- WIF and PEPE hiked by by 11% and 4%, respectively, in the last 24 hours
Market indicators hinted at possible price corrections on the charts
The Bitcoin halving created a lot of excitement in the crypto market, leading many investors to become optimistic and buy. As a result, the prices of most cryptocurrencies, including memecoins like DOFWIFhat (WIF) and PEPE, rose after the halving event.
WIF in the spotlight
Due to a market shift, the values of popular meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) have seen an increase. Specifically, each crypto experienced a price rise exceeding 5% within the previous 24-hour period.
Instead of “However, WIF took investors by surprise as per CoinMarketCap, its price jumped 11% in the last 24 hours,” you could say: “WIF’s price unexpectedly rose by 11% within the last 24 hours based on CoinMarketCap data, with the meme coin currently valued at $2.85 and boasting a market cap of over $2.8 billion at this moment.”
As the price of the memecoin rose, there was a significant uptick in trading activity, with over 12% more transactions taking place among investors.
Due to a substantial price rise, WIF gained popularity and attracted attention in the cryptocurrency community on April 20th. This was reflected in a surge in social media chatter about the token. Furthermore, optimism towards WIF grew, as shown by an enhancement in its overall sentiment assessment.
Despite the slight increase in WIF‘s funding rate, things didn’t appear entirely promising. Normally, pricing trends go against the funding rate trend. Consequently, there’s still a chance for a price adjustment or correction in the near future.
To gain more insight into the memcoin’s potential price trend, AMBCrypto examined its daily chart. The Chaikin Money Flow (CMF) indicator for WIF showed a decline below the neutral threshold.
Additionally, the RSI of this asset mirrored the trend and declined in parallel. This suggested to potential investors that a price adjustment could be imminent based on these two signals.
What is PEPE up to?
In the past day, PEPE experienced a 4% increase in price and exhibited bullish tendencies, while WIF saw growth exceeding 10%. At present, PEPE is being traded at $0.000005194 with a market capitalization surpassing $2.18 billion.
Based on an examination of Hyblock Capital’s findings by AMBCrypto, if the upward trend persists for PEPE, there could be challenges around the $0.000006 level due to a potential surge in liquidations, which historically has led to price drops.
Realistic or not, here’s WIF market cap in BTC’s terms
On the day-to-day chart, PEPE‘s Chaikin Money Flow (CMF) remained slightly above average. However, there was a small decrease in this indicator, indicating that PEPE could experience a price decline similar to WIF in the near future.
Instead of “However, the technical indicator MACD signaled a potential bullish cross,” you could also say: “The MACD technical indicator hinted at an upcoming bullish trend for PEPE‘s price.”
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2024-04-20 19:04