The crypto market continues to struggle, with Bitcoin trading sideways near the $29,300 price level and major altcoins like Ethereum and Solana adopting a slightly bearish stance.

The bull rally in major meme coins has come to a halt as well – both Dogecoin and Shiba Inu are seeing selling pressure in the daily time frame, correcting 2.2% and 1% respectively.

Pepe coin has also been unable to carry its bullish momentum and is facing a crucial resistance at $0.14. Nevertheless, experts believe that Pepe coin is poised to continue its positive trajectory and can regain its $1 billion market capitalization.

Meanwhile, the new meme token Wall Street Memes is displaying huge potential, with it now very closely to hitting the $24 million milestone in its ongoing ICO.

Is The Pepe Rally Over As It Turns Bearish?

After a high-flying 22% pump, Pepe coin is currently stuck at the $0.0000014 price mark and has also seen a marginal 0.5% correction over the past 24 hours.

Despite an explosive 40% surge in its 24-hour trading volume, the token continues to hover near the $550 million market capitalization.

TradingView, a technical analysis platform, continues to give a Buy signal to Pepe coin in the daily time frame. However, it would need to breach its 50-day Simple Moving Average and 100-day Exponential Moving Average at $0.00000144 to see any further bullish continuation.

It is also at risk of falling below its 50-day Exponential Moving Average at $0.00000138, which can lead to more downward movement.

Popular crypto trader @MTI_Trading is also dubious about whether Pepe would be able to flip a crucial resistance at $0.00000146.

Furthermore, the meme coin rally may face obstacles from the broader crypto market, as ex-SEC official John Reed Stark believes that the US Securities and Exchange Commission will likely reject all the Bitcoin spot trading applications. The SEC has alr