- PEPE and WIF note some negative sentiment from the previous day
- The market is firmly bullish
Pepe [PEPE] The local price of $0.0000108 was a record high. dogwifhat [WIF] Then, what touched the? $3.56 mark. The higher timeframes, however, showed that the bullish trend continued.
However, Bitcoin [BTC] At the time of press, market fears were not unfounded. The technical analysis revealed the following.
Lower timeframe momentum for both currencies is bullish
The RSI PEPE chart on 4-hours was consistently above neutral 50 throughout the month of March. The bulls’ momentum was continuing to be strong. Market structure also showed bullishness.
Fibonacci Retracement Levels showed that it was possible to move into the 61.8% – 78.6% area. In the last seven days, OBV was flat. This indicates a lack of purchasing volume. Since neither side controlled the market, it is clear that they have not been able to do so in recent weeks.
Buyers could reenter this demand zone by using Fibonacci levels if PEPE starts to fall below the $0.0000079 zone of support.
WIF’s chart showed that memecoin is on a positive trajectory. Over the past two days the trading volume and OBV have been very high. It was clear that the demand for goods far exceeded any selling pressure.
The RSI dropped below overbought. Although the momentum is a little slower, it’s still very bullish. Fibonacci level plots were tentative because the uptrend has not finished.
This psychological zone of $3 has remained firm so far. However, if it drops below that level the area between $2.17 and $2.46 could be re-tested. It would probably cause a positive reaction.
WIF and PEPE both held firm to their bullish predictions
The Open Interest Charts of meme coins combined with price movement can give a good idea about how speculators are feeling. WIF traders showed an optimistic outlook, but PEPE traders did not.
![PEPE Open Interest](https://fxruhanahmed.com/2/wp-content/uploads/2024/03/1710523865_815_PEPE-WIF-prices-fall-by-10-Heres-what-your.png)
![PEPE Open Interest](https://fxruhanahmed.com/2/wp-content/uploads/2024/03/1710523865_815_PEPE-WIF-prices-fall-by-10-Heres-what-your.png)
Source: Coinglass
The OI is now in decline since the 14th March. PEPE’s price dropped more than 10% in that period. Price drops and OI showed a short-term shift of conviction.
![WIF Open Interest](https://fxruhanahmed.com/2/wp-content/uploads/2024/03/1710523866_328_PEPE-WIF-prices-fall-by-10-Heres-what-your.png)
![WIF Open Interest](https://fxruhanahmed.com/2/wp-content/uploads/2024/03/1710523866_328_PEPE-WIF-prices-fall-by-10-Heres-what-your.png)
Source: Coinglass
WIF OI however, did not decline as much. In parallel, prices are also on the rise, but OI is not keeping up. Again, it outlined an unfavorable outlook for the short term.
Realistic or Not, Here’s PEPE’s market cap in BTC’s Terms
The possibility that prices for meme coins could continue to fall along with Bitcoin. But their charts at higher time frames were very bullish.
Buyers could add these tokens to their cart if they return to key levels of support.
Disclaimer: This information is not intended to be a comprehensive guide. financialThe writer is not providing any investment advice, trading or other type of financial guidance.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com