Top cryptocurrencies to watch this week: BTC, SOL, PEPE

by

Last week, the crypto market caused significant impacts on Bitcoin (BTC) and Solana (SOL), two major cryptocurrencies. In contrast, Pepe (PEPE) suffered an even more pronounced price decrease.

The recent significant decrease in prices affected the entire cryptocurrency market, resulting in a loss of over $280 billion to the global crypto market cap within the past week. This represented a substantial 10% drop, bringing the total value down to approximately $2.32 trillion as of now.

Here is an overview of how some of the most impacted cryptocurrencies performed over the week:

BTC slips to 1-month low

It’s worth noting that Bitcoin started the week on a positive note, aiming to build upon the progress it made between April 3-7 the previous week. The leading cryptocurrency broke through the $70,000 mark for the first time in over a week on April 8. Bitcoin then surpassed $72,000 and ended the day with a notable gain of 3.25%.

On the next day, the bears seized the initiative and drove Bitcoin’s price beneath $70,000, resulting in a 3.45% decrease that essentially wiped out the gains from Monday. The unexpectedly high U.S. inflation figures intensified the sell-off. However, Bitcoin rallied slightly when it touched the support at $68,318 on its 21-day moving average.

Bitcoin regained its strength and bounced back up to $71,000, but this area proved to be tough resistance, preventing any further gains. The remainder of the week saw a persistent drop in price as geopolitical tensions between Iran and Israel added downward pressure.

From April 11 to 13, Bitcoin experienced three successive drops, resulting in a surprising plunge to a one-month low of $61,596 on the 13th. Although it regained some ground after hitting this bottom, Bitcoin is still trending downwards and has lost around 8% over the last two days as it battles to regain and maintain the $65,000 mark.

SOL breaks below 50-day EMA

On the opening of the week, Solana’s price increase was less noteworthy compared to Bitcoin’s. However, when Solana’s price took a dive, it was more pronounced, dropping 4.63% the very next day after Bitcoin initiated a market downturn and caused a modest 0.67% rise on April 8.

In the same vein, Solana’s recovery on April 10 amounted to a minor 0.56% advance. However, the following days, from April 11 to 13, brought about one of the most substantial price declines for Solana in 2023. During this period, the cryptocurrency experienced a disappointing drop of 21.19%, which led it to relinquish its Fibonacci support levels at $171.09 (0.618), $161.11 (0.5), and $151.14 (0.382).

In simpler terms, Solana experienced a notable three-day price drop that pushed it under the important $162.30 mark (50-day Exponential Moving Average) on April 12. For two days straight, SOL finished below this threshold. The last occurrence of such an event was in September 2023.

Solana has given up its psychological resistances at $150 and $140, currently trading for $139.94 as of the latest update. This week, the cryptocurrency has experienced a 24% decrease in value, resulting in a loss of approximately $19 billion from its total market capitalization since April 8th.

PEPE CCI drops to 9-month low

Pepe did not escape the bloodbath recorded in the broader market this week.

The frog-themed meme coin reached a one-month low of less than $0.000004, falling below its support level. At the beginning of the week, its growth outpaced Bitcoin’s, but so did its losses, showcasing the market’s increased volatility for meme coins.

On April 8, the meme coin experienced a 4.30% increase, peaking at $0.00000796. However, it subsequently plummeted by 9.28%, erasing not only the daily profits but also a significant portion of the gains from the previous week.

After two days of modest improvement, Pepe experienced a significant 19% plunge on April 12. This represented its most dramatic intraday decrease in close to a year, with the last comparable price drop occurring on May 8, 2023, when it fell by 30.47%.

Following the 19% collapse on April 12, Pepe slumped by another 14.86% the next day.

Although Pepe experienced a slight price hike today, it continues to be priced below $0.000006, with transactions occurring at approximately $0.00000525. Over the past week, this meme coin has experienced a significant decrease of 29%, and its Commodity Channel Index (CCI) has plummeted to -245 – the lowest value recorded in the previous nine months.

A significantly low CCI for Pepe indicates that it is underpriced and has potential for significant growth. The last occasion the asset’s CCI reached this point resulted in a continuous downtrend over the next three months, bottoming out at $0.00000061 on October 19, 2023, before eventually bouncing back.

Read More

2024-04-15 04:11