The broader cryptocurrency market has been a mixed bag this week with reduced volatility. The market leaders Bitcoin and Ethereum seemed to be looking for stability. While meme coins saw a decline as PEPE price saw a downturn along with WIF and Brett.
However, this week hasn’t gone well for the Memecoins so far. The Memecoin sector had performed extremely well in the 1st quarter and since then they have been in a correction phase and have been underperforming the market leaders.
Dogwifhat (WIF), Brett (BRETT), and Pepe (PEPE) emerged as the worst performers in the current week. The price of WIF fell by nearly 30% a week whereas Brett and Pepe also suffered nearly 18% and 14% as well.
Dogwifhat (WIF) Losing Grip
Dogwifhat started the week on a positive note however, the bulls could not sustain more and the price suffered rejection from $1.80. WIF has wiped off nearly 30% of its value this week and has emerged as the worst performer cryptocurrency this week.
The daily chart highlights a resumption of the selling wave after a short term pullback. Earlier, WIF price encountered a strong selling pressure in the last week of July and made a breakdown of the monthly lows.
The previous week saw a pullback in the Dogwifhat price after a sharp fall. However, this week, WIF could not continue with the gains and suffered losses. On the lower side, the price has 15% more room till the recent demand zone at $1.21.
The sellers seem to be dominating in the short term as well as the long term and WIF may continue to erase the gains. The technical indicators are leaving a bearish note on a combined analysis.
Brett (BRETT) Price Tumbles
Brett emerged as the 2nd most underperforming crypto asset this week losing nearly 18%. The price entered a correction phase in June and has been declining forming multiple lower highs.
The daily chart highlights the formation of a declining parallel channel pattern with the price included between the upper and lower boundary of the channel. It has a live market capitalization of $837.4 and ranks 71st in the cryptoverse.
The volume to market cap ratio at 2.58% suggests low volatility in the market. From a technical point of view, Brett price hovers below the key Exponential moving average of 20 and 50 days suggesting a bearish trend prevailing.
On the lower side, the price may continue to slide till the $0.07 level if selling pressure exceeds. On the higher side, for a sustained move to the upside, Brett needs to break out of the formed declining channel pattern.
Pepe (PEPE) Price Action
Pepe lost nearly 14% a week and claimed the third most underperformer crypto of this week. PEPE/USD chart showcases a falling wedge formation over the daily chart. At the time of writing, Pepe was trading close to $0.0000074 recording a swift 0.04% gain in intraday.
Pepe is a memecoin created as a tribute to Pepe the frog internet meme. It has a deflationary memecoin which was launched on Ethereum. Behind Dogecoin and Shiba Inu, it ranks as the 3rd largest memecoin cryptocurrency with a live market cap of $3.13 Billion.
As of now, Pepe seems to be in a consolidation near the demand zone and the loser boundary of the falling wedge pattern. On the higher side, if Pepe surpasses $0.0000087, it may rise till the $0.0000109.
