The memecoin sector has dropped dramatically in the last few weeks, especially after the Fed’s rate cut announcement. As traders rotate capital from risky cryptos to utility tokens for the next bullish leg, Dogecoin and PEPE face significant selling pressures, consolidating to lower support levels with bearish price predictions for January.
In this article, we’ll analyze the PEPE and DOGE price performance amid bearish market sentiment post-Christmas and how an emerging $0.12 utility token grabs the attention of Dogecoin traders.
PEPE Analysis Signals Rising Selling Activities After Wipeout
The PEPE price has retracted to its March levels as the panic sell and shifting focus from risky assets have significantly impacted its market position. At press time, PEPE retests the $0.000018 resistance level. However, low trading activity and bearish sentiment make it difficult for experts to consider this week’s breakout potential.
Source: TradingView
Furthermore, the technical outlook indicates a downside for the PEPE memecoin as moving averages and RSI value signals sellers’ domination. This trend leads to notable sell-offs for PEPE after Fed rate cuts, leaving meme traders in jeopardy as the memecoin is staged to drop below the $0.000016 support level in the worst-case scenario.
Dogecoin Traders Rotate Capital After DOGE Price Dipped to $0.31
Since Jerome Powell announced Fed policy for future rate cuts, the DOGE price has dipped heavily amid $1.2 billion in market liquidations. DOGE price finds critical support at the $0.31 level after dropping from $0.45, with a 19.5% drop in days. This has led Dogecoin traders to sell their holdings and book profits before market activity throws signs about the next bullish leg.
DOGE’s price is well-positioned to recover due to its association with Elon Musk, who has become a major part of Trump’s new administration. However, as the DOGE price is poised for continued decline, technical analysis hints at more promising buying zones for Dogecoin traders in the upcoming days. As its bullish potential lingers, Dogecoin traders accumulate other top utility tokens for bullish gains in January.
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