- Crypto Fear and Greed Index’s reading at 29 indicated that now might the time to accumulate.
Will the increase in ETH network activity spur Pepe/ETH price to new highs?
As a seasoned analyst with over two decades of experience navigating global financial markets, I find myself intrigued by the current state of the crypto market. The Crypto Fear & Greed Index at 29 indicates we’re in a period of fear and consolidation, which might just be the perfect opportunity to accumulate some digital assets.
At the moment of reporting, the Crypto Fear and Greed Index was close to its lowest level for the year, at 29, indicating a prevailing sense of fear in the market and potential accumulation among investors.
On the 5th of August, the Japanese interest rate increases caused a seismic ripple through the worldwide financial market, as this action was mirrored in the sentiments that followed.
Although the index offers a glimpse into investor feelings, it shouldn’t be relied upon as a definitive buy or sell indicator because it might remain low for an extended time frame, providing chances for long-term investment strategies.
This could be an ideal time to accumulate more crypto.
ETH network sees increased on-chain activity
Despite Ethereum‘s [ETH] prices being sluggish, its increased on-chain activity indicates robustness, offering a promising investment opportunity within the network.
Recently, a whale wallet recently claimed 30,007 ETH ($78.67M) and deposited 24,007 ETH ($61M) to Coinbase, while another wallet withdrew 21,912 ETH ($55.32M) from Coinbase and staked it in Lido.
This series of actions underscores the escalating action within the Ethereum network, which could lead to advantages for ETH-linked meme tokens such as Pepe (PEPE), given the potential surge in market fluidity.
Falling wedge on PEPE/ETH
The $PEPE/USD chart is also looking fearful, but key focus lies on the pairing with ETH which is the parent chain, not just USD which is a subsidiary.
The Pepe/ETH graph exhibits robustness, preserving its shape as it constructs a bullish pattern known as a falling wedge, reinforced by strong support.
Even though $PEPE has dropped by 30% from its All-Time High (ATH), this decrease seems less severe compared to many other cryptocurrencies. This could potentially indicate a positive or bullish trend for $PEPE.
Historically, when Ethereum increases in value, it’s often $PEPE that spearheads the rise among meme coins. The boost from $PEPE’s surge in value also tends to positively impact the performance of most other meme coins.
The graph shows great promise, suggesting the possibility of substantial increases. In the short term, it’s plausible that $PEPE might attain a market capitalization of $10 billion. A potential peak in value could occur somewhere between $20 billion and $30 billion.
Altcoins fractal of 2021 vs. 2024
In 2024, the behavior of altcoins (alternative cryptocurrencies) resembles the bull market of 2021, where price declines are gradually purchased, causing a shift in investor sentiment from intense fear to careful optimism.
Confidence grows with consistent buying during dips. If the total market cap for altcoins excluding top 10 cryptos breaks out above the $250 billion level, this could signal a bull market.
If joblessness continues at a steady level and the U.S. experiences interest rate reductions, concerns about a recession might diminish, potentially leading to a more optimistic trend in financial markets.
Given that the mood surrounding altcoins is at its lowest point ever, it might indicate the market’s trough, paving the way for possible profits.
Read Pepe’s [PEPE] Price Prediction 2024–2025
PEPE vs. top memecoins by market cap
Ultimately, Pepe meme coin has surpassed the other leading eight meme coins based on market value, registering a 1.5% increase within an hour.
Given the enhanced activity on the Ethereum blockchain, as well as this strong performance, it could be advantageous to start collecting PEPE tokens. This strategic move would prepare you for potential growth if market conditions become favorable.
Read More
- DOGS PREDICTION. DOGS cryptocurrency
- SQR PREDICTION. SQR cryptocurrency
- HI PREDICTION. HI cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- EVA PREDICTION. EVA cryptocurrency
- CLOUD PREDICTION. CLOUD cryptocurrency
- TON PREDICTION. TON cryptocurrency
- KNINE PREDICTION. KNINE cryptocurrency
2024-08-31 12:08