🔻 Meme Coin Meltdown — $PEPE & #Dogwifhat Extend Losses as Hype Fades
Meme coins fell 4.7% in 24 hours, while Bitcoin briefly reached $108,000 on Thursday. Pepe fell 7.5% while Fartcoin and Dogwifhat fell almost 10% in 24 hours.
The meme coin segment's gloomy forecast suggests traders are siding with Bitcoin, Ethereum (ETH), and Ripple (XRP), which held most of this week's gains.
Rising negative risks for Fartcoin
The price of Fartcoin is $0.96, down about 3% today. On the 12-hour chart, the 200-period Exponential Moving Average (EMA) at $0.99 caps meme coin's upside.
RSI is exhibiting symptoms of an upward reversal at 42, therefore a rebound is possible. A move over the 50 midline might signify bullish momentum and lead to rises beyond June 17's $1.25 barrier.
Pepe backfoot bulls
Pepe remains gloomy, down roughly 2% to $0.00000930. The meme currency has lost roughly 43% of its value since May, indicating a drop in PEPE interest.
PEPE futures contracts' Open Interest (OI) fell to $491 million, indicating little dealer activity, according to CoinGlass derivatives market data. Over the previous 24 hours, long position liquidations rose to $1.31 million, compared to $743,000 in short positions, suggesting sellers are ahead.
The 12-hour chart's death cross pattern, where the 50-period EMA crossed below the 200-period EMA, suggests the path of least resistance will continue lower. Support levels to consider are $0.00000750, last tested in early May, and $0.00000600, tested in April.
Dogwifhat maintains bear market
Intraday losses approached 5%, putting Dogwifhat at $0.75. CoinGlass data shows an 8.4% reduction in futures market Open Interest to $334 million, escalating its negative risks.
Since $WIF peaked at $1.39 in May, large liquidations have occurred, with $2 million lost in long holdings and $375,000 in short ones in the past 24 hours.
Traders are watching the middle border of the descending channel, the demand region at $0.60, tested on Sunday, and seller congestion at $0.51, previously tested as support in late May and early June.
♟️ $CHESS /USDT — Squeezing into a Decision Point
🕓 4H Timeframe | 💰 Price: $0.0737 (+0.41%)
CHESS has been consolidating in a sideways chop for over a month — low volatility, low volume, and tight MA clustering signal an imminent breakout. But which way?
📊 Technical Outlook:
MA Convergence: All 3 key MAs (7, 25, and 99) are clustered around $0.071–$0.072, showing strong indecision — this is usually followed by high-momentum moves.
Range Bound: Trading between $0.065 and $0.082 since early June. Breakout or breakdown from this box will set the next direction.
Price Action: Holding above mid-range support ($0.070) is short-term bullish.
🎯 Breakout Targets:
🎯 Target 1 – $0.080
Immediate resistance from the recent highs. A flip above this would trigger momentum buying.
🎯 Target 2 – $0.093
A key resistance zone from April — this would also complete a W-shaped reversal from the $0.06 base.
🎯 Target 3 – $0.110
March's high and final top of the range before the drop. Reaching here requires volume spike and market-wide support.
🛑 Risk to Watch:
A break below $0.068 would invalidate the squeeze and point toward a liquidity flush back to $0.060.
CHESS lacks hype catalysts — watch for fakeouts before committing big.
🧠 Conclusion:
CHESS is compressing like a spring. Whether it’s a fakeout or a breakout, this low-volatility zone won’t last long. Smart money will react — not guess. Set alerts at both $0.068 and $0.080 and wait for confirmation.
⚠️ DYOR – Do Your Own Research. This is not financial advice. Markets can be volatile — always trade responsibly!
🌀 $W /USDT – Finally Awakening from the Dead Zone?
🕰️ 1D Timeframe | 💹 Price: $0.0702 (+17.39%)
After a brutal and consistent downtrend, W is showing its first real bounce in weeks — but is this a relief rally or the start of something bigger?
📈 Technical Outlook:
Price Action: Trading well below the 99-day MA ($0.0829), but today's bounce finally broke above both the 7-day and 25-day MAs ($0.0609 / $0.0690).
Momentum: A 17% daily candle off the bottom is significant — likely fueled by short-term mean reversion and oversold conditions.
Structure: Still in a long-term downtrend, but now testing the first stage of early accumulation.
🎯 Target Levels (If Bounce Holds):
🎯 Target 1 – $0.085
Backtest of the MA99 and former support-turned-resistance area. This is the first critical battle zone.
🎯 Target 2 – $0.11
Major horizontal resistance level from late Q1 2025. Breaking this would confirm a trend reversal pattern.
🎯 Target 3 – $0.165–$0.18
Strong liquidity pocket from the November 2024 range. Only possible with high volume and sustained hype — more of a mid-term swing target.
⚠️ Risk Factors:
The long-term trend is still down until proven otherwise.
A lower high rejection at $0.085 or $0.11 could trap bulls.
Needs volume confirmation — watch closely for fading momentum.
✅ Strategy Insight:
Short-term traders can look for entries above $0.071–$0.073 with tight stop-loss under $0.066.
Mid-term swing only makes sense if price holds above MA99 on a 3-day close.
Not a place to YOLO — this is speculative recovery, not yet a confirmed bull phase.
🧠 Conclusion:
W is stirring — but it's walking on a tightrope between breakout and another leg down. The first bounce is always exciting, but the second push is what proves a trend shift. Eyes on volume, structure, and patience.
⚠️ DYOR – Do Your Own Research. This is not financial advice. Markets can be volatile — always trade responsibly!