Crypto Market Bleeds While Pepe Price Rally Continues: Will Memecoin Hold Markets Amid Deep

The crypto markets are trying to overcome the recent pullback after the Bitcoin price dropped below $62,000. Now that the price has soared above $62,800, the other altcoins have also begun with a significant upswing. In the meantime, a popular memecoin, Pepe, which has triggered the ‘Memecoin Mania’, has again led the top performers of the day. 

Many of the larger cap memes have recently performed well, with the assumption that prices will fall after each upswing. The narrative quickly shifted to presales, which already appear to have faded, and hence a new narrative is expected to go low in the short term. However, PEPE has been one of the top traded tokens across the exchanges, along with Bitcoin & Ethereum. This suggests the traders continue to have faith in the memecoins, expecting a fresh wave to begin very soon. 

The daily chart of PEPE price suggests the price is experiencing a short-term squeeze as both bands of the Bollinger are converging with the volume draining to a large extent. Besides, the average true range (ATR), the volatility indicator is at its peak. These factual remain in favour of the bulls, which suggests the price is closer to triggering a fresh bullish wave soon. 

The bears tried to drag the levels lower but the bulls defended the support at $0.0000068, which triggered a fine rebound above $0.000007. Therefore, a fine breakout could be fast approaching, but before that, the prices are expected to remain consolidated for some more time than expected. This may create extensive pressure on the price, with the bands experiencing an extensive squeeze. 

Therefore, considering the current market trend, the memecoins are trading with significant strength and hence may hold the markets amid a deep correction.