The meme coin industry has registered tangible growth recently to about $52 billion in market capitalization and more than $10.6 billion in daily trading volume. Despite the rise of the Solana-based meme coins, the prior top-three memes by market cap – Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) – have retained their position.
As of this writing, the frog-themed meme coin, PEPE, had a fully diluted valuation (FDV) of about $3.08 billion and an average daily trading volume of around $1 billion. Pepe coin has stamped its meme coin dominance with about 190k holders and liquidity in WETH of nearly $50 million.
Pepe (PEPE) Price Analysis
After rallying more than 700 percent in the past four weeks, the PEPE price against the U.S. dollar has experienced a significant resistance range between $0.0000087 and $0.0000117. Although the macro bulls are in control, the PEPE price has signaled early signs of mid-term correction.
During the daily time frame, the meme coin formed a double top and a falling divergence on the Relative Strength Index (RSI).
If the PEPE price against the USD breaks below the support level of around $0.0000061 in the coming days, an inevitable free fall towards the next liquidity level of around $0.0000049 coincides with the 0.618 daily Auto Fibonacci Retracement.
Notably, the short-term bearish sentiment will be invalidated if PEPE bulls consistently close above the recent all-time high (ATH).
Market Check
The rise of Fantom (FTM) recently has signaled heightened crypto cash rotation, especially from meme coins to mid-cap altcoins. The ongoing profit-taking in the meme coin industry will lead to market reversal, presenting a buying opportunity. Moreover, the upcoming Bitcoin halving will trigger the highly anticipated parabolic rally.
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