Analysis of Memecoin Market and Potential Plunge in MEMEAI and PEPE Tokens

The recent cryptocurrency market plunge of 7.82% in the past 24 hours has caused the total market cap to drop to $1.98 Trillion from $2 Trillion, with a 24-hour trading volume of $116.88 Billion. This decline has also seen a notable drop in the price of Bitcoin, hitting a low of $53,717.38, the lowest figure observed since February this year.

The memecoin segment has particularly been affected by the bearish sentiment, as major tokens within this category have witnessed corrections of over 15% in their respective portfolios. This raises questions about the potential for memecoins to make a comeback in the near future.

Pepe (PEPE) Price Analysis

The Pepe token has experienced a correction of 16.84% in the last 24 hours and 36.02% over the past seven days. Over a 30-day period, Pepe's valuation has plunged by 46.74%, signaling a prevailing bearish sentiment in the crypto market.

The Moving Average Convergence Divergence (MACD) for Pepe reflects a continuous rise in the red histogram, indicating a growing selling pressure compared to buying pressure. The averages also show a negative trend, suggesting that the price of Pepe may continue to lose momentum.

Additionally, the Relative Strength Index (RSI) has failed to surpass its midpoint on the 1-day timeframe, leading to a significant drop towards the oversold range. If bullish momentum returns, Pepe could test its upper resistance level at $0.00001150. Conversely, sustained bearish dominance could push the token towards its lower support level of $0.00000625.

Meme Ai (MEMEAI) Price Analysis

In the midst of the ongoing market correction, Meme Ai has seen a correction of 12.89% in the last day and 14.92% over the past week. This memecoin has plunged by 53.63% over the last 30 days, indicating a negative outlook for its future.

The Relative Strength Index (RSI) has shown a sharp decline, signaling an increase in bearish sentiment towards MEMEAI in the crypto market. The MACD indicator displays a flatline in its price chart, indicating weak price action and uncertainty in future price movements.

If market momentum picks up, MEMEAI could target its upper resistance level at $0.0048 in the coming weeks. However, if bears continue to dominate, the memecoin may drop towards its crucial support level of $0.000586.