Market correction brings PEPE and WIF meme coins down, while NuggetRush presale sells out

The broader crypto market correction has taken a toll on major meme coins today. PEPE and WIF, two prominent players in the meme coin space, have lost over 10% of their value, while DOGE and SHIB, the frontrunners, are down 6-8%. 

This begs the question: is the meme coin mania over, or are these merely good entry points?

While some investors may view this as a sign of waning interest, others might see it as an opportunity to enter the market at more favorable prices.

Meanwhile, NuggetRush, a new meme coin project already known to the meme community, has sold out its presale with 270 million NUGX tokens purchased, and an airdrop of tokens is expected in 20 days.

NUGX is gearing up for official DEX listings, adding to the anticipation surrounding this project.

PEPE’s technical indicators reveal challenges

PEPE is down 13% today and trading around $0.000007 at the time of writing.

On the PEPE/USDT chart, we can see that PEPE is actually trading in a descending channel (marked with blue lines) since the meme coin frenzy boom in early March. 

Any major pullbacks, $0.0000021 is a strong support now, in line with the 200-day moving average. The 200-day moving average is a widely used technical indicator that smooths out price data and helps identify long-term trends.

The Relative Strength Index (RSI) for PEPE is currently at 47, indicating a neutral market condition. The RSI is a momentum oscillator that measures the speed and change of price movements; a reading below 30 is considered oversold, while above 70 is overbought.

The Moving Average Convergence Divergence (MACD) line is below the MACD signal line, suggesting a bearish trend. The MACD is a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price.

Based on Fibonacci levels, the next target for PEPE is $0.000009526, in line with the 0.382 Fibonacci extension level. Fibonacci retracement levels are horizontal lines that indicate where support and resistance are likely to occur during a price correction.

Looking ahead, PEPE’s performance will largely depend on the broader meme coin sentiment and the crypto market’s recovery.

If the correction persists, PEPE may face further downward pressure, testing the identified support levels. However, a resurgence in meme coin interest could potentially drive PEPE’s price upwards, especially if it manages to break out of the descending channel.

WIF’s resilience put to the test

WIF is down 16%, trading around $3.7 at the time of writing. Following the huge meme coin pump in late February and early March, WIF actually outperformed other top meme coins.

Looking at the WIF/USDT chart, we can see that WIF was trading in an ascending channel since mid-March, but due to this retrace today, WIF has broken down from this channel.

The RSI for WIF is currently at 41, indicating a slight bearish trend. An RSI reading below 30 is generally considered oversold, while above 70 is overbought.

The MACD line is below the MACD signal line, suggesting a bearish trend for WIF as well.

Based on Fibonacci levels, the next price target for WIF is $3.98, in line with the 0.786 Fibonacci extension level. Any bigger pullbacks, and WIF should protect the psychological level of $3, a level it broke after the recent pump in the second part of March.

Moving forward, WIF’s trajectory will depend on its ability to regain the momentum it had earlier this month.

If the meme coin frenzy reignites, WIF could potentially reclaim the ascending channel and continue its upward trajectory. However, a prolonged market correction might push WIF further down, testing the identified support levels.

NuggetRush: A new meme coin

NuggetRush (NUGX) sold out its crypto presale, with 270 million NUGX tokens being purchased. The next step for the project is DEX listings, and presale investors will receive their NUGX tokens via airdrops in 21 days, according to their website.

NuggetRush (NUGX) is a meme coin project that offers a play-to-earn (P2E) gameplay model, rewarding players with real-world assets. It aims to create an engaging gaming ecosystem for its community, attracting investors and game enthusiasts with its features.

In NuggetRush, players engage in a mining game where they can move around the gaming area to search for treasured minerals. Every choice made and mining activity undertaken presents an opportunity to earn actual rewards.

The gameplay is interactive, involving underground scanning, soil tests, and the chance to receive valuable awards for mining efforts.

NuggetRush features NFT characters and assets like RUSHGEMs that players can collect, stake, swap, and exchange for physical gold. 

The project’s marketplace lists trendy NFTs, and players can earn rewards by completing mining challenges, collaborating with other gamers, and participating in group challenges. The maximum supply of NUGX tokens in the NuggetRush project is 500 million tokens.

Conclusion

The recent crypto market correction has impacted meme coins like PEPE and WIF, raising concerns about the longevity of the meme coin frenzy. However, technical analysis suggests that these coins may find support at certain levels, and a resurgence in meme coin interest could potentially drive their prices upwards again.

On the other hand, NuggetRush, a new meme coin project, had its sold-out presale and now focuses on the upcoming DEX listings.

While the project promises a P2E gaming experience, it is crucial for investors to exercise due diligence and make informed decisions based on their risk tolerance and investment goals. After all, whoever has been in crypto for a while, knows that new projects are risky ones.

For all information on NUGX you can visit Nugget Rush Presale website.

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