Bitcoin sell-offs trigger a meltdown in the meme coin market 

Top meme coins posted heavy weekly losses amid sell-offs in the crypto market. This week, the crypto market saw significant volatility because macroeconomic news soured investor mood. Even though riskier assets are preferred in the newly released PPI and CPI data, Bitcoin barely reached $70000 on Wednesday before rapidly declining.  Bitcoin’s price dropped to $65000 support level, indicating that the current correction trend is still in effect. 

Santiment data highlighted that traders are afraid because of Bitcoin’s decline to $65K its lowest level since May 16th. Social media mentions of “selling” and “taking profit” have grown, which points to generalized fear in the evolving digital space  Dogecoin (DOGE) has lost more than 4% of its value today, bringing its weekly losses to around 8%. At the moment, DOGE is selling at about $0.13. Based on on-chain statistics, the $0.115 price level offers support if the market drop continues. The highest accumulation price zone for the meme coin, 46 billion DOGE, was historically acquired by investors at an average price of $0.115. As a result, it might offer the necessary buffer to stop a further drop. 

Meme coins have consistently been among the biggest gainers during extended market rises. As a result, as their recent price performance indicates, these tokens likewise experience steep drops during the market downturn. This dynamic resistance caused the dog-themed meme-coin to drop from its March high of $0.228 to $0.133, a 42% loss, with market valuation now at $19.2 billion 

The overall market suggests that the slump is still ongoing, so the price of Dogecoin may drop another 8% in search of support at $0.122. The coin price recovered twice from this support, pointing to a robust accumulation zone. 

The consolidation trend will continue and try to cross the above trendline if the support holds. Should the buyers turn the resistance above into possible support, the coin may pursue targets of $0.175 and $0.228. 

The price of PEPE has dropped 9% for the week, hinting at a possible breakthrough from a crucial support level at $0.0000114, which is also the 50-day EMA and the 38.2% Fibonacci retracement level. Should this fall continue, selling pressure could build and the price of the PEPE coin could drop to $0.000009.  

The 50% and 61.8% Fibonacci retracement levels, or $0.000009 and $0.000007, respectively, suggest important areas of interest where buyers might emerge to reverse the trend, according to the Fibonacci tool.