The cryptocurrency market continues to experience volatility, particularly after Ethereum tested a resistance level at $3,940 and pulled back to $3,800. This correction has also impacted other assets, including the memecoin PEPE.
Ethereum Correction and Its Impact on Memecoins
With recent fluctuations in Ethereum, which dropped to $3,800 after testing a high of $3,940, many memecoins such as PEPE have seen a 9% decline. This drop was significant as it reduced PEPE's monthly gain to 25%.
Comparing PEPE and PENGU: Similar Trajectory
A side-by-side analysis of PEPE and PENGU's daily charts shows nearly identical dynamics. After overcoming a falling wedge pattern, PENGU successfully reclaimed its 50-day and 100-day moving averages, serving as a catalyst for its 172% rally. A similar scenario is now observed with PEPE.
Prospects for PEPE: What to Expect Next?
If the current pattern holds, PEPE could bounce from the current levels, paving the way for a new rally and potentially reaching $0.000040, akin to what we saw with PENGU. However, confirmation of movement above current resistance levels will be necessary.
The situation in the cryptocurrency market remains tense, and if PEPE can continue to grow, it may open new opportunities for investors. However, cautious tracking of market changes is crucial.
