There’s never a dull moment in crypto – especially when it comes to meme coins. After yesterday’s marketwide dip, DOGE is down -10% and PEPE has dropped by -11% in the last 24 hours. This activity is really shaking the markets, generating $5.9 billion in trading volume for Dogecoin and almost $2 billion for Pepe. Sentiment is bearish, at least for the short term, as the markets digest the latest moves and traders try to work out where things go next.
However, its not all doom and gloom for meme coin enthusiasts, as two major ICOs are continuing to show bullish momentum.The meme coin market is largely driven by community sentiment and belief – so when uncertainty strikes, emotions can quickly take over. During bearish conditions, many traders and investors are quick to panic, creating dips that bulls immediately look to take advantage of.From a double bottom over a confluence of support lines, and a pump that quickly lost momentum and led to yesterday’s dip, it’s clear that DOGE holders are torn over where the price of this leading meme coin is headed.traded up, then dropped and consolidated before a major move up in 2024. In November 2024, Doge traded up higher, then dropped and is now consolidating. Next is a major move up in 2025.However, we should note that the confluence of two support lines (one horizontal around $0.29, and a diagonal line forming a bullish ascending triangle) remains in place here. This means that despite yesterday’s drop, DOGE still has plenty of power left. Bulls will look to push DOGE back to $0.485 and beyond, and they have a good chance of achieving that goal right now. As for Pepe, a very different scenario is emerging, but it still has a bullish angle left to play for: PEPE has shown significantly more weakness than DOGE, making it appropriate to analyse this chart with more of a focus on the bearish side of thing
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