Arthur Hayes, the founder of BitMEX, recently updated his portfolio strategy, saying he would pivot to meme coins, among other sectors.

Recent data shows this redirection may not be working out as the crypto executive exits several positions with losses.

Arthur Hayes Exits PEPE and MOG Positions at a Loss

Only days after pivoting to meme coins, Arthur Hayes exited his position on PEPE and MOG, losing $40,000 in the process. The BitMEX executive moved his PEPE and MOG holdings to a centralized exchange on Thursday during the early hours of the Asian session.

The loss came as Hayes’ PEPE and MOG portfolios dropped in value to $460,000. This happened after he bought 24.39 billion PEPE valued at $252,000 on September 27, as part of a portfolio diversification strategy centered on meme coins. Reportedly, he also purchased $250,000 worth of MOG meme coin.

“Arthur Hayes, the founder of BitMEX, said he was optimistic about Memecoin on September 27 and bought $250,000 of PEPE and $250,000 of MOG. Today, these PEPE and MOG were transferred to CEX, and their value has dropped to $460,000. The sale resulted in a loss of $40,000,” Wu Blockchain corroborated.

Read more: A Comprehensive Guide on Tracking Smart Money in the Crypto Market.

The transaction had attracted attention, as is characteristic of heavy purchases among renowned personalities. Accordingly, PEPE rallied by 20% on Arthur Hayes’ posts.

Despite closing his meme coin position, Hayes remains invested in Pendle (PENDLE) and Aethir (ATH). This suggests his continued alignment with the DePIN (decentralized physical infrastructure network) and real-world asset (RWA) narratives, which have emerged as two of the most prominent trends in 2024.

Arthur Hayes’ meme coin portfolio losses are closely tied to the broader market downturn, which BeInCrypto attributes to geopolitical tension. Specifically, the ongoing conflicts involving Israel and Iran have raised concerns among investors, leading to capital withdrawals from riskier assets like Bitcoin.

Read More: What Are Meme Coins?

Meme coins typically rally when Bitcoin shows bullish momentum. The opposite is happening now, as seen on Thursday, when meme coin market capitalization fell nearly 4%, according to CoinGecko, while Bitcoin retraced from $65,000 to just above $60,000.

BNB’s price has dropped by 8.72% over the past week, signaling a significant downturn for the coin. The recent price action suggests that bearish momentum is building, with technical indicators pointing to further potential downside.

Key levels of support and resistance are now crucial, as BNB hovers near important price points that could either stabilize the decline or lead to more losses.

BNB Current Trend Is Strong

BNB’s price has declined by 8.72% over the past seven days, reflecting significant downward pressure on the token. This is interesting because there was hype surrounding the release of Changpeng Zhao, Binance’s founder. However, it doesn’t seem to have moved the needle on BNB’s price.

This decline is further supported by its ADX (Average Directional Index), which currently reads 40.88.

The ADX measures the strength of a trend, regardless of its direction, and a value above 25 signals the presence of a trend, while values over 40 indicate a very strong trend. In BNB’s case, an ADX of 40.88 points to a solid and growing downtrend, suggesting that the bearish momentum is gaining strength.

Read more: How To Buy BNB and Everything You Need To Know

The ADX helps traders assess whether the market is trending strongly or not — values between 20 and 25 typically indicate a weak or uncertain trend, while anything over 25 confirms a clear trend direction. On September 30, BNB’s ADX was at 22, indicating a fairly mild trend at that time.

However, the sharp increase to 40.88 in just a few days demonstrates that the bearish momentum has significantly strengthened, signaling that the selling pressure has accelerated and the market sentiment has become decidedly negative.

BNB Ichimoku Cloud Shows The Downtrend Is Here

Looking at the Ichimoku Cloud for BNB, the price action shows signs of weakness and continuation of the downtrend. BNB has broken below the Kumo (cloud), which is a strong bearish signal, indicating that sellers are in control. The Ichimoku Cloud serves as both a support and resistance area, and with the price trading below it, this reinforces bearish sentiment.

Additionally, the leading span (Senkou Span A and B) forms the cloud ahead, which appears to be widening slightly with a downward slope. This widening cloud suggests that future resistance is strengthening, making it harder for BNB to break back above the cloud.

The Tenkan-sen (blue line) has crossed below the Kijun-sen (red line), another bearish signal known as a “bearish crossover,” which further confirms the downward trend. These two lines can act as dynamic support and resistance levels, and as long as the price stays below them, the downtrend remains intact.

The Chikou Span (green line) is also below the price from 26 periods ago, reinforcing that the current market sentiment is bearish. Overall, with BNB breaking below key Ichimoku levels and the cloud acting as overhead resistance, the chart suggests that BNB is likely to continue its downtrend unless a significant reversal occurs.

BNB Price Prediction: Potential 12% Correction Coming

BNB’s short-term EMA lines have just crossed below its long-term EMA lines, forming a “death cross”. That is a strong bearish indicator often associated with a potential market downturn. The death cross typically signals a transition from bullish momentum to bearish momentum as the shorter-term price trend weakens and dips below the long-term trend.

EMA, or Exponential Moving Average, lines are technical indicators that smooth out price fluctuations by giving more importance to recent price data. This allows traders to assess the current market direction better. In the case of BNB, this crossover suggests that selling pressure is intensifying, and the token could see further downside in the near term.

At present, BNB is testing a strong support level at $527, which is crucial for holding off further declines. If this support fails, there is a possibility of a deeper correction, with the price potentially falling to $471, representing a further 12% drop from current levels.

Read more: BNB: A Comprehensive Guide to What It Is and How It Works

Such a move would reflect sustained bearish momentum and could attract more selling activity. However, if buyers step in and the market sentiment shifts, BNB has the potential to reverse its current downtrend.

In that case, the first major resistance would be at $562, and a break above this level could propel the price to test the next significant resistance at $598, offering a potential gain of 11.7%. This pivot point will be key for traders watching for either a bearish continuation or a possible bullish recovery.

Last week, Shiba Inu (SHIB) price hinted at a move toward $0.000020. But over the last few days, that has not happened, as the meme coin’s value is now $0.000016.

This decline fell short of the broader market expectations and may have prompted traders to reassess their strategies. Despite the decline, it appears that SHIB bulls are pushing for a renewed bounce and setting the stage for a potential rise toward the previous targets.

Shiba Inu Falls Shorts, But It’s Not the End

SHIB’s price has decreased by 6.75% in the last seven days. However, as of this writing, the Bulls and Bears indicator shows that Shiba Inu bulls have the upper hand.

Bulls, in this context, are addresses that bought more than 1% of the total trading volume within a given period. Bears, on the other hand, are addresses that sold. When the volume traded by bears is higher than that of bulls, the price is likely to decrease.

Conversely, a higher volume purchased by bulls suggests that a price increase is likely. For SHIB, it is the latter. Therefore, if bulls sustain this momentum in the coming days, SHIB’s price could begin moving toward $0.000020.

Read more: Dogecoin (DOGE) vs Shiba Inu (SHIB): What’s the Difference?

Shiba Inu’s Weighted Sentiment is another indicator supporting this bias. Weighted Sentiment employs social volume to gauge investors’ perceptions of a cryptocurrency.

If the sentiment reading is negative, then most comments online are pessimistic. When this happens, it becomes difficult for the cryptocurrency to see increased demand. On the other hand, a positive sentiment implies otherwise and usually precedes an increase.

On October 1, SHIB’s Weighted Sentiment dropped to the negative region. But today, that rating has returned to positive territory, suggesting that a price increase could be coming for the token.

SHIB Price Prediction: Bounce Possible

Based on the daily chart, SHIB’s price is approaching the support line at $0.000015. As it stands, selling pressure, as indicated by the volume, is not as intense as it was earlier. Should this remain the same, then the meme coin might avoid an extended downtrend.

On another look at the chart, the next major point of interest for SHIB is around $0.000018. Therefore, if the token bounces off $0.000015 and buying pressure increases, SHIB bulls might drive the price toward that region.

Read more: 6 Best Platforms To Buy Shiba Inu (SHIB) in 2024

In a highly bullish market condition, SHIB’s price can rally to $0.000020. However, failure to successfully defend the $0.000015 might lead the price further down. If that happens, Shiba Inu’s value could sink to $0.000013.