As a seasoned crypto investor with several years of experience in the market, I’ve seen my fair share of ups and downs. The recent sell-off was no exception, leaving many investors, including myself, counting hefty losses. However, I remain optimistic about the potential of certain coins, particularly meme coins like Pepe Coin.
The cryptocurrency market is making an effort to bounce back on Wednesday following a week of significant downward pressure that caused substantial losses for investors. According to CoinGecko, the total market capitalization has risen by 1.2% to reach $2.487 trillion, indicating slight price gains in the crypto sphere. Notably, certain meme coins are spearheading this recovery, with Pepe Coin showing particularly strong rebounding trends.
As a crypto investor, I’m thrilled to see Pepe making some impressive gains during the US trading session. The meme coin has jumped up by 8.5% to hit a price of $0.00001141. This surge in price has translated into an impressive market capitalization increase of 8.5%, which now stands at a substantial $4.8 billion. With this growth, Pepe ranks as the 23rd largest cryptocurrency by market cap on CoinMarketCap. Additionally, its trading volume has surpassed $1 billion, making it the 11th most actively traded digital asset in the past 24 hours.
Dogecoin, Shiba Inu Meme Coins Struggle To Keep Up
Among the majority of alternative coins, Dogecoin (DOGE) and Shiba Inu (SHIB) are distinctly contributing to the growth in the overall market capitalization. Specifically, DOGE, the largest meme coin, has risen by 2.5% to reach $0.1236, while SHIB maintains a 1.8% increase at $0.00001822.
When Dogecoin hit bottom at $0.12, it rebounded slightly. However, the bullish energy started to fade as the price approached $0.13. The 20-day Exponential Moving Average (EMA), acting as a resistance line, effectively halted this upward trend.
With the present technical configuration, if the Relative Strength Index (RSI) for DOGE begins trending downward again towards oversold territory, there is a possibility that the cryptocurrency may give back all its recent gains and revisit the support at $0.12. A successful retest of this level could signal a recovery and reinforce the uptrend, potentially pushing DOGE toward the $0.2 mark.
Instead of “Shiba Inu, on the other hand, is falling towards a descending triangle’s support in the face of a death cross pattern that emerged when the 20-day Exponential Moving Average (EMA) dropped beneath the 50-day EMA,” you could say:
The descending triangle formation in Shib’s price chart is generally considered bearish, yet it might be possible for the token to rebound from its support at approximately $0.000018 and advance beyond $0.000025.
As a crypto investor, I’m keeping a close eye on the market and looking forward to a possible breakthrough of Shiba Inu’s 200-day Exponential Moving Average (EMA) at $0.00001981. Such a breach would be a strong signal validating the uptrend for me. Moreover, the Relative Strength Index (RSI) has already dipped into oversold territory, suggesting that a near-term rebound may be on the horizon. Although the recovery has been slow so far, I remain optimistic about Shiba Inu’s potential to reach $0.00003 by July.
Pepe Coin Leads Meme Coins’ Recovery
As an analyst, I would put it this way: In the second quarter of the year, Pepe has been one of the coins that have managed to maintain rallies and reach new peak prices, marking a significant milestone for the meme coin. The interest in Pepe from large investors, known as whales, has grown substantially. They’ve been purchasing in large quantities, leading to an upward trend in the market.
Although Pepe experienced significant gains this past week, its price has deviated from its all-time high (ATH) of $0.00001722 reached in May, now trading at $0.00001135. The support level at $0.00001 remains strong as investors keep an attentive watch for a potential breakout from the falling wedge pattern.
The RSI indicator is showing promise as it rebounds in the neutral zone, intending to reach the midpoint at 50. A breach of the wedge formation could attract additional investors to purchase PEPE, potentially boosting its price beyond two significant thresholds—the resistance at $0.000014 and the all-time high of $0.00001722.
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2024-06-19 16:10