Market

The Meme Market in the Past Seven Days

Published

3 months ago

August 16, 2024

Coin2049 Newsletter

This week, the meme coins market has witnessed a noticeable decline in activity, with the sector’s capitalization dropping 5% over the past five days.

Many meme assets have seen their value fall during this time, with several prominent tokens suffering double-digit losses.

Dogwifhat (WIF) Records Losses as Short Traders Take Over

WIF has experienced the steepest decline among the top five meme assets by market capitalization this past week. Trading at $1.48 at press time, the altcoin’s value has dropped by 20% during this period. On Thursday, the meme coin hit a weekly low of $1.45 before rebounding slightly.

WIF’s downtrend has fueled a rise in demand for short positions in its derivatives market. Coinglass data shows that WIF’s funding rates have remained mostly negative throughout the week, currently sitting at -0.0098%.

dogwifhat funding rate — Dogwifhat Funding Rate. Source: Coinglass

Funding rates are a mechanism used in perpetual futures contracts to ensure an asset’s contract price stays close to its spot price. When they are negative, more traders are betting on a price decline than those buying and hoping for a rally.

In the spot market, demand for WIF has also declined significantly. Its Relative Strength Index (RSI) is trending downward at 38.22, indicating that selling pressure is currently stronger than token accumulation.

dogwifhat price prediction — Dogwifhat Price Analysis. Source: TradingView

If this downtrend continues, WIF’s value could drop further to $1.07. However, a shift in market sentiment and a spike in demand could push its price up to $1.96.

Pepe (PEPE) Risks 23% Fall as Selling Pressure Mounts

The frog-themed coin Pepe is currently trading at $0.0000075, with its value down by 14%. This week, PEPE’s Accumulation/Distribution (A/D) Line has been in a consistent downtrend. At 780.42 trillion at press time, it has dropped by 5% over the past seven days.

The A/D Line tracks money flow into or out of an asset, indicating whether it is being accumulated or distributed. A declining A/D Line signals that selling pressure is outweighing buying activity — a bearish indicator that suggests further price drops.

Adding to this outlook is PEPE’s decreasing Chaikin Money Flow (CMF). Currently at -0.18 and below zero, the CMF is also trending downward. A falling price paired with a declining CMF confirms rising selling pressure, indicating that more traders are offloading PEPE than accumulating it.

pepe price prediction — Pepe Price Analysis. Source: TradingView

If PEPE’s buying pressure remains low, its price may fall 23% to trade at $0.0000058. This bearish projection would be invalidated if the meme coin saw a demand spike, pushing its price to $0.0000085.

Bonk (BONK) Poised for a “Death Cross”

A one-day chart analysis of BONK reveals the potential formation of a “death cross,” where the 50-day simple moving average (SMA) (blue line) is nearing a cross below the 200-day SMA (yellow line).

A “death cross” occurs when the 50-day SMA dips below the 200-day SMA, signaling a bearish trend. This suggests that BONK’s short-term rally is weakening and may be shifting toward a downtrend. Traders often view this pattern as a sell signal, prompting them to exit long positions and consider taking short positions.

At press time, BONK trades at $0.000018, having declined 11% this week. If selling pressure mounts as the “death cross” forms, its price will drop to $0.0000015. However, if the moving averages change course due to any rally in demand, it may push BONK’s price up to $0.000022.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

XRP Price 25% Rally: Breaking Barriers and Surpassing Odds

Published

5 minutes ago

November 22, 2024

Coin2049 Newsletter

XRP price rallied above the $1.15 and $1.20 resistance levels. The price is up over 25% and might rise further above the $1.420 resistance.

XRP price started a fresh surge above the $1.20 resistance level.
The price is now trading above $1.250 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is up over 25% and it seems like the bulls are not done yet.

XRP Price Eyes Steady Increase

XRP price formed a base above $1.050 and started a fresh increase. There was a move above the $1.150 and $1.20 resistance levels. It even pumped above the $1.25 level, beating Ethereum and Bitcoin in the past two sessions.

There was also a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair. A high was formed at $1.4161 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high.

The price is now trading above $1.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.400 level. The first major resistance is near the $1.420 level. The next key resistance could be $1.450.

A clear move above the $1.450 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.550 resistance or even $1.620 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.

Are Dips Supported?

If XRP fails to clear the $1.420 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3350 level. The next major support is near the $1.2850 level.

If there is a downside break and a close below the $1.2850 level, the price might continue to decline toward the $1.240 support or the 50% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high in the near term. The next major support sits near the $1.20 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $1.3350 and $1.2850.

Major Resistance Levels – $1.4000 and $1.4200.

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Market

WisdomTree Europe Launches XRP ETP

Published

1 hour ago

November 22, 2024

Coin2049 Newsletter

ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.

ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.

WisdomTree’s XRP ETP

WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.

“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.

The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.

WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.

The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.

XRP Price Spike — XRP Price Performance. Source: BeInCrypto

WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

Rallies 10% and Targets More Upside

Published

2 hours ago

November 22, 2024

Coin2049 Newsletter

Este artículo también está disponible en español.

Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.

Ethereum started a fresh increase above the $3,220 and $3,300 levels.
The price is trading above $3,250 and the 100-hourly Simple Moving Average.
There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if it clears the $3,385 resistance zone.

Ethereum Price Regains Traction

Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.

The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.

Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.

The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.

Another Decline In ETH?

If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.

A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,250

Major Resistance Level – $3,385

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