearish reversal signal.
Bearish Sentiment Wreaks Havoc on Broader Crypto Market
The recent drop in these meme coins can be attributed to the prevailing volatility in the broader crypto market.
Over the past few days, speculative traders are opting to “cash out” while prices are high – prompting a sharp drop in the tokens’ values.
In addition, sentiment has become muted towards the cryptocurrency market in general, given that the Federal Reserve released its June
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Author: BeInCrypto Team
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