The crypto market continues to struggle, with Bitcoin trading sideways near the $29,300 price level and major altcoins like Ethereum and Solana adopting a slightly bearish stance.
The bull rally in major meme coins has come to a halt as well – both Dogecoin and Shiba Inu are seeing selling pressure in the daily time frame, correcting 2.2% and 1% respectively.
Pepe coin has also been unable to carry its bullish momentum and is facing a crucial resistance at $0.14. Nevertheless, experts believe that Pepe coin is poised to continue its positive trajectory and can regain its $1 billion market capitalization.
Meanwhile, the new meme token Wall Street Memes is displaying huge potential, with it now very closely to hitting the $24 million milestone in its ongoing ICO.
Is The Pepe Rally Over As It Turns Bearish?
After a high-flying 22% pump, Pepe coin is currently stuck at the $0.0000014 price mark and has also seen a marginal 0.5% correction over the past 24 hours.
Despite an explosive 40% surge in its 24-hour trading volume, the token continues to hover near the $550 million market capitalization.
TradingView, a technical analysis platform, continues to give a Buy signal to Pepe coin in the daily time frame. However, it would need to breach its 50-day Simple Moving Average and 100-day Exponential Moving Average at $0.00000144 to see any further bullish continuation.
It is also at risk of falling below its 50-day Exponential Moving Average at $0.00000138, which can lead to more downward movement.
Popular crypto trader @MTI_Trading is also dubious about whether Pepe would be able to flip a crucial resistance at $0.00000146.
Furthermore, the meme coin rally may face obstacles from the broader crypto market, as ex-SEC official John Reed Stark believes that the US Securities and Exchange Commission will likely reject all the Bitcoin spot trading applications. The SEC has already delayed their decision on ARK investment’s application and experts believe that other applications will likely go the same route.
The latest Bitcoin and crypto bull run was a result of major TradFi institutions like BlackRock applying for BTC spot trading options. A rejection from the SEC can see major crypto assets retrace their entire pump and enter deeply bearish territory.
The history of the crypto market also proves this assessment. In 2018, Bitcoin and major altcoins saw a sharp decline after the SEC rejected the Gemini exchange’s BTC spot trading request.
However, other experts are much more bullish on the token. Popular analyst @CryptoKaleo, who has close to 600K followers on Twitter, has revealed that the Pepe breakout is just starting and the token will soon regain its $1 billion market capitalization.
Wall Street Memes Token Set to Hit $24 Million Mark In Presale – Next 10x Meme Coin?
While major meme coins struggle, the Wall Street Memes token has quickly emerged as a popular choice for traders after its impressive presale performance. The token has already raised close to $24 million in its ICO in less than 3 months, with one presale stage still remaining.
Even whales are lining up to the presale, with one such investor making a cumulative investment of over $1 million in $WSM.
The token has its origins in the legendary Wall Street Bets Reddit community that inspired the historic GameStop short-squeeze. $WSM is looking to make a similar breakthrough in the crypto market, targeting a $1 billion market capitalization after its launch.
The meme coin continues to get strong community backing, thanks to the global brand value of the Wall Street Memes group. The group boasts of a million-strong internet army and farms over 40 million impressions monthly across its social media pages.
The developer team behind the token has a strong track record of launching successful Web3 projects – its Wall St Bulls NFT collection drew enormous hype and sold out in less than 32 minutes, netting a cool $2.5 million.
Interested investors can head to the Wall Street Memes presale and purchase the token through bank cards or by swapping ETH, BNB or USDT tokens.
Visit Wall Street Memes Presale
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