Cryptocurrency Prices Remained Under Pressure on Monday, Continuing a Trend That Has Happened in Almost Two Weeks

Meme coins sell-off continues Altogether, all meme coins tracked by CoinGecko have a market cap of over $38 billion, down from their year-to-date high of more than $68 billion.

Cryptocurrency prices remained under pressure on Monday, continuing a trend that has taken place over the last two weeks.

Meme coins sell-off continues

Collectively, all meme coins tracked by CoinGecko have a market cap of over $38 billion, down from their year-to-date high of more than $68 billion.

A closer look at their charts shows that most of them have a strong correlation with each other. All tokens mentioned below have declined in the past five days and have fallen by over 50% from their highest point this year.

Moreover, technicals show that these tokens have more downside left.

Pepe death cross and head and shoulders pattern

Among the meme coins, Pepe, which is usually the most actively traded, slipped below the 50-day moving average on July 31 and the 200-day EMA on Aug. 11. If the downtrend continues, it will lead to a death cross, which is often seen as a sign of further downside.

Additionally, Pepe has also formed a head and shoulders pattern, which is one of the most popular bearish formations in the market.

The biggest driver for these meme coins is Bitcoin, which stalled below $60,000 this week. If BTC resumes the downtrend, it will likely lead to further downside for meme coins, with most of them eyeing their August lows.

Historically, meme coins have shown extreme moves in the same direction as Bitcoin. For example, Pepe rose by over 1,500% between January and March as Bitcoin rose by over 80% in the same period. It has fallen by over 50% while BTC is down by 20% from the same period.

Traders often flock to meme tokens like Pepe, Dogwifhat, Bonk, and Brett when Bitcoin is rising due to their lower price.

Instead of buying Bitcoin, which trades at nearly $60,000, most traders prefer a token like Pepe, which trades at $0.0000071. The logic is that these tokens have a higher chance of doubling than Bitcoin.

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