Memecoins (DOGE, SHIB, PEPE, WIF, FLOKI) Await Crucial CPI Rates as Market Sentiment Remains Bearish

Memecoins are fighting with bearish pressure as the market awaits the crucial CPI rates later this day

Memecoins showcase mixed performance as the market awaits the key CPI rates later today.

While some memecoins, including DOGE and SHIB, face selling pressure, others, such as DOGE and PEPE, exhibit resilience by maintaining gains.

Bitcoin price reacted positively to the latest PPI rates by surging above $61,000. However, the bullish trend was short-lived as bears regained control over the rally. Despite the bearish pressure, DOGE and PEPE prices rose steadily, while SHIB, WIF, and FLOKI struggled to initiate a significant rally.

Pepe (PEPE) price has been trading in an uptrend on the shorter time frame, along an ascending trend line. While the bears maintain a strong grip over the rally, PEPE price is attempting to sustain above the gains and reach the apex of the ongoing bullish consolidation.

On the 4-hour time frame PEPE price chart, a strong fight between the bulls and bears is evident from the past few hours of trade. StochRSI is rising above the average as the price is getting stuck to the trend line. Moreover, the OBV in the shorter time frame suggests the bearish clouds are still hovering over the Pepe price rally. If the price fails to hold support at the trend line, it may slip to the lower ranges near $0.00000750, failing which it may continue its consolidation to reach the apex at $0.0000925.

Dogecoin (DOGE) price, while continuing its trade in a falling wedge, seems to have reached some crucial levels that are expected to drag the levels below $0.1. The price has been defending this support for a while now and hence a steep bullish trend is anticipated if the bulls manage to hold the rally above the support by the day’s close.

DOGE price trades in an ascending trend in the shorter time frame but is feared to lose steam as it advances to its apex. The stochastic RSI is about to carry out a bearish crossover, which indicates that the price may face a pullback very soon. The bears are trying hard to drag the price lower, which may break the support. However, the Dogecoin price may still continue to be sustained above $0.1 and the support at $0.10040 may act as a strong base to trigger a healthy rebound.

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