PEPE and WIF have both fallen sharply. Should we continue to buy on dips or reduce positions on rallies? Is there any hope for the MeMe sector? Will this be the end of the second inscription sector?
This wave of Pepe has fallen by 60%, second only to the 66% plunge on August 5. Wif has fallen below 1u, the starting price when Binance was launched. The weekly chart shows a large M top, and there are signs of a break. Once 1u is effectively broken, it will continue to explore a deeper bottom.
Sister Bei also bought on dips all the way, and pepe still has a large profit. Wif entered the market late and was trapped. From the perspective of the entire meme sector, due to the continuous blood sucking by the first-level local dogs, the second-level meme sector has been adjusted for nearly two months. In terms of time and the amplitude of the correction, it should have almost bottomed out. For example, pepe is currently in the fifth wave of decline, and the RSI daily line is also oversold.
However, judging from the K-line patterns of the two coins, there is no sign of bottoming out. Today's explosion of Wif is a good sign, but it will take time to observe whether it can stop falling and bottom out. The leader of the sector is still like this, and the overall risk of decline in the meme sector still exists.
The consensus of these two coins is relatively high, and the community is relatively strong, but the liquidity of funds is insufficient at present, and they cannot get out of the independent market, which is weaker than the market and other strong sectors. Sister Bei's suggestion is to buy in a place where no one cares and ambush in advance. The current cost-effectiveness of the leading currency is very high, and there is a possibility of bottoming out and reversing at any time.
In the short term, the situation will be clearer after Powell speaks after 3 am today. If the speech of Lao Bao is negative, it will continue to fall to the bottom, so you can consider stopping loss and changing positions when pepe0.00001u and Wif0.97u fall below. If it is positive, it is a good point to enter the market at any time at the current price, and this is the support level. I personally think that the overall cottage season may not be there, but the strong sector is still very promising. If the big pie hits the bottom at 97777, the meme sector will have a 3-4 times surge, just wait for the wind to come!
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